According to the indictment, Cang, Pham Van Thong (former Deputy Chief of the Office of the municipal Party Committee), and some other defendants holing key leadership positions of HCMC, the Tan Thuan Industrial Promotion Co. Ltd (IPC), and the South Saigon Development JSC (SADECO) were assigned to manage the State’s assets and carry out the State’s regulations on the presentation of State capital at enterprises.
However, driven by different motives and purposes, under Cang’s leadership and decision-making role, the defendants committed an array of violations in the transfer of 9 million shares of SADECO to the Nguyen Kim company without bidding and assessment by an organization specialized in price appraisal.
Those wrongdoings led to losses of over VND669.6 billion (US$29.5 million) to the State.
Te Tri Dung (former General Director of the IPC and former Chairman of the Board of Directors of SADECO), Ho Thi Thanh Phuc (former General Director of SADECO), and their accomplices abused their authority in managing remuneration and rewards at SADECO to make deceits to illegally spend the money that this company should have paid to the municipal Party Committee’s Office and the IPC. They appropriated more than VND4.6 billion.
Dung also ordered Phuc and other accessories to spend SADECO’s money on foreign trips by many individuals in the name of “fact-finding tours”, causing losses of over VND2.1 billion to the State.
At the January 8 session, Te Tri Dung received a jail term of 20 years while Ho Thi Thanh Phuc was jailed for 16 years. Both were charged with "embezzlement" and "violations in the management and use of state-owned property that led to losses or wastefulness."
Seventeen others involved in the case got two- and three-year suspended sentences and jail sentences between three and 13 years.