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Shark Thuy, APAX Leaders English center chairman, detained in fraud case

Shark Thuy, APAX Leaders English center chairman, detained in fraud case

Tuesday, March 26, 2024, 14:41 GMT+7
Shark Thuy, APAX Leaders English center chairman, detained in fraud case
Nguyen Ngoc Thuy, chairman of Apax Holdings JSC, the owner of the APAX Leaders English language center chain, meets with parents in Ho Chi Minh City, March 15, 2022. Photo: Trong Nhan / Tuoi Tre

Nguyen Ngoc Thuy, board chairman and general director of Egroup and Egame Investment and Distribution JSC, has been arrested for his alleged involvement in asset misappropriation fraud.

Thuy, alias Shark Thuy, is also board chairman of Egroup’s Apax Holdings JSC, the owner of the APAX Leaders English language center chain.

Dang Van Hien, head of Egame’s investor relations department, was also detained on the same charge. 

Investigators of the Ministry of Public Security made the arrests on Monday evening, Lieutenant General To An Xo, spokesperson for the Ministry of Public Security, announced on Tuesday.

Lieutenant General To An Xo, spokesperson of the Ministry of Public Security, announces the arrest of Nguyen Ngoc Thuy, alias Shark Thuy, March 26, 2024. Photo: Nguyen Khanh / Tuoi Tre

Lieutenant General To An Xo, spokesperson for the Ministry of Public Security, announces the arrest of Nguyen Ngoc Thuy, alias Shark Thuy, March 26, 2024. Photo: Nguyen Khanh / Tuoi Tre

Shark Thuy previously made his name on the investment reality show Shark Tank Vietnam.

Last year, many people accused Shark Thuy of misappropriating trillions of Vietnamese dong.

Lots of parents complained that the chain received tuition fees for long-term courses but then a host of APAX Leaders centers were closed without advanced notice or switched to online courses.

Many parents in Ho Chi Minh City, Hanoi, Da Nang City, and Dak Lak Province in the Central Highlands said that the centers also failed to provide educational services of good quality as they previously guaranteed, so the parents demanded tuition refunds.

According to the Ho Chi Minh City Department of Education and Training, the Apax Leaders English language center system’s unpaid tuition refunds to parents in Ho Chi Minh City total around VND93.8 billion (US$3.8 million).

The chain, in a report sent to the department on February 26, proposed extending the closure of two centers until June this year, offering online classes to students of these two centers, shutting down 26 venues, and relocating 13 others.

Nguyen Ngoc Thuy, alias Shark Thuy, is seen at a police agency. Photo: Supplied

Nguyen Ngoc Thuy, alias Shark Thuy, is seen at a police agency. Photo: Supplied

Dang Van Hien, head of the investor relations department at Egame Investment and Distribution JSC. Photo: Supplied

Dang Van Hien, head of the investor relations department at Egame Investment and Distribution JSC. Photo: Supplied

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Hong Ngan - Than Hoang / Tuoi Tre News

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