Violations in Saigon Co.op: Review of many people and organizations | News

12/09/2020 Business, Vietnam



[ad_1]

This review comes after the Ho Chi Minh City Inspector issued an inspection finding on compliance with legal regulations in this unit, which indicated many irregularities, signs of acquisition and appropriation. Saigon Co-op’s capital and assets infringe common property and state property, which affects the economic security of Ho Chi Minh City. Many member cooperatives, despite the losses, still contribute hundreds of billions of dong of capital, the Linh Tay trade and service cooperative has contributed 952 billion dong.

The unusual capital injection caused a stir in public opinion. The Ho Chi Minh City Police also investigated signs of violation of the law from related persons in accordance with the recommendations of the Ho Chi Minh City inspector. After the extraordinary mission of constituted capital increase was discovered and there was a notice of violation from the Department of Planning and Investment of Ho Chi Minh City, many cooperatives contributing capital simultaneously submitted an application to the general assembly of members.

Evil in Saigon Co.op: Review of many people and organizations - photo 1

Linh Tay Trade and Services Cooperative (Thu Duc District, Ho Chi Minh City), despite losses, continues to contribute more than VND 952 billion
It should be noted that many requests to withdraw hundreds of billions of capital contributions, all have the same reason: “Currently, due to the needs of the productive and business and investment activities of cooperatives, we have needs, plans to withdraw a part of the capital has contributed to Saigon Co.op … “and to ask Saigon Co.op to” do so in the shortest possible time. “However, since the case is still being handled by the investigating agency, no member cooperative has been able to withdraw capital.

After that, the Ho Chi Minh City Party Committee Standing Committee decided to suspend the activities of the Party Committee for Mr. Diep Dung – Member and functions of the Executive Committee, Standing Committee and Secretary of the Saigon Co. Party Committee. op. The Inspection Committee of the City Party Committee identified Mr. Diep Dung as the Secretary of the Party Committee, the Chairman of the Board of Directors organized and directed the illegal capital raising; organize the annual congress illegally; performing cadre work in contravention of Party regulations and being dishonest to the organization when reporting requests.

Saigon Co-op is a special economic unit, supported by the budget (public capital) in the asset formation of the unit. After 31 years of establishment, it has become the leading retailer in Vietnam and in the Top 500 retailers in the Asia-Pacific region. Saigon Co-op always leads the market share of the supermarket channel with a rate of about 43%, about 4 times higher than the second ranked company nationally, the supermarket, hypermarket and chain store system. Modern foods, department stores … located in many prime locations with high commercial value.

According to published data from Saigon Co.op, more than 1 million customers flock to the Saigon Co.op system to visit and shop every day; high profitability, ranging from 26 to 39% on the capital contributed; Revenues in 2019 reached more than 35 billion. Saigon Co.op’s after-tax profit has been stable over the years, ranging from 800 to 1.5 billion VND / year. Saigon Co-op’s total assets according to accounting records posted in 2019 amounted to more than 16 billion VND.



[ad_2]

Designed by Tricksfast Solutions
© Copyright 2024, All Rights Reserved