Ministry of Finance explains the huge assets of Ms. Ho Thi Kim Thoa

According to regulations, at Dien Quang Joint Stock Company, Ms. Thoa is allowed to buy shares at a preferential price equal to 60% of the successful sale price and if she makes contributions, she is also allowed to buy more shares.

On the afternoon of March 16, at a press conference on the draft Decree on converting State-owned enterprises into joint stock companies, Mr. Nguyen Duy Long, Department of Enterprise Finance (Ministry of Finance) answered questions from the press about the fact that Deputy Minister of Industry and Trade Ho Thi Kim Thoa is holding a huge asset of 1.16 million shares at Dien Quang Joint Stock Company.

According to Mr. Long, the regulations on the equitization mechanism stipulate that business leaders are allowed to buy shares of the business at two levels.

One is to buy preferential shares based on the number of years of service as for all other employees in the enterprise. Accordingly, for each year of working in the State sector, 100 preferential shares can be purchased at a selling price equal to 60% of the successful auction price.

In addition to the above incentives based on the number of years of service, employees who are experts in the enterprise with qualifications and officials with great contributions to the enterprise can continue to buy additional shares at preferential prices. However, they are only allowed to buy additional shares at the successful auction price and cannot buy at a discount as above.

It is known that before being appointed as Deputy Minister of Industry and Trade, Ms. Ho Thi Kim Thoa held the position of Chairwoman of the Board of Directors and General Director of Dien Quang Company.

The proportion of shares held by Ms. Ho Thi Kim Thoa at Dien Quang Company increased from nearly 858,000 shares (at the end of 2009) to nearly 1.16 million shares after she was appointed as Deputy Minister. Currently, Ms. Thoa is holding 1.68 million shares, equivalent to 4.91% of the capital of Dien Quang Joint Stock Company.

Not only does Deputy Minister Thoa hold a huge amount of assets at Dien Quang Joint Stock Company, but many other members of her family such as her younger brother, sister-in-law, daughters and even her mother still hold high positions and own large shares in this enterprise.

Regarding the recent press reports on the assets of Deputy Minister Ho Thi Kim Thoa, General Secretary Nguyen Phu Trong has directed the Government to verify. Currently, the Government is assigning four agencies, the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Industry and Trade and the Government Inspectorate, to urgently carry out the work and soon have a report.

According to TTO