Head of major Vietnam coy held

Head of major Vietnam coy held

HANOI (AFP): The director of a major petrol trading company in
southern Vietnam has been arrested in connection with one of the
country's biggest corruption scandals, a report said on Friday.

Nguyen Sy Nhon, former director of Saigon Petro, was arrested
on Tuesday for helping Minh Phung, a garment company, to defraud
and appropriate US$8.6 million of state-owned Incombank, the
newspaper Thoi Bao Kinh Te Viet Nam (Vietnam Economic Times)
reported.

Saigon Petro opened letters of credit worth $22 million at
Incombank in Ho Chi Minh City which enabled Minh Phung company to
import more than 105 million ton of oil between 1995 and 1997.

The Minh Phung owner Tang Minh Phung was accused of defrauding
Incombank of $8.6 million when he was arrested in 1997.