Prime Minister agrees to MobiFone inspection conclusions

The Government Inspectorate is completing the documents to transfer to the investigation agency of MoPS

According to Document No.2398/VPCP-VI of the Government Office submitted to the Government Inspectorate, the Ministry of Information and Communications (MIC), the Ministry of Public Security (MoPS), MobiFone and relevant agencies, the PM has agreed with the investigation conclusionss on MobiFone’s acquisition of 95 per cent of AVG’s shares. After the approval of the PM, we will publicise the conclusions,” the Government Inspectorate told dantri.com.vn.

Currently, the Government Inspectorate has been reviewing all relevant documents on the deal and transferred to MoPS’ investigation agency for consideration, investigation, and to prosecute this case.

The inspection conclusions stated that the violations and irresponsibility of MobiFone caused a loss of around VND7 trillion ($308.6 million) of the state capital in the corporation. This loss came from VND1.134 trillion ($50 million) of AVG’s payable debts, and ineffective investment projects, which led to losses in 2016 and the next years.

Profit from MobiFone’s financial activities in 2016 was reduced by VND312.7 billion ($14.2 million) and accumulated losses reached VND1.983 trillion ($87.4 million).

Despite being the representative agency of state ownership and management on information and communications, MIC was not responsible for appraising the acquisition deal. Decision No.236/2015/QD-BTTTT approved this deal, which was not based on any legal foundation and violated regulations, causing damage to state capital. Thus, the decision needs to be withdrawn.

Earlier, the Party Secretariat said the AVG acquisition of MobiFone is a really serious and complicated case that required comprehensive inspection and drew public attention.

On March 12, leaders of MIC directed and witnessed MobiFone and AVG's shareholders to sign the minutes cancelling the acquisition deal of the two sides. AVG's shareholders who sold the shares will return the money to MobiFone, along with interest and

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