Based on the investigation results, on June 2, 2025, the Police Department for Investigation of Crimes of Corruption, Economy, and Smuggling decided to initiate a criminal case for “Violation of regulations on the management and use of state assets, bribery, and brokerage,” which occurred at the Vietnam-China Mineral and Metallurgy JSC (VTM) and related units.
At the same time, eight suspects were prosecuted and preventive measures, including searches, were applied. The suspects include Mr. Bui Thanh Binh , General Director of VTM, for “Violation of regulations on the management and use of state assets, causing loss and waste” and “Taking bribes” in accordance with criminal law. Mr. Le Xuan Dinh was prosecuted for “Brokerage of bribes”, and Mr. Nguyen Truong Giang, former Head of the Quality Management and Metrology Department of VTM, was charged with “Taking bribes”.
Five others were also named for “Giving bribes”: Mr. Nguyen Van Binh , Chairman of Vietnam-Import-Export JSC; Mr. Ngo Tien Cuong , Director of Tien Dai Phat Ltd., Co.; Mr. Nguyen Duy Nghiep , Director of An Binh Agricultural Products Import-Export Co., Ltd.; Mr. Nguyen Xuan Tot , Director of Trung Thanh Thai Nguyen Co., Ltd.; and Mr. Nguyen Van Duc , CEO of Vietnam-Import-Export JSC.
Apart from Mr. Nguyen Van Binh and Mr. Nguyen Van Duc, who are the Chairman and CEO of a publicly traded company, Mr. Ngo Tien Cuong, Director of Tien Dai Phat Ltd., Co., and Chairman of BOT Cau Thai Ha JSC (code: BOT), was also prosecuted. BOT’s shares are currently traded on the UPCOM exchange.
Company reports sudden profit after consecutive losses
According to sources, Mr. Ngo Tien Cuong, born in 1972, holds a mechanical engineering degree and resides in Hanoi. From 2001 until now, Mr. Cuong has been the Chairman and Director of Tien Dai Phat Ltd., Co. He also served as Chairman of PIV JSC (code: PIV) in the latter half of 2018 and has been the Chairman of BOT Cau Thai Ha since 2014.
While Mr. Cuong does not directly hold BOT shares, he represents Tien Dai Phat Ltd., Co., which owns over 23.8 million BOT shares, accounting for 40.21% of the company’s capital.
BOT Cau Thai Ha is an enterprise established in 2014 by a joint venture to invest in the construction of the Thai Ha Bridge over the Red River on the road connecting Thai Binh and Ha Nam provinces with the Cau Gie-Ninh Binh expressway. The total investment capital for the project is over VND 1,700 billion. The company’s main business activities are construction, equipment installation, and toll collection.
Regarding its business performance, the company continuously incurred losses ranging from a few dozen billion to nearly VND 170 billion in the period of 2019-2023. In 2024, BOT recorded a significant surge in financial performance, with net revenue reaching nearly VND 414 billion, nine times higher than the previous year, and after-tax profit of VND 248 billion, while the previous year still incurred a loss of VND 83 billion. The significant profit helped reduce the company’s accumulated loss from nearly VND 437 billion to over VND 188 billion as of the end of 2024.
However, the financial statement auditor, A&C Audit and Consulting Company Limited, expressed significant doubt about the company’s ability to continue as a going concern and provided a disclaimer of opinion.
As a result of the “Disclaimer of Opinion on the 2024 Financial Statements,” BOT’s shares have been restricted from trading since May 20, allowed only on Fridays. Since then, BOT’s shares have continuously fallen to the floor price, currently standing at VND 3,000 per share.
In another development, June 16 will be the day BOT holds its 2025 Annual General Meeting of Shareholders. The company plans to present a total revenue target of nearly VND 71 billion, an 83% decrease from the previous year, and a modest after-tax profit target of VND 1.6 billion, less than 1% of the surprising performance in 2024.
Indictment: Business Leader Charged, a Troubling Turn for a Top Energy and Industrial Partner.
The Ministry of Public Security has launched a criminal investigation into alleged wrongdoing at the Vietnam-China Mineral and Metallurgy Company. As part of this investigation, they have also arrested and charged Mr. Nguyen Van Binh, the Chairman of the Board of Directors of Vietnam Development Import Export Investment Joint Stock Company.
The CEO of VTM Company, Bui Thanh Binh, and Several Other Business Directors Face Prosecution.
The authorities have accused Bui Thanh Binh, CEO of VTM Company, of two charges, including Bribery.
Seeking Land Buyers: Beware of Fake Projects by Le Xuan Dinh and the Khuat Dien, Phuc Phat Dien Companies
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“A cunning scheme has come to light, involving a certain Mr. Le Xuan Dinh, who exploited the names of two reputable companies, Khương Điền and Phúc Phát Điền, to dupe unsuspecting individuals. Mr. Dinh fabricated non-existent real estate projects, luring victims into signing land purchase agreements, only to then abscond with their money.”
The Central Inspection Commission: Disciplinary Action and Recommendations for Officials
On May 29, in Hanoi, the 56th meeting of the Central Inspection Commission was held, chaired by Politburo member, Secretary of the Party Central Committee, and Head of the Central Inspection Commission Nguyen Duy Ngoc.
“Former Chairman of Vietnam Rubber Group, Tran Ngoc Thuan, Faces Disciplinary Action: What You Need to Know”
The Central Inspection Committee has proposed that competent authorities consider disciplinary action against Mr. Tran Ngoc Thuan, former Chairman of the Vietnam Rubber Group (VRG). Mr. Thuan is accused of moral and political degeneration, as well as violations of Party regulations and state laws.
