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Tin Nghia general director arrested

The Saigon Times

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HCMC – Nguyen Van Hong, general director of Tin Nghia JSC, has been detained for the State asset management irregularities he allegedly committed while serving as CEO of Nhon Trach Investment JSC, an investment unit of Tin Nghia.

The Dong Nai police on October 18 issued an arrest warrant for Hong, 58, who was also a member of the board at Nhon Trach Investment JSC, the local media reported.

On the same day, the investigators arrested Phan Thanh Vinh Toan, former general director and a board member of Nhon Trach, and Do Tan Diem, former board member of the firm, for the same charges.

The investigators also searched their houses and collected many documents.

The three were found colluding with Quach Van Duc, former chairman of Nhon Trach Investment JSC, who was arrested on June 21 on alleged charges of misusing State assets, to misuse State assets and cause huge losses.

Over 10 years ago, investigators found irregularities regarding land management at Nhon Trach Investment JSC. In November 2007, the Dong Nai government transferred 500 hectares of land in Nhon Trach District to the firm to develop the Long Tan-Phu Thanh residential area project, without holding a public tender.

Meanwhile, the land-use fee for the project was much lower than then market levels, causing a loss of some VND160 billion.

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