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CEO of Vietnam drug firm held for alleged smuggling

CEO of Vietnam drug firm held for alleged smuggling

Saturday, September 20, 2014, 12:49 GMT+7

Police have detained the chairman and general director of VN Pharma, a pharmaceutical joint stock company in Vietnam, for allegedly smuggling and counterfeiting bidding documents.   Police from the Ministry of Public Security on Friday arrested the chairman and general director of VN Pharma, a pharmaceutical joint stock company in Vietnam, for allegedly smuggling and counterfeiting bidding documents.   Nguyen Minh Hung,  was detained at the headquarters of the company on Ba Thang Hai Street in District 10, Ho Chi Minh City, at 7 pm Friday, the VnExpress news website reported Saturday morning. After his arrest, Hung was escorted to the ministry’s investigation police agency in Hanoi for questioning, the newswire said. Police also searched Hung’s office, as well as the rest of the headquarters, and collected numerous documents related to the case.Dan Viet newswire, citing a source, said that Hung was caught counterfeiting seven bids for  medicine supplies, and that his company recently won a bid worth as much as VND800 billion (US$37.7 million). The company was established in 2011 with a charter capital of VND40 billion (nearly $1.9 million) and worked in thepharmaceutical distribution market in Vietnam. At a meeting held in June to review VN Pharma’s performance, Hung commented that the company has effectively implemented a program on corporate administration, marketing and sales, product development, profit distribution, and human resources development. Besides medicine distribution, VN Pharma also produces sanitary and medial bio-chemical products, in addition to offering storage and yard services and pharmaceutical logistics. The company has a number of affiliated companies and three other branches, one in Hanoi, as well as in the southern provinces of An Giang and Ca Mau. Many experts in the pharmaceutical sector in Vietnam have commented that VN Pharma has developed quickly in recent years, while many others in the field have faced numerous problems.

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