“Former Chairman and CEO of Bac Giang Tobacco and Food Joint Stock Company Arrested for State Asset Mismanagement”
On August 19, the People’s Procuracy of Bac Giang province approved the decision to prosecute and arrest Mr. Pham Hong Thuan, former Chairman and CEO of Bac Giang Tobacco and Food JSC, for “Violation of regulations on the management and use of state assets, causing loss and waste” according to Clause 3, Article 219 of the Criminal Code.
 Law enforcement authorities read out the temporary detention order for Mr. Pham Hong Thuan. Photo: Bac Giang Provincial Police
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The investigation determined that Bac Giang Tobacco and Food JSC is a state-owned enterprise. On June 2, 2008, Mr. Pham Hong Thuan, as Chairman and CEO, received an accounting handover from Mr. Nguyen V., with the state capital valued at over VND 2.1 billion. From that point until 2018, Pham Hong Thuan was in charge of managing the state capital in the company.
Despite knowing that the company’s production and business activities were inefficient and incurring losses for many years, Pham Hong Thuan failed to organize annual general meetings and did not produce financial reports from 2013 to 2018. He also did not report to the People’s Committee of Bac Giang province about the company’s production, business, and use of assets as collateral for bank loans, leading to an inability to repay debts. As of now, the investigating agency has determined that all of the company’s assets and capital have been lost.
After the approval of the prosecution and investigation decisions by the Provincial Procuracy, the Investigation Security Agency of Bac Giang Provincial Police has executed the prosecution decision, arrested and searched the residence of Mr. Pham Hong Thuan, and continues to investigate and expand the case.
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