Shark Tam: From startup success to tax evasion scandal

Mr. Pham Van Tam founded Asanzo Group in late 2013, initially focusing on televisions and later expanding into refrigeration, household appliances, smartphones, and other electronics. Asanzo quickly became a household name in Vietnam due to its affordable prices and local branding. By 2019, Asanzo's TV market share was only behind giants like Samsung, LG, and Sony.

However, in 2019, while Shark Tam was a prominent figure in Shark Tank Vietnam season 3, Asanzo faced a scandal regarding the origin of its goods.

Sharp Vietnam accused Asanzo of falsifying documents and providing false information. The General Department of Customs found that Asanzo's products were not as advertised, primarily consisting of components imported from China and assembled in Vietnam, contrary to claims of using "peak Japanese technology."

Additionally, Asanzo established 19 affiliated companies to evade taxes. The Ho Chi Minh City Tax Department imposed fines and back taxes totaling VND 47.6 billion. On June 23, the Ho Chi Minh City Police prosecuted Mr. Tam for tax evasion and using illegal invoices to evade more than VND 15.7 billion in taxes.

On June 24, the Ho Chi Minh City Police Department decided to place Tam in temporary detention.

Shark Thuy: From million-dollar deals to debt and arrest 

Mr. Nguyen Ngoc Thuy, known as Shark Thuy, gained fame through his participation in the first three seasons of Shark Tank Vietnam. He was renowned for his substantial investments in various projects, especially in education with Apax English and EnglishNow centers.

Despite initial success, Apax English faced severe financial difficulties post-COVID-19. The company was accused of unpaid wages and parents demanded refunds.

By 2022, Apax Holdings, a member of Shark Thuy's Egroup Corporation, recorded losses and increased debt. The real estate market downturn further exacerbated these issues. On March 25, Shark Thuy was arrested for fraud and property appropriation.

Shark Khai: Ethics violations and disappearance

Mr. Hoang Khai, initially announced as a guest investor in Shark Tank Vietnam season 1, withdrew for personal reasons. He is known for founding the Khaisilk brand, which positioned itself as a high-end silk product for foreign tourists.

In 2017, Khaisilk was embroiled in a scandal for selling Chinese silk labeled as "made in Vietnam." Mr. Khai admitted to the fraud and apologized publicly.

Further investigations revealed that Khaisilk scarves did not contain the advertised 100% silk. The brand faced severe legal violations, including selling fake goods and tax fraud. The scandal destroyed the Khaisilk brand, and Mr. Khai has remained out of the public eye since.

The experiences of these "sharks" highlight the volatile nature of business success and the severe consequences of unethical practices. While their stories began with remarkable achievements, they serve as cautionary tales of the importance of integrity and legal compliance in sustaining long-term business success.

Manh Ha