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The Saigon Times

Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

AUTOMATIC RENEWAL REMINDER

  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
  • Your subscription will continue until you cancel.
  • You can cancel by using My account. Under My account, select "Unsubscribe" and then follow the instructions to cancel.
  • You can notify us of your intent to cancel at any time during your billing period. Cancellations take effect at the end of your current billing period.
28.9 C
Ho Chi Minh City
Sunday, June 1, 2025

Resco’s former chairman and general director detained

The Saigon Times

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HCMC – Nguyen Phuoc Ngoc, former general director of Resco, Ltd, and Nguyen Tin Trung, former chairman of the company, have been detained on alleged charges of violating regulations on the management and use of State assets.

The alleged irregularities occurred when they decided to transfer land at 299/18 Ly Thuong Kiet Street and 682 Hong Bang Street in District 11, causing total damages of over VND94 billion.

The HCMC People’s Procuracy approved the arrest and search warrants against the two accused, enabling law enforcement to serve those warrants on November 2 and 3.

Their four subordinates, including council members and supervisors, have also been detained for the same charges at Resco.

Previously, the inspectorate of HCMC detected irregularities in the implementation of the six projects by Resco, especially two apartment and office building projects in districts 10 and 3.

Saigon Real Estate Corporation (Resco) was established by the HCMC People’s Committee in 1997 as a State-owned enterprise.

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