Vinachem faces possible losses of US$184.8 million due to poor management
By Du Nguyen
September 25, 2017 | 11:29 AM GMT+7
Under the poor management of Nguyen Anh Dung as Vinachem (Vietnam National Chemical Group) chairman, Vinachem now stands at the risk of losing VND4,200 billion (US$184.8 million) due to losses at the group's projects.
Ha Bac Nitrogenous Fertilizer and Chemicals Company lost VND124.69 (US$5.4 million) in 2016. Photo: Vinachem
Nguyen Anh Dung, as the head of the Group, has been irresponsible in management of staffs as well as management of capital, assets, land and investment of Vinachem in some projects such as Ha Bac Fertilizer, Ninh Binh Fertilizer, Hai Phong DAP, etc.
One of the serious wrongdoings related to the management of Vinachem by Nguyen Anh Dung is that although he was warned of the project's low efficiency, he and Vinachem's board of members still made the decision to deploy Ninh Binh Introgenous Fertilizer company.
Although the total capital of Ninh Binh Introgenous Fertilizer company was more than VND12,000 billion (nearly US$528 million), after 4 years of operation, the current loss of this project was about 3,100 billion (more than US$136 million) by the end of 2016.
More seriously, Nguyen Anh Dung and Vinachem's board of directors and general director lacked supervision in the project so project managements of Ninh Binh Introgenous Fertilizer company had a chance of importing equipments form China instead of EU and G7 (Group of Seven) as the contract.
In addition to wrongdoings in management, Nguyen Anh Dung also made mistakes in the appointment of officers at the corporation when nominating his relatives and family members into leadership positions.
Nguyen Anh Dung appointed his younger brother, Nguyen Van Minh, as the Vinachem's Vice-Director of planning and business in 2013. At the present, Nguyen Van Minh is a Deputy General Director of Ninh Binh Introgenous Fertilizer company.
In addition to his younger brother, Dung's brother-in-law was appointed as a Financial Accounting Manager of this company in January 2015. Dung's wife, Le Thi Thai Huong, was appointed as Vinachem's Chief of Finance and Accounting.
All cases of appointment of family members to the leadership position at Vinachem and Vinachem's subsidiaries of Nguyen Anh Dung are seem to be contrary to the provisions of the Enterprise Law.
On October 2016, Tran Tuan Anh, Minister of Industry and Trade, has signed the decision on accepting the settlement of denunciations and setting up denunciation-verifying teams related to the appointment of staffs which failed to meet the provisions of law at Vinachem.
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