The People’s Procuracy of Bac Giang province on September 1st informed that they had approved the decisions to prosecute and arrest the former Chairman of the Board of Directors and General Director of Bac Giang Tobacco and Food Joint Stock Company, Mr. Pham Hong T., for “Violation of regulations on the management and use of State assets, causing loss and waste.”
On August 19th, the Investigation Police Agency of Bac Giang province, in collaboration with the People’s Procuracy, examined the residence of Mr. Pham Hong T., the former chairman and general director of the company.
It was determined that Mr. T. had violated state asset management regulations, resulting in significant losses. As of June 2, 2008, when Mr. T. received the accounting records from Mr. Nguyen V., the state capital contribution was valued at over VND 2.1 billion. Bac Giang Tobacco and Food Joint Stock Company is a state-owned enterprise.
From that time until 2018, Mr. T. was in charge of managing the state capital contribution in the company. However, despite knowing that the company’s production and business activities were inefficient and had been incurring losses for many years, Mr. T. failed to organize annual shareholder meetings and did not submit financial reports from 2013 to 2018.
Working session – Photo: VKSND Bac Giang Province
Additionally, Mr. T. failed to report to the People’s Committee of Bac Giang province about the company’s production and business activities and the use of the company’s assets as collateral for bank loans, resulting in an inability to repay the debt. As a result, all the company’s assets and capital have been lost.
The Investigation Police Agency of Bac Giang province has officially prosecuted and arrested Mr. T. The case is still under investigation to clarify related issues.
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