Former deputy minister Ho Thi Kim Thoa wanted for state assets mismanagement

The Investigation Agency under the Ministry of Public Security has issued a wanted notice for former Deputy Minister of Industry and Trade Ho Thi Kim Thoa for violating regulations on management and use of state assets, causing losses and waste.

Former deputy minister Ho Thi Kim Thoa wanted for state assets mismanagement

Former Deputy Minister of Industry and Trade Ho Thi Kim Thoa. — VNA/VNS Photo

Criminal proceedings against Thoa, 60, were launched last Friday as she and other officials at the ministry and in HCM City including former minister Vu Huy Hoang and former director of the ministry’s Light Industry Department Phan Chi Dung, were suspected of causing losses of millions of US dollars at Saigon Beer-Alcohol-Beverage Corporation (Sabeco) – a state-owned company under the management of the ministry.

The officials were suspected of involvement in the company’s divestment in the real estate project at No 2-4-6 Hai Ba Trung Street in HCM City’s District 1 – a prime spot in the city’s downtown area.

According to investigators, the land plot of 6,000sq.m at No 2-4-6 Hai Ba Trung Street was arranged for Sabeco to invest and build a 6-star hotel and convention centre.

Although Thoa and Hoang knew Sabeco was not allowed to establish a new entity to use the land allotted to it, she got the former minister to permit the establishment of the Sabeco Pearl Company.

Based on Hoang’s approval and Thoa’s direction, Phan Dang Tuat, board chairman and head of the State Capital Management Board at Sabeco, asked the HCM City People's Committee to approve Sabeco Pearl to be the owner of the project.

Tuat also asked HCM City authorities to let Sabeco Pearl perform financial obligations and for Sabeco to transfer its land use rights to the newly-formed joint venture in June, 2015.

Taking advantage of the Government's capital divestment policy and under Hoang’s direction, in February, 2016, Thoa signed two documents for Sabeco to divest its 26 per cent stake at Sabeco Pearl and approved the starting auction price at VND13,247 ($0.5) a share.

Hoang also asked for speeding up the divestment procedure and auction price approval.

 

These actions led officials at departments of HCM City People's Committee to advise the city's former vice chairman Nguyen Huu Tin to approve leasing of the prime land to Sabeco Pearl in contravention of regulations, leading to the land becoming private property after some illegal transfers.

The land plot now belongs to the Me Linh Square Investment Joint Stock Company, which used to be Sabeco Pearl, a wholly private company.

Decisions and actions of former officials Hoang and Thoa and their accomplices caused serious consequences, loss and waste to the government, at over VND3.8 trillion ($165 million).

On Monday, a wanted notice against the former deputy minister Thoa was issued as she reportedly fled overseas.

In addition, according to investigators, the investigation time-frame has expired, so the police have decided to suspend the investigation until she is arrested.

Meanwhile, also on Monday, the Investigation Agency under the Ministry of Public Security Ministry completed its investigation and transferred the case to People’s Supreme Procuracy, asking for criminal charges against former minister Vu Huy Hoang and accomplices due to their violations relating to the project at No 2-4-6 Hai Ba Trung Street in HCM City.

Hoang and Thoa’s wrongdoings were unearthed in November 2018 when authorities were investigating former vice chairman of HCM City People's Committee Nguyen Huu Tin.  VNS

Former Industry and Trade Minister, nine others face graft charges

Former Industry and Trade Minister, nine others face graft charges

Investigators at the Ministry of Public Security have completed an investigation and sent the case to prosecutors asking that former Minister of Industry and Trade Vu Huy Hoang and nine others be prosecuted on charges of graft.

Former trade minister to be prosecuted for State asset misuse

Former trade minister to be prosecuted for State asset misuse

The Ministry of Public Security has decided to prosecute former Minister of Industry and Trade Vu Huy Hoang on charges of violating regulations over the management and use of State assets,

 
 

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