Vinacomin violations to be investigated

Vinacomin will be investigated by the relevant authorities

Deputy PM Truong Hoa Binh agreed with the recommendations of the Government Inspectorate related to a total amount of nearly VND15 trillion ($665.6 million) and a property area of 6.7 million square metres. The agency recommended retrieving VND1.873 trillion ($82.5 million) and imposing a fee of 6.7 million sq.m for land usage.

The Goverment Inspectorate recommended the Ministry of Finance (MoF) to review and clarify the use of nearly VND124 billion ($5.5 million). Similarly, the Ministry of Industry and Trade (MoIT) will have to give an account for VND8.32 trillion ($366.6 million) and Vinacomin for VND4.565 trillion ($201.1 million).

The DPM Binh requested Vinacomin to collaborate with relevant ministries, agencies, and provinces to carry out the tasks specified by the inspectorate and report on its performance to the PM.

He evaluated that Vinacomin has made several violations of policies and regulations on land management. The Ministry of Natural Resources and Environment will supervise and guide Vinacomin to overcome obstacles and correct its mistakes in licensing mineral mining.

Regarding the Government Inspectorate’s recommendation to send to investigation agency at the Ministry of Public Security (MoPS), the DPM assigned the inspectorate to act as the principal body and collaborate with the investigation agency of MoPS and the Supreme People’s Procuracy to investigate and determine the necessary actions.

Regarding the issue of natural resources and other taxes, MoF acts as the principal body and collaborates with the Government Inspectorate, MoIT, the Ministry of Justice, and the Government Office to identify the applicable tax amounts that Vinacomin has to remit into the state budget.

Based on the recommendations of the Government Inspectorate, the relevant ministries and agencies implement the tasks set forth then report to the Government Inspectorate. This agency will sum up and report to the PM in February 2018.

Earlier, the Government Inspectorate published its inspection conclusions on Vinacomin and its subsidiaries. The inspectorate determined a loss of approximately VND15 trillion (over $660 million). The agency has forwarded documents related to the violations to MoPS for investigation.

Government Inspectorate uncovers hundred-millions in losses due to Vinacomin mismanagement A government inspection has just been concluded on Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) and some subsidiaries, evaluating compliance with policies and regulations governing production and business operations.

PM approves Vinacomin restructuring Prime Minister Nguyen Xuan Phuc has approved a project to reshuffle the Vietnam National Coal and Mineral Industries Group (Vinacomin) in 2017-2020, aiming to make the firm a strong economic group with high technology and a highly professional governance model.

Vinacomin’s bauxite-alumina project records $162 million loss The Tan Rai bauxite-alumina complex in Lam Dong, invested by Vietnam National Coal and Mineral Industries Group (Vinacomin), has been suffering huge losses since its start of operations.