VietNamNet Bridge – The chief of the site clearance compensation board of District 1, Ho Chi Minh City was arrested yesterday, April 24, for investigation of misappropriating VND10 billion ($500,000) of his agency.

 

 

Photo for illustration.

The official, Mr. Le Quoc Cuong, was prosecuted and arrested at noon of April 24. The police also raided his office and his home at the same time.

According to the police, Cuong’s agency was assigned to manage a large amount of public funds to serve the site clearance and land compensation of state projects in District 1.

Cuong deposited VND10 billion ($500,000) from the funds to the Bank for Agriculture and Rural Development, Cho Lon branch (Agribank Cho Lon).

Later, he stood surety for a company in District 12 to borrow VND10 billion loan from Agribank Cho Lon, equivalent to his deposit at this bank.

The company failed to pay the loan so Agribank Cho Lon held Cuong’s VND10 billion deposit.

HCM City Police is expanding investigation.

Dam De