Nghe An police have arrested the director of a Vietnamese company for swindling an Egyptian spice trader out of more than US$174,000.
Le Ngoc Hung, 35, director of the Vinamex Company faces charges of misappropriating property, Dan Viet reported.
Investigators say Hung signed a contract to sell four containers of black pepper to the Lybia Company in Egypt for US$669,600 at a time when he couldn't fill the order.
Hung allegedly forged a number of documents to win the trust of the Egyptian company, which sent him a $348,300 deposit.
Hung allegedly used the money to pay off his company’s debts without exporting anything, police say.
After several months, Hung bought a shipping container full of black pepper for $174,150 and sent it to the buyer.
Lybia Company then filed a lawsuit against Vinamex at Vietnam's Embassy in Egypt.
Hung earned a degree in foreign trade at the Indian Institute of Foreign Trade and founded his company in 2007 with a registered capital of VND900 million ($42,300).
Based in Vinh, the provincial capitol, the company obtained licenses to operate in the following fields: trading agricultural products, fish, fertilizer, electronics, furniture, automobiles, motorbikes, construction machinery and services, irrigation, tourism, and hotel and restaurant management.