Politics & Law
Market declines for the third consecutive session
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| Bùi Quang Vinh |
HÀ NỘI – The Party Central Committee Secretariat yesterday reprimanded former minister of Planning and Investment Bùi Quang Vinh for his involvement in violations in the purchase of 95 per cent of shares at the AVG Audiovisual JSC by the MobiFone Telecommunications Corporation.
Vinh was also the former Party Central Committee member and former secretary of the Party Committee.
At the meeting chaired by General Secretary, President Nguyễn Phú Trọng, the Secretariat concluded that while serving as the Minister of Planning and Investment, Vinh was responsible for signing the official document No 721 in November 24, 2015 to request the Prime Minister to approve the project.
That led to MobiFone buying a massive 95 per cent of share in the privately AVG Audiovisual JSC. The acquisition caused big losses for the State.
After getting the extraordinary information of the project, Vinh had proposed to stop the project. However, the Ministry of Information and Communications had decided to approve and implement it.
All Secretariat members agreed to take a disciplinary measure of reprimand against Vinh, according to the Secretariat.
In January 2016, MobiFone announced it had bought 95 per cent of AVG’s shares. Financial statements of the company for 2015 and the first six months of 2016 showed that the company paid about VNĐ 8.9 trillion (US$390 million) for the share purchase.
The Government Inspectorate discovered that AVG was incurring losses after the acquisition.
The irregulations and irresponsibility of MobiFone caused the losses of VNĐ7 trillion ($301 million) for the State, including AVG’s liabilities of VNĐ 1.13 trillion ($48.6 million). – VNS
