For
the last two months, a man in Ho Chi Minh City has managed to register under
his name nearly 40 new businesses as subsidiaries of a Da Nang-based company
with dubious operation.
Early this month the municipal Tax Agency
found that 31-year-old Vo Van Vi registered 37 new companies operating in many
sectors under his name between September 15 and November 3.
Of these, Vi is registered as the director of
12 joint stock companies, which are all headquartered on the 31st floor of the
Saigon Trade Center in District 1.
Though the municipal Department of Planning
and Investment was informed, it continued to license Vi to set up two more
companies later.
The 39 companies have the registered capital
of VND6.6 trillion (US$316.8 million) and are subsidiaries of the VTI Group,
headquartered on the 5th floor of the Indochina Riverside Tower in Da Nang.
Tran Ngoc Tam, deputy head of the municipal
tax agency, said he had ordered the tax agency of District 1 to look into the
case.
“[The case] is very unusual,” he said.
“Being the director of 12 joint stock
companies, Vi violates the Enterprise Law.”
The tax agency said it had asked the municipal
Department of Planning and Investment to handle Vi’s case in November 1 but the
department had shown no response.
Companies with dubious operation
Tuoi Tre has come to the headquarters of the
39 abovementioned companies at the Saigon Trade Center and found that it was in
fact a small office.
This is way different from what VTI Group says
on its website. According to the website, besides two branches in HCMC and
Hanoi, VTI Group also has companies operating in big cities such as New York,
London, Singapore, and Sydney.
Nguyen Tuan An, who claimed to be VTI Group’s
chief accountant, said it had just moved into this new office in September and
there were only four people currently working there.
This is also completely different from the
claim on the website that VTI’s personnel are numerous and even include foreign
experts.
An said VTI Group was mainly operating in the
real estate sector in Da Nang and had planned to move its headquarters to HCMC.
As for the 39 newly-registered companies, An
said they were projects and “it was not the right time to implement them.”
He also boasted about a project in which VTI
Group planned to buy the office building project of the Da Nang-based Indochina
Riverview Tower for S$19.2 million.
But he said he had no idea where the project
was situated in Da Nang. He also didn’t have any business card.
The tour organizer Duong Bay Viet Co. Ltd.,
one of VTI Group’s subsidiaries, was also found to be operating dubiously.
The company offers to provide domestic tourism
packages, but the municipal tourism authority said it had yet been licensed to
do so.
The tax authority also said the company had
made no profits since it was established two years ago.
TUOI TRE
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