Stock company's former director arrested for illicit repurchasing

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Hanoi police arrested  the former director of a securities company Wednesday for investigations into his alleged wrongdoings that caused massive losses at the company.

In April 2011, Hoang Xuan Quyen, the then-general director of Lien Viet Securities Joint Stock Company (LVS), allegedly performed a transaction banned by the company's management board he allowed the repurchase of over-the-counter stocks at LVS.

VnExpress quoted a source as saying the act caused losses of around VND30 billion (US$1.43 million).

According to LVS, Quyen then recovered VND10 billion of the sum for the company.

In June 2011, LVS dismissed Quyen from board membership and removed him from the post of general director.

The company also sent complaints against his actions to police.

Before being employed by LVS, Quyen held some important posts at international groups such as CFO for Motorola in Chicago, chief accountant for Comviq (a Swedish prepaid mobile phone brand), and a job at Ringier AG.

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