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Vietnamese names appear in "Panama Papers"

Released at: 18:25, 10/05/2016

Vietnamese names appear in "Panama Papers"

Entrepreneurs named tell local media everything is above board.

by Hung Nguyen

At least three famous entrepreneurs and 186 officials in Vietnam have appeared in “The Panama Papers”, according to the International Consortium of Investigate Journalists (ICIJ).

The three entrepreneurs are Mr. Nguyen Duy Hung, Chairman of Saigon Securities Inc. (SSI), Ms. Nguyen Thi Phuong Thao, General Director of Vietjet Air, and Ms. Dam Bich Thuy, former General Director of ANZ Vietnam.

Mr. Hung was named as a shareholder and beneficiary of NDH Co. Ltd, Ms. Thao was named as a shareholder and beneficiary of Arianna Hotel & Resorts International Limited, and Ms. Thuy was named as Director of the ANZ/V-Trac International Leasing Company.

Mr. Hung told VnEconomy - a sister publication of VET - that his company’s registration of offshore accounts was licensed and he wants authorities to quickly identify a solution to the issue of double taxation on the company’s overseas investment activities.

SSI also issued a press release saying that it and the NDH Co. were founders and shareholders of SSI Asset Management (SSIAM), which has legitimate offshore investments.

Ms. Thao told local media that her business activities were related to a deal purchasing Furama Resort, which was previously owned by Arianna Hotel & Resorts, and is completely legitimate.

Ms. Thuy also told local media that ANZ/V-Trac was licensed legitimately by local authorities when she was the leader of ANZ Vietnam, and that being named in The Panama Papers does not mean any person or company has done anything untoward. She is now President of Fulbright University Vietnam - an education project seeking legal approval from local authorities.

The list was published on May 10 at ICIJ- Vietnam.

The Panama Papers also listed 19 offshore entities, 23 intermediaries, and 185 addresses connected to Vietnam, primarily in the British Virgin Islands.

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