Tourism director arrested in An Dong fraud case

By Viet Tuan   August 5, 2023 | 05:45 am PT
Tourism director arrested in An Dong fraud case
Nguyen Cao Tri, general director of the Saigon-Dai Ninh Tourist Investment company, appears in a talk show in 2020. Photo by VnExpress/Hoang Phong
Saigon-Dai Ninh Tourist Investment Company director Nguyen Cao Tri was arrested in January for allegedly appropriating $40 million from Truong My Lan, chairwoman of property developer Van Thinh Phat.

To An Xo, spokesman for the Ministry of Public Security, revealed on Saturday that Tri, 53, had been arrested back on January 15 to be investigated on the charge of "abuse of trust to appropriate property."

The move was part of an ongoing investigation into a high-profile fraud case at the An Dong Company under Van Thinh Phat Group.

Authorities said Lan has had a business relationship with Tri, and Lan transferred him over $40 million for business purposes.

When Lan was arrested in October 2022 for alleged fraud related to the issuance and trading of bonds worth trillions of dong, Tri appropriated the $40 million, according to investigators.

"Tri had instructed certain employees to destroy all documents and papers that proved that Lan transferred him $40 million, with the purpose of appropriating the money," Xo said.

Xo said Tri had admitted to his crime and promised to pay back all the appropriated money. Tri's properties have been frozen by authorities.

Tri held several positions at member companies of Ben Thanh Group, such as investment director for Ben Thanh Tourist, and general director at the Ben Thanh Land Investment company.

In 2015, Ben Thanh Land Investment company changed its name to Capella Holdings, and Tri acted as chairman of its management board, as well as its general director.

Tri joined the management board of SaigonBank in October 2019. In June 2021, he purchased around 580,000 shares of SaigonBank, worth around 0.19% of the bank's charter capital.

In January, SaigonBank said Tri lost his position as a member of the management board on January 19.

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