Vietnam’s all-powerful Politburo on Friday issued a disciplinary warning against Vu Van Ninh, a Party member and former deputy premier, for his violations in managing state capital while in office.

The decision for Ninh, who retired in 2016 as member of both the Party Central Committee and the government’s Party Civil Affairs Committee, was made during a Politburo meeting chaired by Party General Secretary and State President Nguyen Phu Trong in Hanoi.

From August 2011 to April 2016, as Ninh was holding the above positions and was in charge of business innovation, he signed documents allowing the privatization and divestment of state capital from two companies -- Quy Nhon Port JSC and Quang Ninh Port JSC.

He agreed in principle with the People’s Committee of the south-central province of Khanh Hoa to continue with state capital divestment after taking over the local Nha Trang Port JSC.

Ninh also gave the green light to the plan to privatize the Airports Corporation of Vietnam and ten internal water management units, which were not subject to the privatization.

According to the Politburo, Vietnam’s top decision-making body, these documents were against the Politburo’s conclusions and the government’s decree on privatization and divestment of state capital in tandem with the restructuring of state-owned enterprises.

In his positions as member of the Party Central Committee, Secretary of the Party Civil Affairs Committee of the Ministry of Finance, Minister of Finance and Chairman of the Vietnam Social Security Management Council from July 2006 to 2011, Ninh lacked responsibility in leadership, direction, examination and supervision and violated the Law on Social Insurance and the government’s decree stipulating the functions, tasks, rights and organizational structure of the Vietnam Social Security (VSS).

His negligence allowed two VSS general directors, whose respective terms were in 2008 and 2009, to seriously violate legal regulations through the signing of contracts allowing Agribank Financial Leasing Company No. 2 to get loans worth VND1.01 trillion VND (US$43.43 million).

The bankruptcy of the Agribank Financial Leasing Company No. 2 resulted in a huge loss to the state. The two VSS leaders and many officials and Party members involved in the case also faced criminal proceedings.

The Politburo said Ninh’s violations were serious and affected the prestige of the Party organization and himself, causing public concern.

Ninh accepted his responsibility for the violations and wrongdoings.

The Politburo also asked authorized agencies to issue administrative disciplinary measures against Ninh in line with the Party’s punishment.

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