Vietnam arrests CEO of BMW car importer for smuggling

By Quoc Thang   April 27, 2017 | 04:31 pm GMT+7

Euro Auto in Ho Chi Minh City has been caught in a prolonged case of suspected fraud.

The CEO of a car company in Ho Chi Minh City was arrested on Wednesday on suspicion that he smuggled luxury BMW cars. 

The arrest of Nguyen Dang Thao, CEO of Euro Auto, was made months after the company denied fraud accusations in several media reports.

Thao is now accused of faking import documents.

Two delivery employees were also arrested on Wednesday.

Last November,Vietnam’s finance ministry ordered customs agencies to suspend clearance procedures for imported BMW cars in order to probe suspected violations at Euro Auto, an authorized distributors of BMW cars.

The company allegedly failed to provide certificates of origin and documents for its imported cars. It rejected these claims.

Thao was appointed CEO of the company in November 2015 after working for seven years as the company's director of business and marketing.

The company in 2015 was ordered to pay nearly VND6.6 billion ($290,000) in unpaid taxes and fines after it was found to have declared lower revenues by changing car prices in sales records in 2013 to evade taxes.