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On the afternoon of December 16, a source said: The Ho Chi Minh City Police Department of the CSDT has made the decision to prosecute and search for Mr. Tat Thanh Cang, former Undersecretary of the city’s Party Standing Committee Ho Chi Minh. to investigate a crime against the regulations on the management and use of state assets, causing loss or waste.
Mr. Cang referred to the infringement in the sale of shares to the shareholder Nguyen Kim of the company SADECO Saigon South Development Joint Stock Company.
Many journalists are in front of Mr. Tat Thanh Cang’s house in District 7. Photo: T. TAN
As for the SADECO case, so far the police investigation agency has prosecuted a total of 20 suspects to investigate.
SADECO Company has contributed capital from state shareholders, including IPC Company, Tan Thuan Construction Investment Company Limited (Tan Thuan Company), the Ho Chi Minh City Party Office and other organizations. In addition, SADECO has a strategic shareholder, Nguyen Kim Company.
IPC company, Tan Thuan company, City Party Committee office will assign representatives from the state capital to participate in managerial positions (Board of Directors, Supervisory Board …) in SADECO.
In 2017, based on the proposed capital increase, SADECO sold its 9 million shares to strategic partner Nguyen Kim to earn 360 billion dong. However, all this amount 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 this incident, in 2018, the Ho Chi Minh City inspector concluded that the timing of issuing SADECO shares did not really have the need to raise capital. Selling at a price of 40,000 VND / share has the potential to cause hundreds of billions of losses to SADECO, leading to a loss of state capital.
At the same time, the sale of designated shares at a low price has helped Nguyen Kim acquire SADECO (after buying 9 million shares, Nguyen Kim owns 34.6% of the capital of 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.
Specifically: Before selling 9 million shares, the ownership rates for IPC, Tan Thuan Company, and the City 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%.
| At the Ninth Central Conference, Session XII, the Central Executive Committee considered discipline by removing Mr. Tat Thanh Cang (member of the Party Central Committee, 12th term; Permanent Under Secretary of Thanh Party Committee, member of the Standing Committee of the Party Committee Ho Chi Minh City Party 2015-2020). |
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