Mekolor Chairman Arrested for Spreading False Information

Vo Xuan Truong, 46, chairman of Mekolor Joint Stock Company, who previously declared intentions to invest $100 billion in a North-South high-speed railway project, has been arrested and detained by the Investigative Security Agency of Can Tho City Police. He is accused of fabricating and slandering numerous organizations and individuals, violating Article 331 of the Penal Code on "Abusing democratic freedoms to infringe upon the interests of the State, and the legitimate rights and interests of organizations and individuals." Mekolor, with Truong as its chairman, director, and legal representative, had opened an account at Vietinbank's Can Tho branch. The company provided the bank with documentation for a €10 billion transfer from its partner, Germany-based Immobilien Partner GmbH, to its account. The transfer was supposedly made via Deutsche Bank (Germany) through payment (MT103) and investigation (MT199) messages on June 22, 2021. Mekolor requested Vietinbank to process the receipt and transfer of these funds. Vietinbank conducted an investigation but found no record of the transfer as claimed by Mekolor, and warned the customer about the possibility of forged documents. Despite warnings from the bank and authorities about the risk of fraud, Mekolor did not believe them. The company filed a lawsuit against Vietinbank with the International Chamber of Commerce (ICC), alleging that Vietinbank, with the support of the State Bank of Vietnam, had misappropriated and used the €10 billion. Authorities have determined that Truong, along with several related individuals and organizations, intentionally posted false information on various international websites and social media platforms, seriously affecting the reputation and operations of state agencies and the banking system. The Department of Information and Communications of Can Tho City had previously fined Mekolor for providing and sharing false, inaccurate, and defamatory information that harmed the reputation of organizations and the dignity of individuals. However, Truong continued to use his Facebook account, "Philip Vo," to post and share articles containing false and insulting information. In mid-2025, Mekolor, under the name of the Mekolor - Great USA alliance, had sent a proposal to the government seeking permission to mobilize 100% of its capital (approximately $100 billion) to invest in the North-South high-speed railway project without using state budget funds. However, at a meeting in late 2025 with leaders of ministries, sectors, and businesses regarding the project, Deputy Prime Minister Truong Hoa Binh noted that while six businesses were invited, only five attended. The Mekolor and Great USA (USA) investor alliance did not appear. Mekolor was established in 2016, primarily engaged in trade promotion and introduction. Its registered capital was VND1 billion ($40,000), with four registered employees. Its headquarters was located in a small, four-level house in a narrow alley on Ly Tu Trong Street, Kieu An Ward, Can Tho City.