HANOI (AFP): One of Vietnam's richest people has been arrested for "illegal waste dumping, illicit mining, and tax evasion" of millions of dollars, police announced Tuesday.
Dao Huu Huyen, chairman of the Duc Giang Chemical group, and six other company officers -- including Huyen's son, the group's former CEO -- were held, the ministry of public security said.
The suspects were accused of "illegal dumping of millions of tonnes of waste across an area spanning tens of hectares", illegally extracting hundreds of thousands of tons of phosphate ores in Lao Cai province on the border with China, and tax offences, it added.
The offences took place over an extended period and sparked "public outrage", police said in the statement.
Duc Giang Chemical is one of Vietnam's biggest companies, with a market capitalisation of around US$1 billion and a member of the VN30 share index.
Originally set up as a state-owned company, it was partly privatised in 2004 and describes itself as a major player in chemicals, fertilisers and pesticides in the Communist country.
Three years ago, media reports listed Dao Huu Huyen among the 15 richest people in Vietnam, based on his ownership stake in the firm.
Its shares closed down 6.9 percent on the Ho Chi Minh City stock exchange on Tuesday, at a record low. -- AFP
