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Former vice secretary of HCM City’s Party Committee prosecuted

The People’s Procuracy of Ho Chi Minh City on December 16 commenced legal proceedings against Tat Thanh Cang, former permanent vice secretary of the municipal Party Committee, to investigate for “violations of regulations on management and use of State assets, causing losses”.
Former vice secretary of HCM City’s Party Committee prosecuted ảnh 1Tat Thanh Cang, former permanent vice secretary of HCM City's Party Committee (Source: VNA)

HCM City (VNA) – The People’s Procuracy of Ho Chi Minh City onDecember 16 approved a decision to start legal proceedings against Tat Thanh Cang, former permanentvice secretary of the municipal Party Committee, to investigate for “violationsof regulations on management and use of State assets, causing losses”.

Cang was accused of being involved in several violationsfound at the South Saigon Development JSC (Sadeco).

Inspectors found that in 2017 the Tan Thuan IndustrialPromotion Company Ltd (IPC), a wholly-owned investment firm of the city, hadcomplied with Cang’s order to sell its stake in Sadeco to private firm NguyenKim without permission from the HCM City People’s Committee.

The IPC had reduced its ownership in Sadeco from 44 percentto 28.8 percent by selling nine million shares to electronics retailer NguyenKim.

The selling price was nearly 30 percent lower than whatanother shareholder in Sadeco had got from Nguyen Kim in September 2016,resulting in a loss of at least 153 billion VND (6.6 million USD) to the citybudget.

The divestment was conducted at a time when Sadeco wasrecording high profits as real estate prices in HCM City were surging.

The divestment resulted in Nguyen Kim becoming thecontrolling shareholder of Sadeco with a 54 percent stake.

At the 12th Party Central Committee’s ninth session, thecommittee dismissed Cang from his posts as member of the 12th Party CentralCommittee, permanent Vice Secretary of HCM City’s Party Committee and member ofthe committee’s standing board in the 2015-2020 period for his seriousviolations.

During its 31st session in November 2018, the InspectionCommission of the Party Central Committee concluded that Cang had flouted theprinciple of democratic centralism, as well as the municipal Party Committee’sauthority and working regulations on asset management and use in enterprisesowned by the municipal Party Committee.

Cang was found to have contravened stipulations on decidingthe business cooperation policy and transferring of project ownership as wellas land use rights among the companies. He was also accused of allowing theParty Committee’s capital representative to vote on the issuance of stocks tostrategic share-holders at enterprises.

He was charged with lacking responsibility, as well as beinglax in management and in his inspection of the fields under his authority,which caused critical losses to the municipal Party Committee’s budget.

In addition, when Cang was holding the post of Director ofthe municipal Department of Transport, he broke the law to approve theconstruction of four main roads in the Thu Thiem new urban area.

The Inspection Commission said that Cang’s wrongdoings were serious,triggering social uproars while damaging the municipal Party Committee’sprestige./.
VNA
#Tat Thanh Cang#former permanent vice secretary of Ho Chi Minh City Party Committee#Ho Chi Minh City#Sadeco#Nguyen Kim#IPC#Vietnam#Vietnamplus#Vietnam News Agency
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