Briton replaces arrested CEO of Tan Hiep Phat

By Minh Son   April 11, 2023 | 06:49 pm PT
Vietnam’s largest beverage company, Tan Hiep Phat, has appointed David Riddle as CEO to replace Tran Qui Thanh, who was arrested Monday on charges of illegally appropriating property.

Riddle has been the company's vice chairman for 13 years.

David Riddle, the new CEO of Tan Hiep Phat. Photo by Tan Hiep Phat

David Riddle, the new CEO of Tan Hiep Phat. Photo by Tan Hiep Phat

THP said in an announcement Tuesday that Riddle has assumed the role of general director and would act as its legal representative in place of Thanh, 70.

Thanh's daughter Tran Uyen Phuong, 40, was also arrested, and another daughter, Tran Ngoc Bich, 39, is under investigation, for allegedly colluding with their father. Both are deputy general directors of THP.

According to the investigation office, the arrests came after complaints by people in HCMC and Dong Nai Province against the trio and several other individuals of fraud and "abuse of trust to acquire property."

Most of the fraud allegations are related to high-value real estate projects in Dong Nai and HCMC.

THP said the detention "definitely affects the company's operations."

It produces a number of non-alcoholic beverages like bottled tea, energy drinks, juices, and soy milk.

It is particularly popular for energy drink Number 1 and herbal tea Dr. Thanh.

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