Vietnamese tech star suspends startups amid legal dispute, police probe. He denies wrongdoing

Kevin Tung Nguyen, a prominent Vietnamese tech founder, has temporarily shut down operations at his two startups, JobHopin and Skola.  

Nguyen is in a legal dispute with his wife over the ownership of Skola, an edtech platform registered both in Vietnam and Singapore, according to documents and sources who spoke to Tech in Asia.

In addition, Nguyen is being investigated by Vietnam’s Police Department for Economic Crimes (C03) over allegedly misappropriating funds at Skola. The entrepreneur, however, has denied any wrongdoing.

Image credit: Tech in Asia

Named as one of Forbes Asia’s 30 Under 30 in 2019, Nguyen is also known for establishing JobHopin in 2017, which aims to use AI and machine learning to automate job hunting and recruitment.

In an interview with Tech in Asia requested by Nguyen himself after we started looking into these companies, he confirmed that JobHopin failed to close a US$15.6 million series B round in 2023. The majority of the company’s employees – close to 200 at its peak – have either resigned or have been laid off, he added. 

Disputes at Skola

Tech in Asia understands that Nguyen’s wife is a majority shareholder of Skola, based on the startup’s register of members in Singapore. The company started out in May 2022 as a Web3 initiative called Skolana, which rewarded learners, particularly high school students, via cryptocurrency. 

On its Linkedin profile, Skola Academy promoted itself as a hub focused on tech training for young students, with the goal of transforming Vietnam into a regional tech powerhouse.

Earlier this year, Skola hired a senior executive who was eventually fired due to underperformance, according to multiple sources. Tech in Asia has been unable to contact the person to verify this. 

After this executive was terminated, he “attempted unauthorized access to Skola’s bank account” in Vietnam, Nguyen claims. In response, Nguyen said he transferred nearly 2 billion dong (US$78,500) to his personal account “to protect the company’s assets.” 

According to Nguyen, he had full authorization to handle all matters related to Skola and was unlawfully removed as the founding shareholder from the startup in April. 

A Skola investor has confirmed with Tech in Asia that investors were aware of the ownership dispute and alleged embezzlement at Skola. Investors are waiting for a settlement between Nguyen and his wife to determine who will continue running the business, the source said. 

Meanwhile, in another email to us, Nguyen said that an arrest warrant issued by the C03 in connection with the allegations was dropped after his lawyers worked to disprove the claims. He added that the police is holding on to the disputed money until both parties resolve the conflict.

Tech in Asia was unable to speak with other Skola investors. We also contacted the lawyer of Nguyen’s wife, but he declined to participate in this story. 

What’s happening with JobHopin?

Another pivot