International wanted General Director of Nguyen Kim Company
Pham Nhat Vinh, General Director of Nguyen Kim Company, is wanted for "having fled after being discovered to have committed violations" in the sale of 9 million shares of Sadeco.
In the investigation conclusion of the case announced on January 12, Ho Chi Minh City Police said that the process of clarifying the violations in the sale of 9 million shares of Saigon South Development Joint Stock Company (Sadeco, a subsidiary of Tan Thuan IPC Company, 100% state-owned) discovered that Mr. Pham Nhat Vinhviolation of law
According to the investigation, on October 5, 2017, Te Tri Dung (General Director of IPC) as Chairman of Sadeco's Board of Directors signed a strategic cooperation contract with Nguyen Kim Company. Accordingly, Sadeco will issue 9 million shares to increase charter capital and sell all to Nguyen Kim at a price of 40,000 VND/share.
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| Mr. Pham Nhat Vinh. Photo:NLD. |
The Director of Nguyen Kim Company, who represents private capital, was invited to become a strategic shareholder and a member of Sadeco's Board of Directors. He and other members voted to approve the issuance of 9 million shares without valuation andAuctionas prescribed. Two weeks later, Nguyen Kim paid the full amount of 360 billion VND.
The above share sale price caused a loss of more than VND940 billion to Sadeco Company. Of which, the HCM City People's Committee lost VND413 billion (44% of capital contribution), and the City Party Committee lost VND157 billion (16.7% of capital).
The investigation agency, based on Article 149 of the Enterprise Law, believes that Mr. Pham Nhat Vinh and Nguyen Huu Thanh (representative of Nguyen Kim Company, member of Sadeco's Board of Directors) agreed to pass the resolution, so they must be jointly responsible and compensate for damages.
On December 11, 2020, Mr. Vinh was prosecuted for the crime ofViolating regulations on management and use of state assets causing loss and wasteas an accomplice of Tat Thanh Cang, Te Tri Dung... However, the defendant has left the country to go abroad.
On December 31, 2020, Ho Chi Minh City Police issued a nationwide wanted notice for Pham Nhat Vinh and requested the Department of Foreign Affairs - Ministry of Public Security to carry out international wanted procedures.
Currently, Mr. Vinh's violations have been separated and will be dealt with later when caught.
