HANOI, VIETNAM – The sprawling investigation into Nguyễn Ngọc Thủy, the embattled entrepreneur famously known as "Shark" Thủy, has deepened as authorities announced the formal initiation of criminal proceedings against his younger brother and younger sister. This development marks a significant expansion of a high-profile case concerning widespread economic violations tied to Thủy's Egroup education conglomerate.
 |
| Mr. Nguyen Ngoc Thuy (Chairman of the Board of Directors and CEO of Egroup Education Group Joint Stock Company - Egroup). |
Nguyễn Ngọc Thủy, who gained national recognition as a venture capitalist on the Vietnamese edition of the TV show "Shark Tank," is the founder and chairman of Egroup, the parent company of the once-dominant Apax Leaders English center chain. He was arrested earlier this year on serious allegations, primarily centered on fraudulent appropriation of assets.
The core of the investigation revolves around accusations that Thủy and other top executives at Egroup orchestrated schemes to fraudulently raise capital from thousands of investors, which was then allegedly misappropriated. This led to the systemic collapse of the Apax Leaders centers, causing immense financial losses for parents who had paid tuition fees in advance and for individuals who had invested in the company.
In the latest development, the Ministry of Public Security's investigating agency has confirmed that it has formally initiated prosecution against Thủy's two siblings. While their names have not been officially released in all reports, their relationship to the central figure is confirmed.
Sources close to the investigation indicate that the charges against the siblings stem from their alleged complicity and direct involvement in the financial misconduct at Egroup. It is believed they held key positions within the corporate structure that enabled or facilitated the alleged fraudulent activities. The investigation is reportedly focused on tracing the flow of money and uncovering the roles each executive played in the scheme.
The decision to prosecute family members signifies the investigators' belief that the alleged economic crimes were not the actions of a single individual but were potentially a systemic, family-involved operation. This move is consistent with Vietnam's broader anti-corruption campaign, which has seen numerous high-profile business leaders and officials face legal consequences for economic wrongdoing in recent years.
This expansion of the probe adds another layer of complexity to the dramatic downfall of "Shark" Thủy, once celebrated as a visionary in Vietnam's education sector. As the legal process continues, the case serves as a stark warning within the Vietnamese business community about corporate governance and financial transparency.
