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Ex-chief of loss-making Vietnamese firm fired 40 days after fleeing country

Friday, December 02, 2016, 13:00 GMT+7

Though Vu Dinh Duy is widely believed to be in hiding overseas, the 41-year-old ex-PVTex chief responsible for running a successful state-run enterprise into the ground was finally given the axe on Thursday.

Duy, a board of member of state-run chemical giant Vinachem until yesterday, left Vietnam on October 22 under the apparent guise of overseas medical treatment and has yet to return.

The Ministry of Industry and Trade, which manages Vinachem, finally opted to fire Duy for his absence from work without proper permission, according to a directive signed Thursday by Minister Tran Tuan Anh.

In mid-November, the trade ministry confirmed that Duy had left Vietnam, but refused to disclose his destination country.

At that time, the ministry decided to temporarily suspend him from his Vinachem post for violating regulations on traveling overseas.

The final penalty was eventually enacted, 40 days after Duy’s mysterious disappearance, prompting suspicions that he has fled the country to avoid allegations of wrongdoing.

Duy led PVTex, the operator of a US$325 million Dinh Vu yarn making plant in Hai Phong City between 2009 and 2014. Under his leadership, the plant never once turned a profit, instead incurring massive losses totaling VND1.73 trillion ($77.23 million) as of March 31, 2015.

It is unclear what penalties Duy will receive if he returns to Vietnam.

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