Pomina Steel JSC recently sent a document to Ho Chi Minh City Stock Exchange to explain about 100 bricks of cocaine hidden in its containers which have just been detected.
In its written explanation, Do Xuan Chieu, Chairman of the board confirmed that the company signed a contract with Singapore-based Stamcorp International Pte Ltd to buy steel scrap as raw materials for production.
After the Liberia-flagged cargo ship Mark Shenzhen carrying 355 tons of goods to Tan Cang Cai Mep-Thi Vai Port on July 24, it was checked by customs officers of Ba Ria-Vung Tau province and prohibited goods were uncovered. A17-container shipment docked in other countries before going to Vietnam.
In its press release issued on Wednesday, Pomina Steel JSC stressed that it "does not import prohibited goods" and the company is working with the shipment's owner and the authorities to clarify this issue.
Founded in 1999 with a charter capital of $1.8 million, Pomina Steel JSC is one of the largest steel producers in Vietnam. According to Vietnam Steel Association (VSA)'s statistics for the first half of 2017, Pomina's construction steel market share ranks second in Vietnam with 12.5 per cent.
Pomina's plants which are in Binh Duong and Dong Nai province have a total annual capacity of 1.1 million tons of construction steel and 1.5 million tons of billets. Due to its particularity of operations, most of the input materials are steel scrap imported from abroad.
After years of no expansion investment, the company began to launch plans to invest in higher capacity projects since last year.
