DANANG – The police of Danang City have detained Bui Le Duy, a board member and deputy director of the Danang Housing Investment Development JSC, on alleged charges of mismanagement and misuse of State assets, which caused losses for the State.
Duy is the second board member of the company to be put into police custody after Nguyen Quang Trung, general director of the firm, was detained in late 2021 for the same charges.
In the past, the firm has been sanctioned several times by the Danang People’s Committee due to its violations in the Monarchy apartment building project in Son Tra District and securities investment.
In March and June 2021, the Danang authority issued administrative decisions imposing fines of VND285 million and VND300 million on the company as apartments were handed over to buyers before the building was approved for use.
In 2018, the company launched the apartments even though they had yet to satisfy the requirements, resulting in a penalty of VND275 million.
In the first nine months, the firm reported revenue of VND2.38 billion, down 99.5% over the same period of last year and the after-tax profit was minus VND124 billion.