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Masan chairman seen at event, dispels arrest rumor

Masan chairman seen at event, dispels arrest rumor

Tuesday, August 28, 2012, 10:00 GMT+7

Nguyen Dang Quang, chairman of the Masan Group, the owner of many well-known food brands, and deputy chairman of Techcombank, Monday attended an event run by his company to dispel the rumor that he had been arrested following the bust of banking mogul Nguyen Duc Kien last week. Quang, who is the second richest person on the Vietnamese stock market with total assets worth some VND10 trillion (roughly US$500 million), was rumored to have been detained by police due to economic violations after similar arrests were directed towards Kien for illegal trading activities at his three personal companies, and ACB ex-CEO Ly Xuan Hai. No investigative authorities had confirmed the information. The business tycoon in question, who is known as the owner of the popular Chinsu sauce, however showed up at an event organized by Masan at Ho Chi Minh City’s New World Hotel on Monday. “My normal presence here is the answer to the questions around my being arrested or not,” he told attendees. Quang said he was in the US from August 17 to 27 to complete procedures for his son to enroll in an American school. “I’m still the chairman of Masan, and deputy chairman of Techcombank,” he asserted.

Tuoi Tre


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