Business
Diamond Access Inc. denounced as frauds
  • | laodong, dtinews.vn | November 29, 2013 02:49 PM
 >>  Refusal on huge foreign aid stirs up public concerns

After some reporters pointed out that the funds promised by a group called Diamond Access Inc was suspect, several people contacted the media to denounce the company for swindling their money.

 
 Le Van Dang denounces Paul Le Hung for fraud

Diamond Access Inc., said to be headed by a Vietnamese Overseas in the US, Paul Le Hung, offered to grant USD10 billion per year to Vietnam for infrastructure projects. Tien Giang Province would have been among the list of benefactors. However, the local authorities turned down the proposed aid of VND4.2 trillion.

When informed about the issue, local police started an investigation into the case and found that there was no foreign group called Diamond Access Inc. in the region, and that Hung was just working for a gemstone trading company. But Hung insisted that he is a representative of a direct humanitarian fund in Asia that aims to finance regional companies when he answered Nguoilaodong reporter’s questions via mobile phone on November 27.

After the information was published, the victims started to denounce the the company as a fraud. According to Nguyen Van Lam, head of Huu Loi Construction Commercial Services Company, he decided to cooperate with Le Van Dang, Director of Dong Thap Muoi Development, Construction and Invest Company in early 2012.

Dang showed him documents that prove the local authorities are calling for investment, and Paul Le Hung's loans are interest-free. After signing, they were both sent documents which stated they could use USD100 million for their road project in Long An Province.

However, Paul Le Hung continued to ask for money from Lam and Dang, saying that he needed to pay out bribes to various officials. He had taken over USD70,000 from Dang. Meanwhile, Lam also said Dang borrowed from him VND1.5 billion for similar reasons.

"I'm exhausted as a result of this project. When my pockets was empty, I could only give out VND2 million and Paul Le Hung took it anyway," Dang said. "Lenders are calling in loans. Then I had to borrow from the black market. My debt is now over VND4 billion. I'll have to declare bankruptcy and sell my land."

Lam said Paul Le Hung even tried to seek out opinions from the Ministry of Transport in order to be an investor in all BT and BOT projects.

When reporters tried to contact Paul Le Hung on November 28, he refused answer phone calls.

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