On the afternoon of June 7, the Hanoi People's Court continued to try the case of hundreds of billions of dong in losses during the equitization process at Cienco 1. At the end of the questioning, the representative of the prosecutor's office proposed sentences for the 7 defendants.
Trial of 7 defendants in the case at Cienco 1
Joint compensation of more than 54.7 billion VND
Defendants Pham Dung, former Chairman of the Board of Directors of Cienco 1, and Can Hong Lai, former General Director of Cienco 1, were both proposed to be sentenced to 9-10 years in prison for violating regulations on management and use of state assets, causing loss and waste.
For the same crime, defendant Le Van Long, former Chief Accountant of Cienco 1, was proposed to be sentenced to 4-5 years in prison; Nguyen Thi Bich Hanh, Deputy Head of Finance and Accounting Department (Cienco 1 - JSC) and Nguyen Manh Tien, former Head of Market Planning Department (Cienco 1 - JSC), were proposed to be sentenced to 36-42 months in prison.
The remaining two, Nguyen Anh Tuan, an appraiser at A&C Auditing Company, Hanoi branch, and Nguyen Ngoc Tuyen, a former auditor at A&C Auditing Company, Hanoi branch, were both recommended to be sentenced to 24 - 30 months in prison.
Regarding civil liability, the representative of the prosecutor's office requested that the two defendants Pham Dung and Can Hong Lai jointly compensate more than 54.7 billion VND, which is the damage caused by incorrectly determining the value of 4 land plots owned by Cienco 1.
Regarding the debt of nearly 185 billion VND, the prosecutor said that in March, the Ministry of Transport, Vietnam Debt Trading Company (DATC) and Cienco 1 - JSC met and agreed that Cienco 1 - JSC would hand over this debt to DATC.
With the collected amount, Cienco 1 - JSC will repay the state budget after the court's verdict. Therefore, the representative of the prosecutor's office requested the trial panel to accept the agreement between the parties.
The representative of the prosecutor's office holds the right to prosecute at the trial.
According to the prosecutor's assessment, the defendants' criminal acts in the case caused damage to the state budget of nearly 240 billion VND, the consequences of which were particularly serious.
In particular, defendant Pham Dung, as Chairman of the Board of Directors and Head of the Steering Committee for Enterprise Equitization, was the person with the highest responsibility in assisting the Minister of Transport in directing and organizing the implementation of the equitization of Cienco 1. The defendant was the person who directly signed the decision to handle bad debts in violation of regulations, leading to the debt of nearly VND 185 billion being excluded from the enterprise value. The defendant also did not direct the development of a plan for the use and re-evaluation of the value of 4 land plots, causing a loss of more than VND 54.7 billion.
Notably, in addition to the indictments, the prosecutor also noted the context of the case when Cienco 1 was a pioneer in equitization. The defendants committed the crime out of the intention to quickly complete the equitization under the direction of their superiors, and did not personally benefit or benefit in any way, so this should be considered when sentencing.
A series of violations caused the budget to lose hundreds of billions
According to the accusation, Cienco 1 was established in 1995. The State holds 100% of the charter capital with the Ministry of Transport as the owner representative.
In 2013, the Ministry of Transport decided to approve the list of enterprises to be equitized, including Cienco 1. The Cienco 1 Equitization Steering Committee was established, with Mr. Pham Dung as head and Mr. Can Hong Lai as deputy head.
In June 2013, to determine the enterprise value before equitization, Cienco 1 leaders met and reviewed the receivables of 50 companies with a total amount of more than 364 billion VND.
In fact, these debts are not eligible (the debtor company is dissolved, bankrupt or ceases operations), but Cienco 1 still decided to classify them as "unrecoverable debts" and use reserve funds to partially handle them, with a total value of nearly 185 billion VND.
After the meeting, General Director of Cienco 1 Can Hong Lai signed a submission (without number) to the Board of Directors. Then, Chairman of the Board of Directors Pham Dung signed a request for opinions to the members of the Board of Directors, and the members of the Board of Directors agreed to the proposed plan.
As a result, the debt of nearly 185 billion VND was not included in the value of Cienco 1, was not handed over by Cienco 1 to DATC, nor to the joint stock company, and was not reported to the Ministry of Transport.
Group of 7 defendants were determined to have committed violations in the case.
In addition to violations in handling the debt of nearly 185 billion VND, the defendants at Cienco 1 were also accused of causing damage in handling 4 land plots in Ho Chi Minh City and the provinces of Long An, Tien Giang, and Gia Lai.
In June 2013, in the minutes of determining the enterprise value, Cienco 1 and the auditing company determined the value of the 4 land plots to be nearly 12.7 billion VND. The auditor noted that this was only a provisional value, the representative of state capital at the company needed to continue monitoring and recovering the difference in value.
However, when proposing the equitization plan, the defendants at Cienco 1 did not develop a land use plan to re-determine the value of land use rights according to the market, but only carried out procedures to hand over the land plots to the company after equitization.
The valuation conclusion shows that the total value of the 4 plots of land in June 2013 was nearly 67.5 billion VND. This means that the damage caused was more than 54.7 billion VND.
Combined with the debt of nearly 185 billion VND that was not included in the enterprise value during equitization, the prosecution agency determined that the total damage in the case was nearly 240 billion VND.
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