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Ex-boss of loss-making Vietnamese firm, allegedly hiding overseas, wanted at home

Tuesday, June 27, 2017, 18:16 GMT+7

A manhunt was launched by Vietnamese police on Monday for the former top executive of a state-run enterprise for his role in the company’s steep losses, even though the fugitive is believed to be hiding overseas.

Vu Dinh Duy, ex-CEO of PVTex, is now wanted domestically, one week after being placed under criminal investigation on charges of “intentionally acting against state economic management regulations and causing serious consequences,” police said yesterday.

PVTex, a subsidiary of national oil and gas giant PetroVietnam, is the operator of the loss-ridden Dinh Vu yarn making plant, worth US$325 million, in the northern city of Hai Phong.

Under the leadership of Duy, the facility incurred VND1.08 trillion ($48.21 million) in losses only seven months after its May 2014 inauguration, with deficits having risen to VND1.73 trillion ($77.23 million) by March 31, 2015.

Duy has been nowhere to be seen since October 2016, after leaving Vietnam under the apparent guise of overseas medical treatment.

Criminal proceedings have also been launched against four other individuals involved in the PVTex scandal, who are now in police detention on charges of “intentionally acting against state economic management regulations and causing serious consequences.”

While it is widely believed that Duy is hiding overseas, it is not clear why the manhunt for him is only issued domestically.

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