Two Vietnamese former ministers detained for involvement in buyout scandal
Nguyen Bac Son and Truong Minh Tuan are those mainly responsible for the MobiFone - AVG deal.
Vietnam’s police on February 23 arrested two former ministers of information and communications for their main involvement in a corporate acquisition which caused a loss of hundreds of million US dollars to the state.
Nguyen Bac Son, 66, and Truong Minh Tuan, 59, allegedly “violated regulations on state capital control, causing serious damage” regulated in the Criminal Code.
In October 2018, the highest legislative body National Assembly stripped Son of the title of minister for the 2011-2016 term while the party’s Central Committee in the same month imposed demotion punishment on him.
Truong Minh Tuan, meanwhile, in July 2018 was warned by the Politburo and dismissed from the post of minister in October 2018 after two years of holding the position.
The acquisition took place in 2016 in which state-run MobiFone, among Vietnam’s three largest mobile companies by subscribers, bought a 95% stake at loss-making TV pay service provider Audio Visual Global JSC (AVG) for VND8.9 trillion (US$386 million), which was believed to be overpaid.
The deal was cancelled last year and AVG returned the amount to MobiFone.
Some senior officials last year were arrested for their involvement in the case, including MobiFone's former General Director Cao Duy Hai and former Deputy Director Pham Thi Phuong Anh. In addition, a number of senior officials from different ministries were disciplined.
Nguyen Bac Son (L) and Truong Minh Tuan. Photo: Soha
|
In October 2018, the highest legislative body National Assembly stripped Son of the title of minister for the 2011-2016 term while the party’s Central Committee in the same month imposed demotion punishment on him.
Truong Minh Tuan, meanwhile, in July 2018 was warned by the Politburo and dismissed from the post of minister in October 2018 after two years of holding the position.
The acquisition took place in 2016 in which state-run MobiFone, among Vietnam’s three largest mobile companies by subscribers, bought a 95% stake at loss-making TV pay service provider Audio Visual Global JSC (AVG) for VND8.9 trillion (US$386 million), which was believed to be overpaid.
The deal was cancelled last year and AVG returned the amount to MobiFone.
Some senior officials last year were arrested for their involvement in the case, including MobiFone's former General Director Cao Duy Hai and former Deputy Director Pham Thi Phuong Anh. In addition, a number of senior officials from different ministries were disciplined.
20:47, 2025/01/22
Vietnam news in brief - January 22
Stay up to date with the latest news from The Hanoi Times.
20:53, 2025/01/21
Vietnam news in brief - January 21
Read The Hanoi Times for more updates about Vietnam and its capital.
08:58, 2025/01/21
Vietnamese leaders congratulate President Donald Trump on inauguration day
Vietnamese leaders expressed confidence that, under Trump's leadership, the partnership would continue to grow based on mutual respect for independence, sovereignty, and political systems.
23:10, 2025/01/20
Vietnam, Czech Republic issue Joint Statement on elevating ties to Strategic Partnership
Prime Minister Pham Minh Chinh and Prime Minister of the Czech Republic Petr Fiala have issued a Joint Statement, upgrading Vietnam-Czechia relations to a Strategic Partnership during the Vietnamese Prime Minister's official visit to the Czech Republic, from January 18 to 20.
21:52, 2025/01/20
Vietnam news in brief - January 20
Read The Hanoi Times news in brief to get the latest updates on the country.
06:05, 2025/01/20
President calls for overseas Vietnamese to join hands in nation-building efforts
The president said Vietnam will strengthen efforts to promote patriotism, fulfill aspirations, preserve the Vietnamese language, and uphold the nation’s cultural heritage among overseas Vietnamese.
- General Secretary acknowledges overseas Vietnamese’ contributions
- Vietnam news in brief - January 19
- Homeland Spring 2025: Overseas Vietnamese explore investment opportunities
- PM calls for Polish businesses to seize opportunities in Vietnam’s market
- Vietnam news in brief - January 17
- Vietnam to have five international tech giants by 2030: General Secretary