Powerful Vietnamese mogul arrested. Stock index dived more than 4%

More follow up

The CEO of ACB bank is also arrested this morning. ACB is the largest private bank in Vietnam.

This is akin to Warren Buffet and Lloyd Blankfein (CEO of Goldman Sachs) arrested on the same day.

Anatta,

The fact that this case has taken this long is a testament to how connected that guy is and how convoluted this system has been.  But, in light of it, be glad that there are still people in Vietnam who are willing to take the extra steps in the name of accountability.

If this type of economic free-falling and financial mismanagement had taken place in the US, there would have been more than just one person going down.  Let's just wait and see how deep of a shakedown this will be. 

I bet you that the Bentleys and Ferraris are going for real cheap now.  Wanna get into one?

Howie

Sorry, Wild 1, but the US will not serve as an example of cracking down on fiscal shenanigans.  Stories are circulating about people having their homes foreclosed when they have paid off their mortgage or they are current on payments.  The fiscal crisis here was a result of lax oversight and the government has decided not to prosecute.  This election so-called "political contributions" (read bribes) will be in the billions with no restrictions. Nguyen Duc Kien would be a free man here.

Well

As connected sources have it, it is not as much a clean-up as a shakedown between political factions. That is why it is so fascinating.
Here is a piece which is more informed than others

http://www.businessweek.com/news/2012-0 … ns-surface

Leaks about him and misdeeds have been circulated on influential blogs for some time. I did not make a lot out of it since the claims were so outrageous. Sure enough, the site that leaked it was also the first one to inform about his arrest, long before the official announcement!!!!
Looking back, one may see it was a conscious effort to build a case for his arrest for the other faction.

Rumor has it that the guy is now hold in secure cell by the military on a top secret location, not by the police. You figure out the reason why . The preparation of his arrest was top secret and handled by a select few. The man himself, with all the connections, did not see it coming. He gave television interviews at the Hilton just hours before the arrest.

Wild_1 wrote:

Anatta,




I bet you that the Bentleys and Ferraris are going for real cheap now.  Wanna get into one?

Howie

My 'BETTER HALF' has been at me forever to get a car - we'll be only too happy to take very good care of anyone's late model Series 5 (or above) BMW sedan for them while they're away getting re-educated.

Any takers ???

   

Don't know about BMW series 5, but I believe this Bentley Continental Flying Spur is going to be sitting idle for some time.



Unfortunately, it would be difficult to contact its owner since his actual location is a state secret as mentioned above.

Amigo,

It is a dog-and-pony show, man!  Don't read too much into it; it will only frustrate you more. 

Do like Flip does, focus on the cars.  Although, I think here, the state will be the care taker of them cars.  Flip is going to have to wait his turn.

Anatta wrote:

Don't know about BMW series 5, but I believe this Bentley Continental Flying Spur is going to be sitting idle for some time.

[img align=C]http://imgs.vietnamnet.vn/Images/2012/08/21/15/20120821152533_2.jpg[/url]

Unfortunately, it would be difficult to contact its owner since his actual location is a state secret as mentioned above.

Why should my car stay idle?

Cars?
I am thinking more about his home and pool

Not sure what you mean. Many people have a small house and a pool.

l3ully wrote:

Why should my car stay idle?

l3ully

How the hell did you manage to write from jail, man?

Flip
You just go to 27 Xuân Diệu, phường Quảng An, Tây Hồ, Hà Nội and tell the guard that you get permission to fetch l3ully's car. Print out this as proof. I am sure it is OK.

l3ully wrote:

Not sure what you mean. Many people have a small house and a pool.

Oh, l3ully (or should I call you Kien, since the secret is now out). You are such a humble and modest man, not boasting your immense wealth, and despite being in jail.

Anatta wrote:

l3ully wrote:

Not sure what you mean. Many people have a small house and a pool.

Oh, l3ully (or should I call you Kien, since the secret is not out). You are such a humble man, not boasting your immense wealth, and despite being in jail.

You may call me what you like, but never late for dinner. Only joking anyway.
I don't care actually about cars or gold or villas. Despite not being really poor I still walk or use a bus (if possible) and the reminder on a cheap motorbike.
If some people having horded that kind of moneys, I can ensure you/everyone, it was not always along the honest way. Therefore, I can feel very little (0) sorrow, if one or the other loosing a bit of it.

As for myself, I still work a normal 100 hour week, so that some jobs for my staff remain secure and pay the taxes and duties to that is well.

l3ully wrote:

If some people having horded that kind of moneys, I can ensure you/everyone, it was not always along the honest way.

There is a popular saying in Vietnamese nowadays about the secret of success in Vietnam "First, relatives (of powerful families). Second, connections. Third, money. Fourth, talents. The rest: no one cares".

How much wealth does this guy have?
Just give you an indication. The area he lives belongs to the most expensive area in Vietnam. The land price there is sold for at least 40 000 USD/m2 (No, it is not a typo. Forty thousand USD, not far from Hong Kong prime location price). That is if you are lucky to find a seller.

The little pond pictured above is at least 100m2, so its value is at least 4 million dollars if not much more just in land price.

Anatta wrote:

l3ully wrote:

If some people having horded that kind of moneys, I can ensure you/everyone, it was not always along the honest way.

There is a popular saying in Vietnamese nowadays about the secret of success in Vietnam "First, relatives (of powerful families). Second, connections. Third, money. Fourth, talents. The rest: no one cares".

How much wealth does this guy have?
Just give you an indication. The area he lives belongs to the most expensive area in Vietnam. The land price there is sold for at least 40 000 USD/m2 (No, it is not a typo. Forty thousand USD, not far from Hong Kong prime location price). That is if you are lucky to find a seller.

The little pond pictured above is at least 100m2, so its value is at least 4 million dollars if not much more just in land price.

And? It will not impress me.
The guy has not really worked for the money, otherwise he  would not spend it for such nonsense.

As a matter of fact, there are many thousands of properties for sale - .......... and if they are lucky (after many years), a dumb ass comes along and pays the price and all neighbors  multiplying their prices with that what the lucky guy told them (and trust me, he will ell the double at least) and this paragraph starts again over. The game foe dumb asses.

Alright,

Flip, take the car.  Anatta, you can have the house and the pool.  That is all good with me, as long as you two agree to take his future car and home as well.  Cool???  I don't think this next one is going to come with a pool, though?  Deal, Flip...  Anatta?

Wild_1 wrote:

... as long as you two agree to take his future car and home as well.

His future home? You mean this one?



No, thanks!!!

For those who don't know about this place, here is some intro
http://en.wikipedia.org/wiki/Chi_Hoa

Anatta,

I didn't know the thing was going to look that nice.  Naaah, that looks way too nice for you, man.  Look at all of them lights.

Okie then. I'll reserve a bunk for you, next time you'll be up here. Remember, it is "Hotel California style"
We are programmed to receive.
You can check-out any time you like,
But you can never leave!

Looks like a cosy place.

Wild_1 wrote:

Do like Flip does, focus on the cars.

Talking about car.

Do you know that there are 4 Rolls-Royce Phantoms, Dragon Edition in Vietnam? Two of them has the same owner. RR only produces 33 of them.

Price tag 1.7 million USD/car.

All of the three owners lives out in the boondocks. One lives here:

http://goo.gl/maps/8SQzE

What's more: he has driven the car around without a registration plate for some time now, with full awareness of the police.

The Vietnamese media has started writing about him in English:

http://english.vietnamnet.vn/fms/specia … arket.html

Some observations:
- The article mentions the Business Week article I posted earlier, without the specific political connection.
- It puts the areal of the land near the West Lake to be 1.3 hectare which means the land value alone is north of 55 million dollars. It also mentions the cars:  Bentley Continental Flying Spur and Rolls Royce Phantom. The two cars alone would cost > 2 million dollars.

Anatta,

There were a lot of shuffling and scuttering before this arrest.  Now, there are a lot of maneuvering in the financial, as well as in the government, sectors.  By the time the smoke clears, someone politically important will step aside:  no fanfare, just a quiet walk into obscurity.  That is how this system works, Amigo.

Wild_1 wrote:

no fanfare, just a quiet walk into obscurity.

Ha ha
... and we commoners are watching the drama as it unfolds in real time. Man, this is better than waiting for the next episode of "Sex and the City".

Amigo,

What gets me the most is that the Vietnamese public ends up paying the bills.  If these guys don't end up abroad, they will end up on a Vietnamese version of house arrests: no anklets and very little suppervision.  That "well-lighted house" you posted earlier is reserved for the public only.  Talk about deterrence?  If you were in position, would you do the same thing?

The Dieu Hien fiasco is unfolding right next door to me.  It is crazy.  It is sad.  And one of these days, someone is going to have to put a foot down on this form of abuse.  They just can't go on like this for long.

The Dieu Hien affair, sad as it is, is child play comparing to this. Hers is just a small-town con woman overplaying her luck.

This, my man, is completely different world. This has top level politics, dynasty intrigue, money, jet-set lifestyle, well known personalities, boardroom drama, ... You name it. Not yet Bo Xilai level, but interesting enough. I still have not found the sex angle in there yet, but I am working on it.

Has it gone long enough?

One of the things I have learned is history repeats itself again and again: dynasty/emperor building practice (thus power monopoly and abuse) is seen not in Vietnam, but a lot of other places: North Korea, China, yes, even Singapore to a lesser degree.

Therefore, I am afraid it will go on for some more time. Stay tuned .

Hey gang,

I think Budman made a run for the cars; I haven't seen or heard from him as of late.  What about it, Anatta?  Your buddy has a foot or two in this, doesn't he?

Wild_1 wrote:

Hey gang,

I think Budman made a run for the cars; I haven't seen or heard from him as of late.  What about it, Anatta?  Your buddy has a foot or two in this, doesn't he?

Foot or two? The whole thing has his fingerprints all over it, if you ask me!!
Now, if only I can find a Mata Hari to complete my international, top-secret, sex-filled, wild car chase conspiracy theory, the picture would be complete!!. Hmm!! I wonder whether it was...!!!


To be continued ... at the next episode.

Yup,

Budman will come back in a Roll; and he will be stepping out of it with a pipe in one and a pretty girl on the other.  I can cleary see it now...

That's the Man. He will ask for a Bud Light, shaken, not stirred

Anatta wrote:

if only I can find a Mata Hari

All joking aside, here is the sad truth about Mata Hari which you may not know.
http://www.dailymail.co.uk/femail/artic … onage.html

Howie
Things are certainly way too exciting lately, even for my taste.

The arrest of the CEO of ACB, which I told you a few days ago, was at last confirmed by the official newspaper yesterday!!!.

If my source is reliable, another big sensational arrest has happened.
Stay tuned.

Anatta,

Looking at the amounts of money that some of these guys sent abroad and the methods they resorted to, in their efforts to send their children overseas, it doesn't surprise me one bit to hear about these things.  But, you better keep things in perspectives, though.  Vietnamese culture and its press is known for sensationalism.

Yes, you are right!  This is one of the more exciting times, in Vietnamese politics:  power is shifting, as we speak, Amigo.  You better get your little behinds onto the right boat, or else...  !!!

It is certainly sensational enough to have people withdrawing money from ACB en masse, as reported in the newspapers. We'll see there are more withdrawal from other banks as well in the days ahead.

People seem to believe that the old mattress is still the best place for safekeeping.
If you ask me, your money in those banks is safe, don't worry.

Anatta,

Why would you say their money is safe in the bank? I wasn't sure if you are joking or telling the truth.

On this particular sentence, I am not joking.

The government is smart enough not to touch this. It is internal political cleanup. However, they know that if the common people's savings are lost, it may spark a public outrage which may lead to unintended consequences.

Here are some articles about the central bank reassuring the public.

http://english.thesaigontimes.vn/Home/b … ets/25187/http://biz.thestar.com.my/news/story.as … height=459

Anatta,

I tawt I taw a Budman!!!  Forget about the money.  You better run for cover now, you infidel you.  He is going to crush you with his big car.

Wild_1 wrote:

Anatta,

I tawt I taw a Budman!!!  Forget about the money.  You better run for cover now, you infidel you.  He is going to crush you with his big car.

OMG. Where, where???