They are alleged to have violated investment regulations and caused losses related to state property. Police announced Thursday that the warrants have been issued against Mai Van Tinh, former board chairman of Vietnam Steel Corporation (VNSTEEL) and Dau Van Hung, its former general director. The former executives are being investigated for violations of the law that “caused serious consequences”. The state currently holds 95 percent of VNSTEEL’s chartered capital. The corporation and its subsidiaries and affiliates meet 50 percent of the domestic market’s construction steel demand, according to its 2018 financial report. Tran Trong Mung, former general director of Thai Nguyen Steel Company (TISCO); Tran Van Kham, the firm’s former board chairman; and Ngo Sy Han, its former deputy general director, are also being investigated for violations of investment laws on construction with serious consequences. They are also being investigated for violations of laws relating to the management and use of state-owned assets leading to losses or wastefulness. The violations relate to a production expansion project by TISCO with a total capital of over VND3.8 trillion (more than $242 million). The project, approved in 2005, had two main packages, one of them an EPC package regarding development of a metallurgy… Read full this story
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