The inspection commission of Vietnam’s Party Central Committee has proposed that disciplinary action be taken against Vu Van Ninh, a Party member and former deputy prime minister, for his violations in managing state capital.
While serving as Vietnam’s deputy premier from August 2011 to April 2016, Ninh had violations and shortcomings in making decisions on the privatization and divestment of state capital from two seaports in the south-central city of Quy Nhon and the northern province of Quang Ninh, the Party Central Committee’s Inspection Commission said in a statement on Monday.
His decisions ran counter to the views of the Politburo, Vietnam’s top decision-making body, the statement read.
|An aerial photo of the Quy Nhon Port in Binh Dinh Province, Vietnam. Photo: Nguyen Dung / Tuoi Tre|
Between 2006 and 2016, Ninh also acted as minister of finance, secretary of the finance ministry’s Party committee, and chairman of the Vietnam Social Security management council.
Ninh’s lack of leadership and supervision in those posts led to huge losses of state money through Vietnam Social Security’s lending of money to Financial Leasing Company II (ALCII), a now-defunct financial arm of Vietnamese lender Agribank that declared bankruptcy in July 2018.
Many officials and Party members involved in the case, including former Deputy Minister of Labor, War Invalids and Social Affairs Le Bach Hong who was chairman of the Vietnam Social Security between 2008 and 2014, have been prosecuted over allegations of economic mismanagement.
As of early May 2019, ALCII still owed the Vietnam Social Security over VND1.7 trillion (US$73.14 million), including interest.
The inspection commission said Ninh’s violations were “serious” and affected the prestige of the Party and himself and proposed that the Politburo consider and take disciplinary action against him.