Female director 'withdraws' more than 4.6 billion VND from the company to invest in virtual currency
Do Thi Ha Xuyen arbitrarily withdrew money from 2 companies she was assigned to manage to invest in real estate and virtual currency but lost everything.
On March 5, the Economic Police Department, Da Nang City Police issued a decision to prosecute and temporarily detain Do Thi Ha Xuyen (36 years old, residing in Hoa Xuan ward, Cam Le district, Da Nang) to investigate the act of "Embezzlement of property".
At the same time, the police also searched Xuyen's residence in room 1119 of FPT Plaza2 apartment building (Hoa Hai ward, Ngu Hanh Son district).
Initial investigation results determined that in 2016, Mr. LEE HOON BOK (54 years old, Korean nationality) wanted to invest in business in Vietnam, so he asked Xuyen to help him with the procedures to establish 2 companies.
In which, KSTC VINA Trading and Service Company Limited (abbreviated as KSTC Company), with charter capital of 2 billion VND, Mr. LEE agreed to let Xuyen be the owner and legal representative with the title of director.
As for KESAN TEX-CHEM Vietnam Company Limited (abbreviated as KESAN Company), with charter capital of 2.2 billion VND, Mr. LEE is the legal representative with the title of General Director.
Both of the above enterprises registered their business addresses at a building on Han Thuyen Street (Hoa Cuong Bac Ward, Hai Chau District, Da Nang City).
After establishing two companies, due to his infrequent presence in Vietnam, Mr. LEE signed an additional decision to appoint Do Thi Ha Xuyen as the additional CEO of KESAN Company. According to the assigned tasks, Xuyen is authorized to sign transaction documents with banks, customs and local authorities.
To serve business activities, on November 1 and 6, 2019, Xuyen opened 2 payment accounts of 2 companies at a bank branch in Da Nang and was authorized to conduct banking transactions on behalf of Mr. LEE.
Every week and month, Xuyen had to send spending reports in Korean and bank statements in Vietnamese via email to Mr. LEE.
From September 2020 to May 2023, realizing that Mr. LEE did not pay attention to money management, Xuyen repeatedly withdrew money from 2 accounts to use for personal investment, real estate business, virtual currency...
During the investment process, Xuyen suffered losses, leading to a deficit in the money of the two companies above. To conceal his actions, every time he sent a weekly report, Xuyen used "tricks" to deceive Mr. LEE such as adjusting the cash and money in the account, editing the transaction data in the bank account statement to match the amount reported weekly... The total amount of money Xuyen had appropriated from the two companies at the time of discovery was more than 4.6 billion VND.
Currently, the Economic Police Department is expanding the investigation of the case.
