•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
According to the indictment, Nam Triệu Company is a state-owned enterprise operating in the fields of mechanical engineering, shipbuilding, and the production of equipment for the police force. X30 Enterprise (based in Ho Chi Minh City) is a subsidiary under it, responsible for manufacturing mechanical products and specialized interiors. During the investigation, to legitimize inputs for production contracts, several individuals at the company signed numerous purchase contracts for materials with external firms. However, many of these contracts existed only on paper. Illustrative photo. Specifically, Le Tien Quy, former Deputy Director of Nam Triệu - X30 Enterprise, and Vu Van Thuan, Director of Pho Hoa Long Company, signed 10 forged contracts with four companies: Nam Thien An Trading Co., Ltd.; Van Tung Lam Construction Trading Co., Ltd.; Tuán Gia Dat Trading and Service Co., Ltd.; and Khoa Huân Trading Co., Ltd. (all registered in Ho Chi Minh City). Investigations showed these firms did not operate at their registered addresses; the listed directors were individuals who had lost their identity cards, were unaware of the names, and did not conduct actual transactions. Authorities separated the case to continue investigating related violations. Additionally, the defendants inflated the value of materials and production costs; prepared documents to sanitize and withdraw funds from state resources. The surplus was kept off the accounting books, forming a 'black fund' for personal use. Moreover, they used secured land for illegal lease under a business partnership arrangement; concealed many revenue sources, failing to account properly and causing asset losses. The total amount embezzled and the loss to be resolved is over 23.8 billion VND. The indictment states that during his tenure as Chairman of the Board and CEO of Nam Triệu (2021–2022), and previously as Director of X30 Enterprise, Nguyen Van Hung ordered staff to inflate contract values, increasing production costs and excluding revenues from the accounting system, thereby creating a cash surplus to embezzle. The total misappropriated amount for Nam Triệu and X30 exceeds 23.63 billion VND; of which over 18.19 billion VND was misappropriated, with the remainder as damages. The Procuracy determines that Hung’s acts constitute embezzlement and abuse of power under the Penal Code, with him as the mastermind. For Le Tien Quy, former Director of X30 Enterprise, it is determined that he acted under Hung’s direction, directly participating in inflating contract values to withdraw the surplus, aiding Hung in misappropriating about 16.67 billion VND. He faces charges of embezzlement as an accomplice. Meanwhile, Vu Van Thuan, Director of Pho Hoa Long, is accused of actively assisting Quy in misappropriating more than 14.37 billion VND, including inflating contract values to misappropriate over 11.75 billion and falsifying payroll to misappropriate 2.61 billion. Thuan is charged with embezzlement as an accomplice. According to the Supreme People’s Procuracy, to date the defendants and related persons have returned more than 10 billion VND to remedy the consequences. The case is being prepared for trial in accordance with the law.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
