The head of a real estate firm, Phan Tinh Phat Real Estate Group, was detained by Vietnamese police for allegedly using fraud to purchase property.
The Chief Executive Officer, Trong Mai Lan, was detained in connection with an ongoing investigation into the issuing and trading of bonds by some companies, where trillions of dong (the Vietnamese currency) were seized in 2018 and 2019, according to a statement on the Ministry of Public Security’s website.
On Saturday, Bloomberg News Agency.
The ministry also stated that additional steps will be taken by officials to retrieve the assets.
Three further people were held as part of the same inquiry, the ministry reported.
In an effort to boost its reputation as a desirable investment location, Vietnam’s government last month introduced new regulations for both investors and corporate bond issuers.
Vietnam detains the real estate firm’s executive in a fraud probe
The head of a real estate firm, Phan Tinh Phat Real Estate Group, was detained by Vietnamese police for allegedly using fraud to purchase property.
The Chief Executive Officer, Trong Mai Lan, was detained in connection with an ongoing investigation into the issuing and trading of bonds by some companies, where trillions of dong (the Vietnamese currency) were seized in 2018 and 2019, according to a statement on the Ministry of Public Security’s website.
On Saturday, Bloomberg News Agency.
The ministry also stated that additional steps will be taken by officials to retrieve the assets.
Three further people were held as part of the same inquiry, the ministry reported.
In an effort to boost its reputation as a desirable investment location, Vietnam’s government last month introduced new regulations for both investors and corporate bond issuers.
Vietnam detains the real estate firm’s executive in a fraud probe
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