On March 5th, the Economic Police Department of Da Nang City Police issued a Decision to initiate a criminal case, execute an arrest warrant, and carry out a search warrant at the residence of Ms. Do Thi Ha Xuyen (36 years old, residing in Hoa Xuan Ward, Cam Le District, Da Nang City) on the charge of “Embezzlement of property.”
The Economic Police Department of Da Nang City announces the decisions against Ms. Do Thi Ha Xuyen. (Photo: Da Nang Police)
According to the preliminary investigation results, in 2016, Mr. LEE H.B (54 years old, South Korean nationality) wanted to invest in business in Vietnam, so he asked Xuyen to assist in the establishment procedures of two companies, including KSTC VINA Trading and Service Limited Liability Company (abbreviated as KSTC Company), with a charter capital of 2 billion dong. Mr. LEE agreed to have Xuyen become the owner and legal representative with the title of Director.
As for KESAN TEX-CHEM Vietnam Co., Ltd. (abbreviated as KESAN Company), with a charter capital of 2.2 billion dong, Mr. LEE was the legal representative with the title of General Director.
Both companies registered their business addresses at P801, 8th floor, Daisy House building, 219 Han Thuyen Street, Hoa Cuong Bac Ward, Hai Chau District, Da Nang City.
After the establishment of KSTC Company and KESAN Company, since Mr. LEE could not frequently be present in Vietnam, he appointed Xuyen as the CEO of KESAN Company. Xuyen was given the authorization to sign documents related to transactions with banks, customs, and competent authorities in the locality.
To serve business operations, on November 1st and 6th, 2019, Xuyen opened two payment accounts for KSTC Company and KESAN Company at a branch of a bank in Da Nang and was authorized to perform banking transactions on behalf of Mr. LEE. Every week, Xuyen had to send spending reports in Korean via email to Mr. LEE. Every month, Xuyen had to send a copy of the bank account statement in Vietnamese via email to Mr. LEE.
During the work process from September 2020 to May 2023, noticing that Mr. LEE did not pay attention to money management since he entrusted the bank account management to Xuyen, Xuyen withdrew money from these two accounts repeatedly for personal investments, real estate, cryptocurrencies, etc.
Due to the investment losses, resulting in a shortage of funds for the two aforementioned companies, in order to conceal her actions, whenever sending weekly reports, Xuyen used various tricks to deceive Mr. LEE, such as adjusting the cash and account balance numbers, modifying the transaction details in the bank account statement to match the previously reported amounts and sending them via email to Mr. LEE… The total amount Xuyen embezzled from the two companies at the time of detection was over 4.6 billion dong.
Currently, the Economic Police Department of Da Nang City is conducting an expanded investigation into the case.
