Vietnam Police Arrest Executives of Truong Son Securities

23 March 2015

Vietnam News Brief Service

Vietnamese investigative police on March 21 detained two former high-profile executives of Truong Son Securities Incorporation (TSS) for ‘fraud, appropriation of assets’, lengthening the list of crimes in the country’s financial system.According to preliminary investigations, Ho Hoai Nam, 38, former TSS general director and his deputy Nguyen Trung Thanh, 35, in January 2011 falsified 28 files to borrow VND43.6 billion ($2 million) from Vietnam Tin Nghia Commercial Joint Stock Bank (TNB), which was merged into Saigon Commercial Bank (SCB) in 2014. All the loans were transferred to accounts of TSS and then used for many purposes. TSS has stopped operation since 2012 and defaulted on the loans. During the investigation, many individuals and companies denounced that TSS had made frauds via government bond brokerage service to appropriate billions of dong. In January 2014, four executives of Trang An Securities were arrested for the same accusation.