Last night, the Internet shook the news: the CEO of Vietnam-based Sky Mining has fled the country with $35 million USD in investor funds in his possession
According to local media, Mr. Tam is unavailable since Monday, with the exception of an apology note posted to investors on Wednesday via Facebook.
The missing CEO blamed the market's unpredictability that apparently led to a drastic drop in mining rig value, incurring heavy losses.
He added that after the process of recovering the investors’ funds completed, he was going to declare bankruptcy. But when investors reached the office, it was abandoned. Additionally, all 600 mining machines in the company’s factory in the neighboring of Dong Nai Province’s Bien Hoa Town were taken away by a group of people claiming to be maintenance workers.
We can only guess the level of the majority of problems actually haunting Le Minh Hieu.
By the way, this is not the first case of such a story, with the abduction of a huge amount of money. It resembles another, recent one: a tech company in Ho Chi Minh City’s District, 1 was stormed by investors demanding refunds in April. The investors said that the IT-company, Modern Tech, had cheated them, the sum in question be 15 trillion VND ($650 million), attracted via classic Ponzi scheme.
What are your thoughts about Sky Mining’s insolvency, and Leh Minh Tam’s eventual evaporating, and the pattern in general?
Photo is provided by VnExpress International
Leh Minh Tam's quote is taken from Facebook