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.