HCMC – The HCMC People’s Procuracy has proposed sentencing Tat Thanh Cang, former standing deputy secretary of the HCMC Party Committee, to 12-14 years behind bars for his involvement in violations in the sale of nine million shares of the South Saigon Development Corporation (SADECO).
Cang was charged with violating regulations on the management and use of State assets, which caused losses and wastefulness, the local media reported.
Besides Cang, SADECO ex-chairman Te Tri Dung may be imprisoned for 11-12 years for the same charge as Cang and nine-10 years for embezzlement, resulting in a combined jail term of 20-22 years.
Prosecutors also suggested a prison term of 19-21 years for former SADECO general director Ho Thi Thanh Phuc for the same charges as Dung.
Pham Van Thong, former deputy chief of the office of the HCMC Party Committee, may stay behind bars for six-seven years, and Do Cong Hiep may serve a prison term of 13-15 years.
Fifteen other defendants may receive two-three years of probation or prison sentences of up to 15 years.
According to the procuracy, Cang was assigned to manage the assets of the HCMC Party Committee. He would have known that the sale of SADECO’s shares needs to be in line with regulations on the State capital management, and the shares must be auctioned.
However, Cang signed a decision approving the no-bid sale of nine million SADECO shares to Nguyen Kim Company at VND40,000 per share, causing losses of VND669 billion for the State.
Meanwhile, Dung held many meetings and signed a resolution approving the sale of the shares to Nguyen Kim. He also directed Phuc and other subordinates to spend SADECO’s money on the illegal overseas trips of many individuals, causing losses of over VND2.1 billion for the State.
Dung and Phuc also abused their position and power to approve the allocation of SADECO’s remuneration fund, appropriating more than VND4.6 billion.
In addition, Phuc and other defendants completed procedures to transfer nine million SADECO shares to Nguyen Kim. Phuc also completed procedures, signed a contract with a travel company to hold illegal overseas trips, and approved a list of individuals to receive SADECO’s remuneration.
Nguyen Kim Company has returned all nine million shares and interest to SADECO. Dung and his accomplices have also returned the VND4.6 billion that they had appropriated.
The HCMC People’s Procuracy proposed taking back VND3.5 billion, including VND2.1 billion of the State, which had been spent on overseas trips.