|Cement production line of Ha Giang Cement JS Company.—Photo baohagiang.vn
HA GIANG (VNS)– Vu Duy Chanh, chairman of Ha Giang Cement JS Company's management board was prosecuted today for abusing his power of company assets worth at least VND7.2 billion (US$344,000).
Police investigations following reports dating back to September show Chanh signed contracts to buy two stone grinding machines without the company's management board approval and used the contracts as security for bank loans.
One of the contracts was reportedly falsified to buy a fictitious machine while Chanh illegally used and sold the secondary machine at a diminished price. -- VNS