Vietnamese mogul detained for alleged appropriation

Lieutenant General Xo said that Tri, 53, was prosecuted and arrested on January 15 for allegedly abusing trust to misappropriate property. The arrest was part of an ongoing expanded probe into a major fraud case at Van Thinh Phat’s affiliate An Dong Investment Group Corporation. He confessed his asset appropriation, and was committed to paying back the sum of money. Truong My Lan, founder and chairwoman of property developer Van Thinh Phat Holdings Group, was arrested for alleged fraud related to the issuance and trading of bonds worth trillions of Vietnamese dong in October last year. Lan established Van Thinh Phat in 1991, according to the company's website.