The Agency also proposed that the Department of Foreign Affairs under Ministry of Public Security name the man an internationally wanted fugitive.
Vinh who is now abroad was found involved in investment frauds relating to the Saigon South Development JSC (Sadeco JSC).
Former members of the Board of Directors at Sadeco JSC have fraudulently increased charter capital by issuing 9,00 million shares at a price of VND40,000 a share much lower than the market price, police found.
The shares were issued without proper appraisals or auction, thus causing a loss of over VND940 billion (US$40.7 million) to Sadeco JSC.
The accused Pham Nhat Vinh, along with fellow members of the Board of Directors at Sadeco JSC, had appointed Nguyen Kim Electronics the strategic shareholder, therefore guilty of “Violation of management and use regulations of State property causing financial loss”.
The Investigation Police Agency proposed to prosecute 19 people and to continue legal proceedings against Pham Nhat Vinh upon his capture.