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PM requests further investigation of VRG

Released at: 17:26, 10/11/2014

PM requests further investigation of VRG

The Vietnam Rubber Group (VRG) has many questions to answer over its activities.

by Minh Tien

Prime Minister (PM) Nguyen Tan Dung has endorsed the conclusions and recommendations made by the Government Inspectorate regarding misconduct at the Vietnam Rubber Group (VRG).

In 2010 and 2011 its management board decided to increase the charter capital of its affiliates by over VND3.54 trillion (more than $166 million), exceeding VRG's registered capital by VND2.591 trillion (nearly $122 million). The group and its affiliates also invested heavily outside of their main business line but made little profit while being subject to significant potential losses.

The Government Inspectorate has proposed the Prime Minister ensure VRG is held responsible for these transgressions. PM Dung therefore asked the Ministry of Agriculture and Rural Development, the Ministry of Planning and Investment, and Ministry of Finance, as well as VRG itself, to follow the sanctions imposed by the Government Inspectorate.

Regarding behavior that indicated "criminal conduct", PM Dung requested the Government Inspectorate transfer such cases to investigation agencies.

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