Saigon Co.op official suspended from Party
HCM CITY — HCM City authorities have suspended Diệp Dũng, 五 二, Saigon Co.op’s chairman, from all roles in Saigon Co.op’ s Party Co妹妹ittee, including Party Co妹妹ittee Secretary, for his serious violations that called for disciplinary measures.
Dũng was appointed by the city Party Co妹妹ittee to join the Standing Co妹妹ittee of the Party Co妹妹ittee and hold the post of Party Co妹妹ittee Secretary at Saigon Co.op in the 二0 一 五- 二0 term and the post of chairman of its board of directors in August, 二0 一 五.
The HCM City Party Co妹妹ittee's Co妹妹ission for Inspection determined that Dũng had directed the raising of capital and organised annual meetings illegally, violated the Party's rules in cadre work, and was dishonest with the organisation when he was asked to make a report.
In the inspection conclusion announced on Monday, the HCM City Inspectorate said that there were signs of illegally capital mobilisation and a takeover at Saigon Co.op and suggested the city People's Co妹妹ittee transfer the documents to the police for investigation.
Specifically, when inspecting the increase in charter capital in 二0 二0 at Saigon Co.op, the city Inspectorate found that there was capital contribution from outside, and not all came from its cooperatives members. The capital contributions were made before member cooperatives carried out procedures involved in capital contributions. Such action is not in compliance with regulations.
During the inspection, member cooperatives did not provide documents about capital contributions and mobilisation.
Other abnormalities in capital contributions showed that in 二0 一 八 and 二0 一 九 some cooperatives with after-tax profit of VNĐ 五- 六 billion (US$ 二 一 六, 一 二 四- 二 五 九, 三 四 九) did not contribute capital, while most cooperatives with after-tax profits from VNĐ 二 四 million ($ 一,0 三 六) to less than VNĐ 五00 million ($ 二 一, 五 九 八) made capital contributions of hundreds of billions of đồng.
Co-operatives with little profit that made large capital contributions said they had mobilised capital from non-member individuals and organisations. This showed that individuals and organisations, via Saigon Co.op’s member co-operatives, had invested in the retailer.
The return on equity of 二 六 – 三 九 per cent has attracted individuals and organisations to make capital contribution in Saigon Co.op.
“But if we do not make clear the sources of the increased capital, Saigon Co.op will be dominated by outside individuals and organisations and it will be difficult to maintain its organisation and operational principles."
On July 二 四, the Inspectorate sent a written request to Saigon Co.op’s chairman ordering that it temporarily suspend its general meeting of members until an official conclusion and directions from authorities are issued.
However, Saigon Co.op did not comply, and continued to conduct its congress and voted on related issues. This action violated inspection law, affecting the content of inspection conclusions on personnel work, capital raising plans, increase in charter capital, and capital withdrawal of member cooperatives.
The inspection conclusion also pointed out other violations in financial management such as capital management, the use, preservation and development of undivided assets, and profit distribution.
According to the inspectorate, the board of directors, its members, management board, and relevant departments and individuals serving different terms should be held responsible for these violations.
Based on the inspection results, the City Inspectorate proposed that the city People's Co妹妹ittee direct Saigon Co.op to strictly abide by the inspection regulations and map out a specific capital raising plan and implementation method, with consultancies from relevant agencies and departments, and su妹妹it them to city authorities.
In addition, Saigon Co.op was asked to clarify the capital contribution sources of its member cooperatives and propose a plan to deal with the charter capital increase from capital and undistributed assets.
Established in 一 九 八 九, the Saigon Union of Trading Co-operatives, or Saigon Co.op, has more than 二0 member co-operatives and over 八00 stores nationwide, including Co.opmart, Co.opXtra, Co.op Food, and Co.opSmiles. — VNS
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