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Police Office on the lookout for former deputy minister of Industry-Trade
The Saigon Times
Tuesday,  Jul 14, 2020,19:08 (GMT+7)

Police Office on the lookout for former deputy minister of Industry-Trade

The Saigon Times

Former Deputy Minister of Industry and Trade Ho Thi Kim Thoa – PHOTO: VNA

HCMC - The Investigation Police Office under the Ministry of Public Security is on the lookout for former Deputy Minister of Industry and Trade Ho Thi Kim Thoa, who has taken flight, for violating regulations on the management and use of State assets, causing losses and wastefulness.

Thoa was appointed as Deputy Minister of Industry and Trade in 2010 and was in charge of monitoring the ministry’s Light Industry Department and the State-run Saigon Beer-Alcohol-Beverage Company (Sabeco).

Although Thoa knew the ministry handed over a 6,000 square-meter land lot at No. 2-4-6 Hai Ba Trung Street in District 1, HCMC, to Sabeco to build its headquarters and a trade, service and office center, she asked the then Minister of Industry and Trade, Vu Huy Hoang, to allow Sabeco and three corporate shareholders to set up Sabeco Pearl Investment JSC to carry out the Saigon Me Linh Tower project on the land.

Under Thoa’s directives, Phan Dang Tuat, the then board chairman of Sabeco, signed an official dispatch in 2015 asking the HCMC People’s Committee to allow Sabeco to transfer the land use rights on the land lot to Sabeco Pearl and allow the latter to become the investor of the project.

Based on that, the departments under the HCMC People’s Committee consulted then HCMC Vice Chairman Nguyen Huu Tin over allowing Sabeco Pearl to rent the land unlawfully.

In 2016, Thoa signed two documents asking Sabeco to divest its entire 26% stake in Sabeco Pearl and approving the share price at over VND13,000 per share.

At present, the land lot is owned by privately invested Me Linh Square Investment Corporation, which was formerly Sabeco Pearl.

While Thoa has fled, Hoang only accepted his responsibility as leader of the Ministry of Industry and Trade and accused Thoa of bearing the most responsibility in the case.

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