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Mr. Tat Thanh Cang – Photo: TRUNG TRUNG
On the afternoon of December 16, the Ho Chi Minh City Police Investigative Police Department prosecuted the defendant, executed the arrest warrant for Mr. Tat Thanh Cang – Deputy Steering Committee of Historical Works in the city of Ho Chi Minh, Former Undersecretary Party Committee of Ho Chi Minh City: to investigate the crime of “Violation of the rules on the management and use of state property causes useless losses.”
Regarding this case, the investigating agency also prosecuted the defendants against Messrs. Pham Nhat Vinh and Nguyen Huu Thanh (both shareholders of SADECO).
According to the source of Online youthIt is said that Mr. Cang made a mistake related to the issue and sale of 9 million shares to a strategic shareholder: the Nguyen Kim company in SADECO Saigon South Development Joint Stock Company.
Thus, with respect to the violation of the sale of 9 million shares of the SADECO company to Nguyen Kim, together with Mr. Tat Thanh Cang, the investigating police agency has prosecuted a total of 20 defendants to investigate.
As Online youth Information, SADECO company has a capital contribution from state shareholders, including: IPC company, Tan Thuan construction and investment limited company (Tan Thuan company), HCM City Party Committee Office and other organizations . other. In addition, SADECO has a strategic shareholder, Nguyen Kim Company.
IPC company, Tan Thuan company, City Party Committee office will assign representatives of the state capital to participate in management 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%.
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