Police in Hanoi have prosecuted a deputy director of the Hanoi branch of the Telecommunications Industry Electronics Joint Stock Company (TIE), a distributor of foreign electronics and telecom products, for pocketing a large amount of money from his company.
33-year-old Phan Van Hoang, of Hanoi’s Thanh Tri District, and Nguyen Tuan Linh, 53, also of Hanoi, who assisted Hoang in his embezzlement, have been prosecuted for the crime, police said.
In 2010, TIE, an affiliate of the Saigon Trade Corporation, signed a contract-on-principle to sell a large number of monitors at competitive prices to Thuan An Electronic Informatics Co. Ltd, located in Nam Dinh Province.
In September 2010, Hoang asked Nguyen Van Thuan, director of Thuan An, with whom he had had a relationship, to make payments for the purchase to his personal account, although TIE had yet to issue any invoices to Thuan An.
Thuan agreed, and from October 2010 to January 2011 Hoang and Linh secretly delivered 4,050 monitors while Thuan paid them over VND9.2 billion (US$441,000).
To avoid detection, Hoang had asked Thuan to transfer VND2 billion to TIE’s account as a payment in advance for the contract.
Hoang was found to appropriate more than VND6.2 billion ($297,000) out of the payment from Thuan.
Hoang used the amount to repay his personal debts, including those due to illegal football betting, investigators said.
Hoang paid Linh just VND30 million ($1,440) as a reimbursement for his assistance in dealing with Thuan, investigators added.
