JavaScript is off. Please enable to view full site.

Vietnam arrests former state-owned company leader for embezzlement

Thursday, May 16, 2019, 13:02 GMT+7
Vietnam arrests former state-owned company leader for embezzlement
Te Tri Dung, former general director of Tan Thuan Holdings Co. Ltd.

Ho Chi Minh City police on Tuesday arrested and launched legal proceedings against Te Tri Dung, the former general director of Tan Thuan Holdings Co. Ltd. (IPC), for embezzlement and violating regulations on the management and use of state assets.

IPC official Ho Thi Thanh Phuc was also arrested and placed under investigation for the same charges.

Established in 1993, IPC is wholly owned by the People’s Committee of Ho Chi Minh City which specializes in infrastructure development projects for local export processing zones, industrial parks, and residential areas.

Dung, 38, was involved in the illicit sale of nine million shares at Sadeco, an estate development company entirely owned by the Ho Chi Minh City administration, to electronics chain Nguyen Kim.

Investigators who later audited the sale found that it caused an estimated loss of VND153 billion (US$6.54 million) to the state budget. 

The trade also helped Nguyen Kim, a private company, take a controlling 54-percent stake in Sadeco while IPC’s holding in the company dropped from 75 to 28.8 percent.

Police officers search the residence of Te Tri Dung, former general director of Tan Thuan Holdings Co. Ltd., in District 7, Ho Chi Minh City on May 14, 2019. Photo: Tu Trung / Tuoi Tre

Police officers search the residence of Te Tri Dung, former general director of Tan Thuan Holdings Co. Ltd., in District 7, Ho Chi Minh City on May 14, 2019. Photo: Tu Trung / Tuoi Tre

Dung, who was promoted to IPC general director in 2015 was also found to have used state money to fund 106 days of overseas travel in 2016 and 2017.

Between 2016 and 2017, IPC took out unneeded bank loans worth VND400 billion ($17.08 million), which resulted in the company owning a total of VND8 billion ($341,500) in interest.

Wrongdoings were found in the company’s leasing of its headquarters in District 7, Ho Chi Minh City.

Dung was suspended from his position in October 2018 following the conclusion of an inspection into IPC’s operations.

Police conducted a search of his residence in District 7 following his arrest on Tuesday evening.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Tuoi Tre News

Read more

;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news

Space telescope offers rare glimpse of Earth-sized rocky exoplanet

The study will likely add to a debate among astronomers about whether the search for life-sustaining conditions beyond our solar system should focus on exoplanets around red dwarfs - accounting for 75% of all stars in the Milky Way - or less common, larger, hotter stars more like our own sun