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Thursday, July 25, 2024

HDTC board chairman arrested

The Saigon Times

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HCMC – HCMC police have detained Dinh Chi Minh, board chairman and general director of the Housing Development and Trading Corporation (HDTC), on alleged charges of embezzlement.

The arrest is part of an expanded investigation of violations of regulations on the management and use of state assets, causing losses and wastefulness at HDTC.

Dinh Chi Minh became board chairman and general director of HDTC after his younger brother, Dinh Truong Chinh, was arrested late last year.

Police also pressed additional charges against Dinh Truong Chinh, 50, on allegations of embezzlement. Previously, Chinh was prosecuted by the HCMC Police for alleged abuse of trust to misappropriate assets.

The expanded investigation revealed that Chinh unilaterally terminated contracts signed with clients related to the An Phu-An Khanh residential project, refusing to hand over land plots to the clients who had made payments.

Through this scheme, Chinh and several individuals seized hundreds of billions of Vietnam dong worth of land from many individuals.

HDTC was originally a state-owned company and was equitized in 2016 with registered capital exceeding VND2,200 billion. Currently, HDTC is an affiliate of RESCO, which holds a 30% stake in HDTC.

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