This arrest follows an extensive investigation into various violations, including improper management of resource exploration and exploitation, accounting discrepancies with severe consequences, smuggling, trafficking in stolen property, and mishandling of state assets at the Thai Duong Group Joint Stock Company and related entities.

The investigation, which began in October 2023, has resulted in 21 individuals facing charges related to illegal mining and trafficking of rare earth and iron ores. Initial findings reveal that key figures at Thai Duong JSC orchestrated the illegal mining and sale of over 11 million kg of rare earth ore and 153 million kg of iron ore. This operation reportedly resulted in financial gains of approximately 632 billion VND through fraudulent practices.

Moreover, these individuals are accused of collaborating with other firms to evade proper accounting for over 28 billion VND from ore sales, causing significant financial losses to the state.

Information about Thai Duong Group

Thai Duong Group JSC is located at 33 Kim Ma Street, Kim Ma Ward, Ba Dinh District, Hanoi. The company officially started operations on September 3, 2002, with its primary registered business activities being mineral and rare earth ore mining. Initially, it had a charter capital of 200 billion VND, which increased to 350 billion VND by 2021.

In 2013, Thai Duong Group JSC was granted a license by the Ministry of Natural Resources and Environment to explore rare earths at the Yen Phu mine (Yen Bai province) covering an area of 6.24 hectares.

The company is chaired by Doan Minh Huan, who also serves as the CEO. Additionally, Huan represents two other companies related to rare earths: Yen Phu Rare Earth JSC and Rare Earth Processing Co., Ltd.

Regarding violations in rare earth mining activities in Yen Bai province, among the 21 individuals prosecuted are leaders from the Yen Bai Provincial Department of Natural Resources and Environment, including Ho Duc Hop (Director), Le Cong Tien (Deputy Director), and Bui Doan Nhu (former Head of the Mineral Resources Division).

Duc Phong