The Hanoitimes - Vinh was responsible for violations in the acquisition of private TV firm Audio Visual Global JSC (AVG) by MobiFone back in 2016.
Bui Quang Vinh, former minister of Vietnam’s Ministry of Planning and Investment (MPI), has been disciplined for his involvement in state-run MobiFone’s acquisition case that caused a loss worth VND8.9 trillion (US$386 million) to the state.
Vinh, 65, who was the investment minister between August 2011 and April 2016, got an official rebuke from the Secretariat of Party Central Committee at a meeting on November 27, chaired by Party General Secretary and President Nguyen Phu Trong.
Former Minister of Planning and Investment Bui Quang Vinh. Photo: Dan Tri
The former minister receives the lightest punishment which include reprimand, warning, demotion, and expulsion.
Vinh was responsible for violations in the acquisition of private TV firm Audio Visual Global JSC (AVG) by MobiFone back in 2016 as he signed a document dated November 24, 2015 proposing the prime minister approving the acquisition deal.
According to the Government Inspectorate, the MPI had failed to instruct and promptly intervene the Ministry of Information and Communication (MIC) once the deal showed signs of valuation irregularity.
Because of the involvement in the case, some senior officials have been disciplined namely two former MIC ministers Nguyen Bac Son, and Truong Minh Tuan. Meanwhile, MobiFone’s former general director and a former deputy general director were arrested on November 14 for mismanagement charges.
Involvers were believed to overpay for a stake of 95% in the loss-making pay-TV provider.