Hsu Ming Jung at the court hearing (Photo: VNA)Hanoi (VNA) - The Hanoi People’s Court on August 21 openedlegal proceedings against a criminal case regarding an illegal virtual goldtrading floor.
The case involves top managers of the Hanoi-based Khai ThaiConsultant Limited Company (KTIC).
KTIC General Director Hsu Ming Jung (also called Saga)from Taiwan and his six Vietnamese accomplices have been tried oncharges of swindling 264 billion VND (11.7 million USD) from more than 700investors.
Hsu Ming Jung, 42; Doan Thi Luyen, 30, managing director of thecompany; Nguyen Manh Linh, 30, director of the company; and Trinh Hoang Binh,42, the company’s chief accountant, have been charged with fraud pursuant toArticle 139 of the Penal Code.
Two other Vietnamese people, the managing directors of thecompany’s branches at the Plaschem Building in Hanoi, Dinh ThiHong Vinh, and at the Lotte Building in Hanoi, Tang Hai Nam,have been also charged with the same offence.
They were arrested in October 2014 after they were found settingup an illegal gold trading floor to cheat investors.
According to the indictment, Saga established the KTIC in November2011, with a charter capital of 20 billion VND. The company opened threebranches with 18 business offices.
Investigations showed that between December 2012 and September2014, the Taiwanese CEO and his accomplices illegally set up a gold tradingfloor to raise over 280 billion VND (12.4 million USD) at high interest ratesfrom 717 investors. They then appropriated most of the funds, police said.
The company had paid a total of 17.5 billion VND (777,000 USD) ininterest to the investors and appropriated over 264 billion VND.
Hsu Ming Jung and his accomplices used sophisticated methods tofraudulently take their funds via a fake investment trust, police said.
The company also offered lofty salaries and attractive bonuses toits employees attracting investment.
The court will hear the case for ten days.-VNA
