Director of jewelry firm seized for corruption in southern Vietnam

TN News

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Police in Ho Chi MInh City have arrested the director of a jewelry company for alleged corruption which led to losses totaling VND6 billion (US$284,000), the Phap luat TPHCM (HCMC Law) newspaper reported Saturday.

The news website quoted an unnamed source as saying that Tran Van Dang, director of the SJC Cho Lon Jewelry and Gemstone Company, was accused of using the company's assets to qualify him to take out loans from banks.

He then lent out the funds from the loans to others to earn interest, it said.

Police are investigating.

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