Ho Chi Minh Police propose to prosecute Tat Thanh Cang
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| Tat Thanh Cang and Te Tri Dung. |
The Criminal Investigation Agency of the Ho Chi Minh Municipal Police Department proposed to prosecute Cang's accomplices, including Pham Van Thong, former Deputy Chief of the Office of the Ho Chi Minh Municipal Party Committee; Le Hoang Minh, Chairman of the Board of Directors of Tan Thuan Industrial Promotion Company Limited (IPC); and Huynh Phuoc Long, former member of the Board of Directors of Saigon South Development JSC (Sadeco).
The police also proposed to prosecute Te Chi Dung, former General Director of IPC and former Chairman of the Board of Directors of Sadeco; Ho Thi Thanh Phuc, former General Director of Sedeco for embezzlement and violation of regulations on managing and using State property, causing waste and losses.
The investigation results have showed that Te Tri Dung and Ho Thi Thanh Phuc had various violations of the laws while fraudulently increasing charter capital of Sadeco by issuing 9 million shares to strategic shareholder Nguyen Kim Company at a price of 40,000VND/share without price appraisal and auction, causing a loss of hundreds of billions of VNDs to Sadeco.
Thong was found guilty as he signed a document of the Ho Chi Minh City Party Committee's Office in May 2017, with directions of the then Standing Deputy Secretary of the Ho Chi Minh City Party Committee at that time, Tat Thanh Cang, permitting Sadeco to illegally issue shares to strategic shareholders to increase charter capital.
The Criminal Investigation Agency also determined that in his capacity as the Standing Deputy Secretary of the Ho Chi Minh Municipal Party Committee and directly leading the Ho Chi Minh Municipal Party Committee’s Office - the manager of State capital at Sadeco, Tat Thanh Cang should have clearly understood that the sale of additional shares issued by Sadeco to other companies must be conducted through auction and price appraisal according to the laws.
So it must be noted that Cang deliberately violated the laws when permitting Sadeco to issue shares without auction. Therefore, he should be responsible for the loss of 157 billion VND (equivalent to the equity of the Ho Chi Minh City Party Committee's Office at Sadeco Company at 16.7 percent).
