Nguyen Kim exec faces global arrest warrant

The Saigon Times

Pham Nhat Vinh, general director of Nguyen Kim Co. The HCMC investigative police agency has issued an international arrest warrant for Pham Nhat Vinh – PHOTO: NLDO

HCMC – The HCMC investigative police agency has issued an international arrest warrant for Pham Nhat Vinh, general director of Nguyen Kim Co., as he took flight after investigators completed a probe into violations at the South Saigon Development Corporation (SADECO) and Tan Thuan Industrial Promotion Co. Ltd. (IPC).

Investigators proposed the Department of Foreign Relations under the Ministry of Public Security conduct certain procedures for the international arrest warrant, the local media reported.

In addition, the municipal investigative police agency decided to suspend an investigation into Vinh until the accused is apprehended in line with regulations.

Involved in a case with Tat Thanh Cang, Te Tri Dung and other accomplices, of which nine million SADECO shares had been sold to the Nguyen Kim Company without undergoing any bidding process as per regulations, causing huge losses for SADECO, Vinh was identified as a board member of SADECO.

As such, Vinh allegedly violated regulations on the management and use of State assets, which caused losses and wastefulness, based on Article 219 of the Penal Code.

Also, Nguyen Huu Thanh, a representative of Nguyen kim Co., joined the board of directors of SADECO in 2017, to pass a plan to sell the nine million SADECO shares to strategic stakeholder Nguyen Kim at a price of VND40,000 per share, which was lower than the share price in the previous deal and the market price.