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Hoang, 55, was arrested by Can Tho City Police on Thursday.
Preliminary investigation found that Hoang in 2021 sold an 80% stake in the company to 29-year-old Le Ngoc Truc.
But due to conflicts with Truc, Hoang forged the company seal and stamped it on six share contracts to transfer a 80% stake worth VND120 billion to himself in mid-2022.
He also sought authorities’ permits to make himself the legal representative of the company instead of Truc.
The company at the time was developing a 350-apartment social housing project in the southern province of Vinh Long.
However, his request to be the legal representative was never approved.
Truc discovered the crime and reported it to police earlier this year.
Permits for the development of the social housing project have now been revoked as the company failed to start it within 12 months.
