Arrest of Chairman of Board of Directors of Thai Duong Group Joint Stock Company

SGGPO October 20, 2023 10:07

Mr. Doan Van Huan and Nguyen Van Chinh were prosecuted and detained for "Violating regulations on research, exploration and exploitation of natural resources" and "Violating regulations on accounting causing serious consequences".

On the morning of October 20, the Ministry of Public Security's Investigation Police Agency issued a decision to prosecute the criminal case of "Violating regulations on natural resource exploration and exploitation" and "Violating regulations on accounting causing serious consequences" occurring at Thai Duong Group Joint Stock Company and related units; prosecuted the accused, issued an arrest warrant and a search warrant for the related subjects.

The defendants at Thai Duong Group Joint Stock Company include: Doan Van Huan (Chairman of the Board of Directors), Nguyen Van Chinh (Deputy General Director), and Dang Tran Chi (Director).

The defendants at related units include: Pham Thi Ha (accountant of Hop Thanh Phat Company), Luu Anh Tuan (Chairman of the Board of Directors of Vietnam Rare Earth Joint Stock Company), Nguyen Thi Hien (accountant of Vietnam Rare Earth Joint Stock Company), all for the crime of "Violating accounting regulations causing serious consequences", stipulated in Clause 3, Article 221, Penal Code.

The decisions have been approved by the Supreme People's Procuracy ; the Ministry of Public Security's Investigation Police Department has executed the decisions and prosecution orders against the defendants in accordance with the law.

Rare earth mine where Thai Duong Group Joint Stock Company exploits in Yen Phu commune, Van Yen district, Yen Bai province

Also according to the Ministry of Public Security's Investigation Police Agency, after a period of investigation to clarify the violations in the illegal exploitation, processing and consumption of rare earth ore and iron ore at Yen Phu mine, Yen Phu commune, Van Yen district, Yen Bai province of Thai Duong Group Joint Stock Company; on October 9, the Department of Investigation Police on crimes of corruption, economy and smuggling simultaneously and urgently searched 21 locations of exploitation, gathering, business and private homes of related subjects in Yen Bai province and 3 other related provinces and cities; temporarily detained an estimated more than 13,700 tons of rare earth ore and more than 1,400 tons of iron ore.

The initial investigation determined that: Doan Van Huan and Nguyen Van Chinh directed and organized the illegal exploitation and consumption of more than 11,200 tons of rare earth ore worth about 440 billion VND and more than 152,000 tons of iron ore worth about 192 billion VND, illegally profiting about 632 billion VND; violating Directive No. 02/CT-TTg dated February 9, 2012 of the Prime Minister, Clauses 3, 5, 7, Article 2 and Article 3 of Mineral Exploitation License No. 927/GP-BTNMT.

In addition, Doan Van Huan and Nguyen Van Chinh also agreed with Vietnam Rare Earth Joint Stock Company and Hop Thanh Phat Company in the process of buying and selling rare earth and iron ore, issuing VAT invoices to reduce the quantity and actual selling price; helping Thai Duong Group Joint Stock Company to leave out of the accounting books over 28 billion VND from the sale of rare earth and iron ore, not fulfilling the obligation to declare and pay taxes, causing (temporary) damage to the State of over 7.5 billion VND.

Currently, the Investigation Police Agency is focusing on investigating and clarifying the nature, roles, and criminal acts of the suspects and related subjects, and thoroughly recovering assets for the State.

Source: https://www.sggp.org.vn/bat-chu-tich-hdqt-cong-ty-co-phan-tap-doan-thai-duong-post710592.html