Director of Vietnamese sugar firm suspended for $2.6 million loss

By Thao Vi, Thanh Nien News

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A police van leaves Tay Ninh Sugar Company on April 26 carrying Deputy Sales Manager Nguyen Xuan Danh. PHOTO COURTESY OF TAY NINH NEWSPAPER

Authorities in the southern province of Tay Ninh Tuesday suspended the chairman of a state-run sugar company for alleged mismanagement that cost the firm VND55 billion (US$2.6 million) in recent years.
Tran Canh Lac, who also serves as general director of the Tay Ninh Sugar Company, will be suspended for 30 days, Tuoi Tre quoted Nguyen Thi Thu Thuy, chairwoman of the provincial People’s Committee, as saying Tuesday.
Lac will be investigated on charges of “intentionally violating state regulations on economic management, causing serious consequences.”
Earlier this month the police arrested Nguyen Xuan Danh, deputy sales manager of the company to investigate him for the same charge.
Police say Danh advised Lac to sign contracts worth VND55 billion, through a Vietnamese middleman, to sell produce like rice and wheat flour to several Chinese companies in recent years.
The two Tay Ninh Sugar Company executives allegedly agreed to let their Chinese customers receive the goods before paying for them. None of the payments have been settled.
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