HCMC – David Riddle, Tan Hiep Phat Beverage Group vice chairman, has been picked as new CEO and legal representative of the Binh Duong-based company.
The Briton has management experience in global leading corporations. He has been serving as vice chairman of Tan Hiep Phat for 13 years.
The appointment came a day after Tan Hiep Phat’s CEO and founder Tran Qui Thanh, 70, were charged with misappropriation of assets.
Thanh’s two daughters, Tran Uyen Phuong, 42, and Tran Ngoc Bich, 39, face the same charge. Phuong and Bich are deputy CEOs of Tan Hiep Phat.
Of the three suspects, Thanh and Phuong have been detained.
The latest developments are part of a probe into claims accusing Thanh, his two daughters and some other individuals of committing acts of property embezzlement, abuse of trust and misappropriation of assets, and tax evasion.
The investigations of Thanh, Phuong and Bich were unrelated to the company’s activities, Tan Hiep Phat said in a statement.
Vietnam’s largest beverage producer has committed to minimizing negative impacts on its operations and partners.