On August 28, the Government Electronic Information Portal said that the Government Inspectorate had just issued document No. 1764/TB-KLTT announcing the conclusion of the inspection of law enforcement in equitization and divestment of State capital at the Development Investment Construction Company - DIC (now Development Investment Construction Joint Stock Corporation).
The inspection conclusion clearly states that from the time it converted to a joint stock company until the divestment of all state capital, the Corporation's charter capital increased from 370 billion VND to more than 2,381 billion VND. Total assets also increased from 2,381 billion VND at the time of converting to a joint stock company to 6,133 billion VND as of September 30, 2017 before divesting all state capital.
Dividends distributed to state capital were over 400 billion VND, the value of state capital from equitization to divestment increased from 240 billion VND to 1,182 billion VND. After divestment, the amount of 2,274 billion VND was paid to the Enterprise Arrangement and Development Support Fund, with a capital surplus of 1,092 billion VND.
However, in the process of equitization and divestment, there are still some limitations, shortcomings and violations: Regarding the legal basis and equitization order and procedures; on determining the value of assets that are constructions on land; on determining the value of assets that are land use rights; on financial handling in the period from determining enterprise value to officially converting to a joint stock company; on private share issuance; on the order and procedures for divestment and determining the value of equitization to divest state capital.
Based on the inspection conclusions, the Government Inspector General recommends that the Prime Minister direct the Ministry of Construction to organize a review to take prescribed measures against organizations and individuals involved in the investigation for limitations and violations to occur through inspection.
Urge relevant organizations and individuals to correct the amount of violation in determining the value of assets indicated through inspection; Determine the causes of losses at DIC Joint Stock Company No. 1, DIC Construction Materials Joint Stock Company and DIC Tourism Joint Stock Company to take measures to handle the losses settled on the value of State capital at the Development Investment Construction Company in accordance with regulations;
At the same time, clarify the direction on private stock offering prices in 2009; review and clarify the failure to re-determine the value of land use rights of 3 land locations during the process of appraising share prices to divest State capital at the Construction Development Investment Joint Stock Corporation.
The Government Inspectorate recommends that during the process of reviewing, reviewing, handling and overcoming limitations and violations pointed out through the inspection, if signs of criminal law violation are detected, the information should be transferred to the competent authority. The investigating agency will consider and handle the matter according to its authority.
