Tat Thanh Cang and 19 accomplices were prosecuted for "selling shares cheaply"

SAI GON, Vietnam (NV) – Tat Thanh Cang, former member of the Party Central Committee, former deputy secretary of the City Party Committee in Saigon, and 19 accomplices were prosecuted by the City People’s Procuracy in the case of embezzlement and violations of many things at the company. SADECO, causing damage to the state 1,103 billion VND ($47.87 million).

Tuoi Tre newspaper quoted the indictment of the People’s Procuracy in Saigon issued on September 13, saying that Tat Thanh Cang and 13 accomplices were prosecuted for “violating regulations on management and use of property.” State causes loss and waste.”

The Police Investigation Agency in Saigon served the decision to prosecute the accused and arrest Mr. Tat Thanh Cang. (Image: Youth)

In which Mr. Te Tri Dung, general director of Tan Thuan Industrial Development Company (IPC company) and Chairman of the Board of Directors of Sadeco company; Ms. Ho Thi Thanh Phuc, General Director of Sadeco, and five other accomplices were charged with two counts of “violating regulations on management and use of state assets, causing loss and waste” and “embezzlement of property”. ” Particularly, Mr. Nguyen Van Minh, former head of the Supervisory Board of SADECO) was prosecuted for “embezzlement of property.”

According to the case file, SADECO company has capital contributed by state shareholders including IPC company, Tan Thuan company (100% owned by the City Party Committee Office and other organizations). In addition, SADECO has a strategic shareholder, Nguyen Kim Company.

Mr. Tat Thanh Cang, as the permanent deputy secretary of the City Party Committee from February 2016 to January 2019, should be in charge of the City Party Committee Office; direct the inspection and supervision of the implementation of the Party’s budget estimates approved by the Standing Committee of the City Party Committee, implement the decision on investment policies of projects, works and development investment programs of the Party. party committee in Saigon.”

However, “Mr. Cang made a mistake in approving the policy for SADECO to sell 9 million shares to Nguyen Kim Company at a cheap price, causing a loss of 1,103 billion VND ($47.87 million) to the state. In which, the City People’s Committee lost 485 billion VND ($21.05 million), the City Party Committee’s capital was more than 184.2 billion VND ($7.99 million), the rest was the loss of shareholders.

Tat Thanh Cang and three defendants were prosecuted in the case of 32 hectares of land in Phuoc Kien, Nha Be district, in June. (Image: Quang Dinh/Youth)

Mr. Cang’s ‘agree’ with all elements constitutes the crime of ‘violating regulations on the management and use of state property, causing loss and waste,’ as defined in Article 219 of the Penal Code. ” stated indictment.

In addition to the violations related to the issuance of 9 million shares mentioned above, the investigation concluded that Mr. Te Tri Dung, and a number of defendants engaged in acts of “embezzlement of property,” appropriating more than 2.2 billion VND ($95,510). ) from SADECO’s remuneration and bonus fund for “personal use, do not return IPC, City Committee Office.” (Tr.N)

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