Criminal Law

Party disciplines Two Former Government Officials

Date: 05 December 2018; Type: Legal News; Source: Viet Nam News

HÀ NỘI, Dec 5 - Prime Minister Nguyễn Xuân Phúc has disciplined two former Government officials for their involvement in violations in the purchase of 95 per cent of shares at the AVG Audiovisual JSC by the MobiFone Telecommunications Corporation.

The move followed the 31st meeting of the Party Central Committee’s Inspection Commission which examined the officials involved in the case.

The commission decided to reprimand Lê Mạnh Hà, former Vice Chairman of the Government’s Office while Nguyễn Trọng Dũng, deputy head of Enterprise Innovation and Development Division, received a warning.

In January 2016, MobiFone announced it had bought 95 per cent of AVG’s shares. Financial statements of the company for 2015 and the first six months of 2016 showed the company paid about VNĐ 8.9 trillion (US$390 million) for the share purchase.

The Government Inspectorate discovered AVG was incurring losses after the acquisition.

The irresponsibility of MobiFone caused losses of VNĐ7 trillion ($301 million) for the State, including AVG’s liabilities of VNĐ 1.13 trillion ($48.6 million).

According to conclusion from the Government Inspectorate, despite the fact the project hadn’t been assessed in accordance with Law on Investment’s regulations, the Government Office sent documents seeking opinions from the Ministry of Planning and Investment, the Ministry of Finance and submit to the Prime Minister for approval.

That led to MobiFone buying a massive 95 per cent of shares in the privately owned AVG Audiovisual JSC. The acquisition caused massive losses for the State.

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