The latest investigation of the HCMC Investigation Police Agency showed that through the sale of nine million shares of Sadeco to Nguyen Kim Company in 2017, former permanent deputy secretary of the HCMC Party Committee Tat Thanh Cang and 18 accomplices caused a loss of VND1.1 trillion, which is VND163 billion higher than that found in the previous probe.

Former permanent deputy secretary of the HCMC Party Committee Tat Thanh Cang. – Photo: VNA

On May 3, the People's Procuracy of HCMC asked the HCMC Investigation Police Agency to conduct a further investigation to clarify the responsibilities of Cang and his accomplices in this case and reevaluate the loss. The HCMC Investigation Police Agency sent the results of the latest investigation into the case to the People's Procuracy of HCMC today, May 11.

The HCMC Investigation Police Agency proposed prosecuting Cang and 18 accomplices for violating regulations in the management and use of State assets, causing losses and wastefulness, and asset embezzlement.

On May 16, 2017, Cang approved a proposal by the municipal Party Committee’s office to sell nine million shares of the South Saigon Development Corporation (Sadeco) to strategic stakeholder Nguyen Kim at a price of VND40,000 per share, which was lower than the share price in the previous deal and the market price, without going through a mandatory bidding process.

In the latest investigation, the HCMC Investigation Police Agency on March 25 asked the HCMC Council for Asset Evaluation in Criminal Procedures to evaluate Sadeco’s total assets, debt and share price.

On April 16, the council concluded that as of January 2017, Sadeco’s total assets and debt were VND3.245 trillion and VND481 billion, respectively, while the price of each share was VND162,571.

Based on these results, Cang and his accomplices’ violations caused a loss of VND1.1 trillion, including VND485 billion for the HCMC People’s Committee, VND184 billion for the HCMC Party Committee and VND433 billion for other shareholders.

SGT

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