Chief of Huge Technology Company Arrested for Cross Border Smuggling and Concealing Revenues

Diep Nguyen

16:41 15/05/2019

BizLIVE -

According to the police, Huy led a group of organized crime group responsible for cross border smuggling and maintaining two sets of accounting books. The main purpose is to conceal trillions of dong worth of revenues (VND1 trillion = $42.7 million).

Chief of Huge Technology Company Arrested for Cross Border Smuggling and Concealing Revenues
Late Tuesday this week, the media and public got astonished by the news that the chief of a Hanoi-based technology and electronics company has been arrested for alleged cross-border smuggling and concealing revenues of millions of dollars. 
It has been announced by the The Ministry of Public Security (MPS) that this chief named Bui Quang Huy order the accounting team of the company to run two accounting books, one used to report to the local authority, and the other one is used internally to hide profits to avoid taxes.
Eight others have been accused of being his accomplices and arrested on the same charges.
According to the police, Huy led a group of organized crime group responsible for cross border smuggling and maintaining two sets of accounting books. The main purpose is to conceal trillions of dong worth of revenues (VND1 trillion = $42.7 million). 
Back on May 9th, all the offices and stores of Nhat Cuong were raided by the police, according to many local news channels. As reported, police launched the sudden investigation against Nhat Cuong and also raid the director’s private residence. 
Late Thursday, it was revealed that a lot of huge carton boxes were taken away from Nhat Cuong stores to the police stations and some Nhat Cuong staffs were called in custody. 
This news came as a shock because for several decades, Nhat Cuong has been the favorite flagship brand for many consumers, especially in the Hanoi area. By the time of the raid, Nhat Cuong run 9 stores. 
Nhat Cuong Mobile Company was established in 2001 with initial charter capital of VND 5 billion, so far the Nhat Cuong’ charted capital has surged to VND 38 billion. Nhat Cuong has 9 stores in Hanoi, one customer center in Hanoi and one research center in Ho Chi Minh city and Nhat Cuong used to target to become first in Vietnam in iPhone.
The director of the company is Bui Quang Huy, born in 1974. Huy owns 90 percent of stakes in Nhat Cuong Mobile Company. Huy is known by many as a rich businessman, has keen interest in luxury cars and now owns a collection of them. However, Huy is a low profile businessman and he has very limited appearance in public media.

DIEP NGUYEN

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