VietNamNet Bridge - Like state high-ranking officials, leaders and managers of credit institutions, investment funds and non-state public companies will have their assets controlled once the amended Anti-corruption Law takes effect.

The draft version of the amended Anti-corruption Law has been opened by the Government Inspection Agency, the compiler, for public opinion.

The draft law not only sets provisions on preventing and fighting embezzlement for the state sector as currently applied, but also for non-state sectors.

Under the draft law, people, who hold the post of chair and member of management board, CEO and director, head of supervisory committee and chief accountant, at public companies, credit institutions and investment funds have the obligations of declaring their assets and incomes.

The assets and incomes of people have to declare include land, houses, construction works and other assets on land; precious metals and stones, money, valuable papers and other kinds of real estate which have the value of VND50 million and higher; and the assets and accounts overseas.

They will also have to make additional declarations when their asset value increase by VND200 million or more.

The draft law not only sets provisions on preventing and fighting embezzlement for the state sector as currently applied, but also for non-state sectors.

The law compilation committee said the control over business owners’ assets aims to prevent the behaviors of embezzlement by non-state institutions found in the 2015 Criminal Code.

Explaining why the asset declarations are only required on the heads of banks, investment funds and public companies, the compilers said there is a clear separation in the benefits of owners and managers in the institutions and it is the factor which may lead to the risk of managers abusing their positions and power.

The drafted regulation has worried businessmen. The director of a public company who asked to be anonymous, said under the current regulations, the incomes of public companies’ managers must be made public to be supervised by shareholders already, and he cannot understand why their assets also need to be controlled.

“Does the control infringe citizens’ legal rights for asset ownership?” he asked.

Lawyer Bui Quang Nghiem from Nghiem & Chinh Law Office also thinks that there is no need to force the owners of private businesses to declare their assets.

He said business owners have to pay corporate income tax, while managers (hired workers) have to pay personal income tax. State management agencies now have  instruments to control the incomes of the people already. Meanwhile, their personal assets have no relation to the state and they should not be asked to make declarations about their assets.

Lawyer Le Thanh Kinh also said that the State can control businessmen’s income through taxation bodies.

“To prevent embezzlement, it would be better to set up regulations to restrict bribery, not to force businessmen to declare their assets,” he commented.


TBKTSG