Rubber producer Casumina’s CEO arrested for violations in state asset management
Pham Hong Phu, CEO of Southern Rubber Industry JSC (Casumina) was detained on Wednesday for "violating regulations on management and use of state assets, causing loss and waste" per the Penal Code.
Two others - former chairman Bui The Chuyen and deputy CEO Nguyen Minh Thien - were also arrested on the same charge.
From left to right: Casumina CEO Pham Hong Phu, former chairman Bui The Chuyen and deputy CEO Nguyen Minh Thien. Photo courtesy of the police.
Their arrests came after the Ministry of Public Security's investigative agency (C03) launched legal proceedings against the criminal case of "violating regulations on management and use of state assets causing loss and waste" which occurred at Casumina and related units.
C03 is expanding their investigation into the case and applying legal measures to recover assets for the State.
Regarding violations in the rubber industry, on May 23, C03 initiated legal proceedings against the case of "violating regulations on management and use of state assets causing loss and waste" at Vietnam Rubber Group (VRG), Dong Nai Rubber Company, Ba Ria Rubber Company and other units related to the 39-39B Ben Van Don real estate project in Ward 12, District 4, Ho Chi Minh City.
The investigative agency also launched legal proceedings against and detained eight persons. They include Le Quang Thung, former general director and acting board chairman of VRG; Huynh Trung Truc, former deputy general director of VRG; and Pham Van Thanh, former head of VRG’s investment planning department.
The other five are Nguyen Thi Gai, former general director of the Dong Nai Rubber Company; Nguyen Cong Tai, former board chairman of the Ba Ria Rubber Company; Nguyen Trong Canh, former deputy general director of the Ba Ria Rubber Company; Le Y Linh, former director of the Viet Tin General Trading Company Limited; and Dang Phuoc Dua, former board chairman of Viet Trust Investment-Trading Corporation.
According to VRG general director Le Thanh Hung, the land at 39-39B Ben Van Don was allocated by the Ho Chi Minh City People's Committee to the General Department of Rubber, the predecessor of VRG, for management and use in 1976.
Following some arrangements and tranfers, this land was once under the management of Dong Nai Rubber Company, Ba Ria Rubber Company, and Phu Viet Tin Company Limited.
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