VietNamNet Bridge – The Government Inspectorate of Viet Nam has found a series of violations by the Ministry of Transport and the Quy Nhon provincial administration during the period of 2010-15 in regards to the equitisation process of the Quy Nhon Port.

The Government Inspectorate of Viet Nam has found a series of violations by the Ministry of Transport and the Quy Nhon provincial administration during the period of 2010-15 in regards to the equitisation process of the Quy Nhon Port.— Photo zing.vn

Quy Nhon seaport was established in 1976 under the Ministry of Transport. The ministry later decided to set up Quy Nhon seaport State-owned enterprise in 1993. The port was directly under Vinalines and renamed Quy Nhon Port Holding Limited Liability Company (QNP).

In 2013, the provincial People’s Committee submitted a request to the Ministry of Transport and then Prime Minister Nguyen Tan Dung to give the green light for the equitisation of the port, in which the State held a 49 per cent stake.

The ministry also issued two documents: document 16937/BGTVT-QLDN in December 27, 2014 about transferring 26.01 per cent of shares in the company and document 6327/BGTVT-QLDN in May 20, 2015 about transferring 49 per cent in the company to Hop Thanh Company by direct agreement without permission from the then Prime Minister.

Both the provincial administration and the transport ministry were found to have failed to exercise due diligence in this case. They also failed to submit a pro and con analysis to explain why the sales may be preferable and beneficial for the State as requested by the Government.

Government inspectors suggested Prime Minister Nguyen Xuan Phuc to direct the transport ministry to withdraw 75.01 per cent of the company’s shares from Hop Thanh Company and annul the deals.

Disciplinary action was recommended for individuals who were involved in the wrongdoings, said Government inspectors. 

Source: VNS