The Communist Party of Vietnam’s Inspection Commission has proposed the Politburo consider disciplinary action against former Deputy Prime Minister Vu Van Ninh for his wrongdoing in the privatization of seaports and mismanagement.
Former Deputy Prime Minister Vu Van Ninh
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Accordingly, during his time serving as deputy prime minister in charge of financial issues, Ninh had committed infractions of the Politburo’s decision and state regulations on the process of privatization and divestment of state capital in Quy Nhon and Quang Ninh ports.
Particularly, Ninh signed documents authorizing the privatization of Quy Nhon port in Binh Dinh province. However, the port was underpriced, causing heavy losses to state budget. The government has recently bought back the port.
Ninh was also found irresponsible in leadership, direction, and inspection, leading to huge loss of state money while serving as Minister of Finance and Chairman of the Vietnam Social Security Management Council.
Under his chairmanship, the Vietnam Social Security lent VND769 billion (roughly US$30 million) to Financial Leasing Company II (ALC II). The company went bankrupt and the loan money was lost. The case involved a number of officials and Party members who faced with criminal charges.
According to the Party Central Committee’s Inspection Commission, Ninh’s violations were serious, affecting the prestige of the Party organization as well as himself as a Party member.
