Arrest warrants have been issued against five former executives of two Vietnamese steel companies.
They are alleged to have violated investment regulations and caused losses related to state property.
Police announced on Thursday that arrest warrants had been issued for Mai Van Tinh, former chairman of the board of Vietnam Steel Corporation (VNSTEEL), and Dau Van Hung, former general director.
The former executives are being investigated for violations of the law with "serious consequences".
The State currently holds 95% of VNSTEEL's charter capital.According to the 2018 financial report, the group and its subsidiaries and affiliates meet 50% of the construction steel demand of the domestic market.
Tran Trong Mung, former General Director of Thai Nguyen Steel Company (TISCO); Tran Van Kham, former chairman of the company's board of directors; Ngo Sy Han, former deputy general director, is also being investigated for violations of the law on construction investment, causing serious consequences.
They are also being investigated for violations of the law related to the management and use of state assets, leading to losses and waste.
Mistakes related to TISCO's production expansion project with a total capital of more than 3 billion VND.8 trillion (over $242 million).The project approved in 2005 has two main bidding packages, one of which is the EPC package related to the development of metallurgical processing lines.
The EPC package was auctioned off to China Metallurgical Corporation Corporation (MCC) for more than $160 million.
However, in February, the Government Inspector discovered that the total capital of the project had been illegally adjusted by TISCO from more than 3 billion VND.8 trillion to 8.1 trillion.
Furthermore, at the time of discovery, TISCO had paid MCC more than 92% of the total value of the project, but the project was still incomplete.Since 2013, EPC General Contractor MCC and contractors have stopped all construction activities.
Since then, some equipment of the project has been damaged, negatively affecting the progress and quality of the project, causing loss of investment capital, the inspector said.
VNSTEEL is currently the largest shareholder of TISCO with 65% stake.
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