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On the afternoon of December 16, the CSDT’s Ho Chi Minh City Police Department executed an order to search and detain Mr. Tat Thanh Cang, former Deputy Secretary of the Ho Chi Minh City Party Committee, to investigate the crime of violation of regulations on the management and use of state property causes loss and waste. The above orders have been approved by the VKSND of Ho Chi Minh City.
Mr. Cang relates to an error in the sale of shares to a strategic shareholder, Nguyen Kim Company, in the Saigon South Development Joint Stock Company (SADECO).
The police carried out the procedures to notify the decision to prosecute, arrest and detain Mr. Tat Thanh Cang. Photo: HT
The sale of shares causes the loss of state capital
To date, the investigating agency has prosecuted a total of 20 suspects to investigate the SADECO case. Including Mr. Te Tri Dung, Managing Director of IPC Company and Chairman of the Board of Directors of SADECO Company and Ho Thi Thanh Phuc, Managing Director of SADECO.
SADECO Company has contributed capital from state shareholders, including: IPC Company, Tan Thuan Investment Construction Company Limited (Tan Thuan Company), Ho Chi Minh City Party Office and other organizations. In addition, SADECO has a strategic shareholder, Nguyen Kim Company.
In 2017, based on the proposal to raise capital, SADECO sold its 9 million shares to strategic partner Nguyen Kim, earning 360 billion dong. However, all this money is sent to the bank by SADECO for interest. The process of raising capital and selling shares plays the role of a group of representatives and administrators of state capital in SADECO.
In 2018, the Ho Chi Minh City inspector concluded that at the time of issuing shares, SADECO did not really need to raise capital. Selling at a price of 40,000 VND / share has the potential to cause hundreds of billions of VND in damage to SADECO, leading to a loss of state capital.
The sale of the cheap shares designated above helped Nguyen Kim acquire SADECO (after buying 9 million shares, Nguyen Kim owns 34.6% of the capital in SADECO). Although commercial operations at SADECO are very efficient, the annual dividend rate is high (20% in 2015, 40% in 2016, 10% in 2017).
As for the group of state-owned shareholders, after selling 9 million shares, the equity ownership rate in SADECO has dropped sharply. Consequently, before selling 9 million shares, the ownership ratios of IPC Company, Tan Thuan Company, and Thanh Party Office were 44%, 14.1% and 2.6%, respectively. After selling 9 million shares, the rates were respectively 28.8%, 9.2%, 1.7%.
Also in 2018, the City Inspector transferred three cases showing signs of violation of the law related to Tan Thuan Company to the investigating agency, including: The sale of 9 million shares to Nguyen Kim (together with SADECO Company, the Hiep Phuoc company); Pricing Violations of Securities and MHD Companies …
Mr. Cang approved the wrong policy
At that time, Mr. Tat Thanh Cang, as Permanent Deputy Secretary of the Ho Chi Minh City Party Committee, approved the policy of Tan Thuan Industrial Development Company Limited (IPC) to sell shares in the SADECO subsidiary. However, the sale of these shares is wrong compared to the IPC restructuring project, is wrong with the law and causes at least 153 billion VND of damage to the SADECO company.
According to the restructuring plan, IPC does not need to further reduce the ownership rate in the SADECO company. The inspection process shows that IPC submits to the Ho Chi Minh City People’s Committee a plan to increase the share capital, reduce the property rate (wrong with the restructuring project), but it is approved by the Permanent Under Secretary of the Tat Party Committee Thanh Cang. Issuance of shares to strategic shareholders, increasing the capital stock in SADECO.
The selected strategic shareholder is Nguyen Kim Company with the sale price of the shares lower than the market price of 17,000 VND / share. The issuance of shares to the previous strategic shareholder is incorrect because the transfer of the right to buy shares is not carried out by public auction. The share price is also not legally priced.
The TP inspector concludes that this is the appointment of strategic shareholders and the designation of the sale price of the shares. This action is contrary to the regulations, causing damages to the SADECO Company at least 153 billion as mentioned above.
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Temporary suspension of the membership of the People’s Council of Mr. Tat Thanh Cang On the afternoon of December 16, the Standing Committee of the City People’s Council made the decision to suspend the status of member of the City People’s Council for the period 2016-2021 of Mr. Tat Thanh Cang (former undersecretary of the Ho Chi Minh City Party Standing Committee). Mr. Tat Thanh Cang was suspended under Clause 2, Article 101 of the Local Government Organization Law. This Clause establishes: In the event that a member of the Popular Council is prosecuted against the accused, the Standing Committee of the Popular Council will decide to suspend the performance of the duties and powers of that member of the Popular Council. In the case of a conviction by court ruling or sentence, it is natural to lose the right to represent the People’s Council from the date the court ruling or ruling enters into force. Tat Thanh Cang was born in 1971 from Long An. Before being the permanent undersecretary of the Ho Chi Minh City Party Committee, Mr. Cang used to hold the position of Secretary of the Ho Chi Minh City Youth Union , Secretary of the District Party Committee and Chairman of the District 2 People’s Committee, the director of the Department of Transportation and the vice chairman of the Ho Chi Minh City People’s Committee. . In November 2018, the Central Inspection Committee concluded that Mr. Cang was irresponsible, loosened his leadership, direction, lacked inspection and supervision, so the fields assigned to be in charge had many violations of the law, causing a great damage to the HCMC Party budget. On December 7, 2018, the Central Inspection Committee proposed to the Politburo and Central Executive Committee to consider and discipline Mr. Tat Thanh Cang according to their competence. After that, the Central Executive Committee considered disciplining Mr. Tat Thanh Cang in the way of removing the member of the XII Party Central Committee, the Permanent Undersecretary of the City Party Committee, a member of the Standing Committee of the Party Committee of Ho Chi Minh City. term 2015-2020. TAMPS |
Mr. Tat Thanh Cang was prosecuted and arrested (PLO) – Mr. Tat Thanh Cang, former deputy secretary of the Ho Chi Minh City Party Committee, was prosecuted for investigating the crime of violating the regulations on the management and use of state assets, causing loss and waste.
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