Land Rent Kept Off the Books Exceeds VND 1 Billion
The accused include: Dang Minh Thua (Deputy Director of the Southern Branch of the State Capital Investment Corporation – SCIC, Chairman of the Board of CIPCO); Tran Van Phuc (General Director of CIPCO); Truong Van Tien (Head of Accounting Department) and Tran Ngoc Trung (Deputy Head of Planning and Business Department).
Accused Dang Minh Thua. Photo: Police提供
According to the investigation, in early 2024, Song Trang Seafood Company Limited (Song Trang Company) transferred its factory in Tra Noc 2 Industrial Park to Van Vinh Seafood Company Limited (Van Vinh Company).
The enterprise contacted CIPCO to sign a new land lease contract. During the negotiation, Trung quoted a price of 4 USD/m2/year, payable annually. However, Trung also communicated an additional condition from the leadership that only 3 USD/m2/year would be stated in the contract for the first two years, and the remaining 1 USD/m2/year, amounting to VND 942 million, would be paid outside the contract.
Subsequently, Song Trang Company and Van Vinh Company transferred this amount multiple times through intermediary accounts. Tien and Phuc directed the allocation of the entire sum: VND 550 million was reimbursed to CIPCO’s accountant; VND 242 million was transferred to Tien’s personal account (of which Tien kept VND 92 million for personal use), and VND 150 million was transferred to another employee to legitimize the paperwork.
During the investigation, Trung confessed to following Tien’s instructions and reporting back to Phuc. The investigating agency determined that the actions of the accused Phuc, Tien, and Trung caused a loss of VND 942 million to CIPCO. After the investigation commenced, Phuc returned VND 300 million, and Tien returned VND 642 million.
Bribery to Gain Access to Industrial Park Project
Expanding the investigation, the police discovered that the leadership of CIPCO used the embezzled funds and advance payments to bribe officials to gain access to the Co Do – Thoi Lai Industrial Park project.
According to the investigation conclusions, in 2023, CIPCO received approval from SCIC to explore investment in the Co Do – Thoi Lai Industrial Park project. However, the People’s Committee of Can Tho City (now defunct) had already approved another enterprise to research this project. In order to gain access to the project, Thua and Phuc discussed and agreed to prepare gifts and money to approach the leaders of the Can Tho Party Committee and People’s Committee.
The leadership of CIPCO discussed using gifts and money to bribe former leaders of Can Tho City to gain access to the project
The investigation concluded that the two accused had committed acts of bribery to several former leaders of Can Tho City. On March 26, 2024, the People’s Committee of Can Tho City issued a document agreeing to allow CIPCO to access information to study, survey, and establish investment procedures for the Co Do – Thoi Lai Industrial Park project.
However, the investigation agency stated that there is currently insufficient legal basis to prosecute these individuals for “Receiving Bribes.” The case will continue to be investigated and clarified.
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