According to the city Police, director of Thao Luc Company was caught red handed buying US$100 note from 38 year old Nguyen Ca Re, an electrician in An Hoa ward, Ninh Kieu district on January 30. The company was unlicensed to buy/sell foreign currency at that time.
Afterward, Can Tho Police consulted the city People’s Committee on making a decision to issue fines according to Government Decree 96 in the banking and monetary field.
Specifically, they issued a fine of VND90 million to Mr. Nguyen Ca Re and seized VND2.26 million he got from selling the note; penalized the company VND180 million and seized the $100 note.
Police officials also examined the shop and confiscated 20 diamonds and 19,910 artificial stones with the total value of VND550 million (US$23,575).
Aside from the above penalty, the company was fined VND70 million for trading goods with unclear origin, VND15 million for making goods without announcing applied standards, VND30 million for making goods unsuitable with standards.
The total penalty for Thao Luc company is VND295 million ($12,642).
Colonel Tran Van Duong, head of Advisory Division under Can Tho Police Department, affirmed that the case has been handled in the right order, procedure and jurisdiction to both Mr. Re and Thao Luc Company. The company has paid the fines without any complaint.
Can Tho Police Department said that Mr. Re can draw up a petition to pay the fine in many times or propose to delay the fine decision execution.
In case of being in an disadvantaged situation, Mr. Re can send a petition to Can Tho People’s Committee proposing it to reduce the fine or exempt him from paying the amount.
Through this case, the department will have to propose the Ministry of Public Security and the Government to adjust Decree 96 to suit practice.