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Former director of Hanoi firm under arrest over $3mn stock manipulation

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Police officers have arrested the former director of a Hanoi-based company for manipulating stock prices by illegally floating US$3 million worth of shares on the market.

Lieutenant General To An Xo, spokesperson of the Ministry of Public Security, confirmed on Monday that officers had taken in and initiated legal proceedings against Nguyen Van Nam, former director of ASA JSC for fraud and appropriation of property.

The arrest warrant had been approved by the Supreme People’s Procuracy.

Officers have also searched Nam’s house to facilitate their investigation.

The ex-director was accused of creating false bids and offers on the stock market to manipulate ASA share prices.

Nam had forged records and documents to illegally float seven million ASA shares valued at VND70 billion ($3 million) on the Hanoi Stock Exchange and sell them to pocket money, police investigation showed.

Officers are continuing their probe and will take statutory measures to recover Nam’s illegal assets.

Police call on agencies, organizations, individuals, and investors that fell victim to his scheme to supply related documents and evidence in order to support the probe.

Documents can be sent to the headquarters of the police division on corruption, economic crime, and smuggling at 47 Pham Van Dong Street in Mai Dich Ward, Cau Giay District, Hanoi.

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Source: https://tuoitrenews.vn/news/society/20220125/former-director-of-hanoi-firm-under-arrest-over-3mn-stock-manipulation/65425.html

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Construction of $630,000 carp-shaped fountain halted in Vietnam’s southern province

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Heeding complaints from the public, the administration of Soc Trang Province in Vietnam’s Mekong Delta region has halted a project involving the construction of two massive carp-shaped fountains on the banks of a local river.

The provincial People’s Committee issued a document asking authorities in Soc Trang City, the provincial capital, to cease the construction of a VND15 billion (US$632,000) decorative project, Tran Van Lau, chairman of the committee, said on Tuesday.

Nguyen Van Quan, secretary of the Soc Trang City Party’s Committee and chairman of the city’s People’s Committee, confirmed that the project would be halted and said the standing board of the committee is working on resolving the issue.

“There are many who oppose the project, so we will likely stop construction. Provincial authorities already agreed to suspend the project,” Zing News – a local publication – quoted a leader of the Soc Trang City administration as saying earlier.

Prior to Quan’s statement, the Soc Trang City administration had issued a resolution to launch the project on the two banks of the Maspero River, with construction expected to start in 2023 and be completed in 2025.

The bill for the project was expected to be footed by the city’s state budget. 

After the information about the project was announced, the public began voicing concerns that the money would be better suited for infrastructure that benefited local residents.  

According to the project’s blueprint, each bank of the river was meant to have a sculpture depicting a carp transforming into a dragon, built from white stone and a granite-covered concrete base.

One of the statues was designed to measure 5.6 meters tall while the other was envisioned to be 8.32 meters tall.

They were set to be located the Bridge 30-4 and Bridge C247.

The base of each statue was desinged to feature the words ‘Carp turning into a dragon in Soc Trang – Vietnam’

An artistic LED lighting system was planned to decorate the statues, and a fountain was meant to shoot water from their mouths.

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Source: https://tuoitrenews.vn/news/society/20220923/construction-of-630000-carpshaped-fountain-halted-in-vietnams-southern-province/69212.html

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Authorities order inspection of illegal constructions inside fish farm turned eco-tourism area in Vietnam

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Authorities in Nghe An Province, north-central Vietnam have ordered the inspection of a fish farming project that was turned into an eco-tourism area inclusive of a park and a driving range.

Dang Thanh Tung, head of the provincial People’s Committee Office, told Tien Phong (Youth) newspaper on Wednesday that the administration had sent an urgent document to authorities in Hung Nguyen District, ordering the examination of a high-tech tilapia farming project developed by Synot Asean JSC.

The district authorities were tasked with inspecting the violations at the facility and handling them in accordance with regulations.

A bird’s-eye view of the high-tech tilapia farming project developed by Synot Asean JSC in Nghe An Province, Vietnam. Photo: Doan Hoa / Tien Phong

A bird’s-eye view of the high-tech tilapia farming project developed by Synot Asean JSC in Nghe An Province, Vietnam. Photo: Doan Hoa / Tien Phong

They will have to submit a report detailing their inspection to the provincial administration prior to October 15.

The high-tech tilapia farming project operated by Synot Asean JSC was approved by the Nghe An People’s Committee on June 1, 2017.

Located in Hung My Commune, Hung Nguyen District, the project covers an area of seven hectares and costs nearly VND51 billion (US$2.1 million).

The driving range located on the premises of the fish farming project operated by Synot Asean JSC in Nghe An Province, Vietnam. Photo: Tien Phong reader

The golf driving range located on the premises of the fish farming project operated by Synot Asean JSC in Nghe An Province, Vietnam. Photo: Tien Phong reader

The developer was recently found to have built multiple constructions that were not permitted by competent authorities, including an artificial mountain, three football fields, a golf driving range, and a park with the models of the Seven Wonders of the World.

The artificial mountain and football fields were put into operation in September 2020.

In June 2021, authorities in Hung Nguyen District imposed a VND30 million ($1,260) fine on Synot Asean JSC for these violations, though the fine did not stop the company from continuing to build a driving range and park on the premises.

A model of the London Bridge at the park inside the fish farming project operated by Synot Asean JSC in Nghe An Province, Vietnam. Photo: Doan Hoa / Tien Phong

A model of the London Bridge at the park inside the fish farming project operated by Synot Asean JSC in Nghe An Province, Vietnam. Photo: Doan Hoa / Tien Phong

In order to legitimize these constructions, the firm submitted a proposal to the provincial Department of Planning and Investment seeking permission to turn the project into a tilapia farm combined with ecotourism services.

In a release issued on September 12, the Nghe An People’s Committee confirmed it did not approve Synot Asean’s proposal and ordered the company to cease operating its illegal facilities.

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Source: https://tuoitrenews.vn/news/society/20220923/authorities-order-inspection-of-illegal-constructions-inside-fish-farm-turned-ecotourism-area-in-vietnam/69211.html

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Substandard speedboats, jet skis, floating restaurants operate in famous Vietnamese bay

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A recent inspection identified several poor quality speedboats, jet skis, and floating restaurants operating in Vinh Hy Bay, one of Vietnam’s most beautiful bodies of water.

The Traffic Safety Board of Ninh Thuan Province, home of Vinh Hy Bay, said on Wednesday that the list of substandard vehicles and venues operating in the bay included 17 speedboats, 14 jet skis, and three floating restaurants.

Tran Quoc Nam, chairman of the Provincial People’s Committee, has ordered related agencies to increase inspections of the area and deal with businesses that fall short of tourism safety regulations in Vinh Hy Bay.

Those that cannot ensure safety must be suspended, Nam said.

A floating restaurant collapses in Vinh Hy Bay in Ninh Thuan Province, Vietnam, in this photo taken in 2016. Photo: Minh Tran / Tien Phong

A floating restaurant collapses in Vinh Hy Bay in Ninh Thuan Province, Vietnam, in this photo taken in 2016. Photo: Minh Tran / Tien Phong

In 2016, the collapse of a raft operating as a floating restaurant in Vinh Hy Bay caused two deaths and injured three people.

More than 300 tourists, including many children, fell into the sea.

Vinh Hy Bay, a small inlet dotted with fishing vessels and woven coracles, is a popular destination for tourists thanks to its charming scenery and delectable seafood.

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Source: https://tuoitrenews.vn/news/society/20220923/substandard-speedboats-jet-skis-floating-restaurants-operate-in-famous-vietnamese-bay/69209.html

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