for “violations of regulations on management and use of State assets, causing losses”.

Tat Thanh Cang, former permanent vice secretary of the municipal Party Committee (Photo: VNA)

Cang and three others - Pham Van Thong and Phan Thanh Tan and Huynh Phuoc Long, who were also former officials of the municipal Party Committee, were accused of being involved in several violations found at the Tan Thuan Investment and Construction Co. Ltd.

Previously, Cang, Thong and Long were prosecuted and detained for investigation into violations found at the Tan Thuan Industrial Promotion Co. Ltd (IPC) and the South Saigon Development JSC (Sadeco).

Inspectors found that through years, Tan Thuan Investment and Construction Co. Ltd. has sold more than 32ha of land around the Saigon River to the Quoc Cuong Gia Lai JSC at 1.29 million VND (56.1 USD) per sq.m, earning over 419 billion VND (over 18.2 million USD) for the city’s budget. This price is said to be unusually cheap, if sold in accordance with the market’s price, the company could collect more than 2 trillion VND (over 86.9 million USD).

According to assessments of the municipal Department of Natural Resources and Environment, under the price set by the State, the land lot would be sold for 574 billion VND, resulting in a loss of over 150 billion VND to the State budget.

Previously, on April 7, the Party Central Committee's Secretariat decided to expel Cang from the Party./.

Source: VNA

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