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VEAM’s former head prosecuted for mismanagement of State assets

The Saigon Times

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HCMC – The Ministry of Public Security has filed charges against Lam Chi Quang, former chairman of the Vietnam Engine and Agricultural Machinery Corporation (VEAM), for violating regulations on the management and use of State assets.

Nguyen Thanh Giang, former general director of VEAM, and Dao Huan Ngu, former director of Duc So 1 Company, have also been prosecuted on the same charge in accordance with Clause 219 of the 2015 Penal Code.

According to the Police Department for Corruption, Smuggling and Economic Crimes, they committed violations in managing and using a land lot covering nearly 9,000 square meters at No. 220, Binh Thoi Street, Ward 14, District 11, HCMC, causing huge losses for the State’s assets.

VEAM was established on May 12, 1990 under the jurisdiction of the Ministry of Industry and Trade. It is the country’s biggest engine and machinery manufacturer, holding 30% of Honda Vietnam, 20% of Toyota Vietnam and 25% of Ford Vietnam.

Since 2017, the competent agencies have detected a number of violations related to the management and use of State assets at VEAM and prosecuted some former leaders of the corporation such as Tran Ngoc Ha, former board chairman of VEAM, Vu Quang Tam and Vu Tu Cong, former deputy general directors of VEAM, and Pham Vu Hai, former director of VEAM Auto Plant.

Besides, Nguyen Duc Toan, former deputy director of VEAM Auto Plant, and Tran Thi Thanh Tam, a senior executive of the plant, have been prosecuted on charge of embezzlement.

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