Deputy minister questioned over huge personal assets
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Industry and Trade Deputy Minister Ho Thi Kim Thoa has been in the public spotlight these days after being found to hold a large stake in a local light bulb firm.
Local newspapers cited an administrative report from Dien Quang Lamp (DQC) citing Thoa as currently owning 1.68 million shares, or a 4.91% stake of the firm, equal to over VND100 billion (USD4.5 million).
The report also said that Thoa’s other family members, including her daughters, her younger brother and her mother, are big DQC shareholders. To date, the deputy minister’s family owns a total 11.8 million DQC shares worth VND718 billion (USD32 million).
Following the media questions on Thoa’s big assets, the Ministry of Industry and Trade said that she possessed the DQC stake before taking the position as the deputy minister in 2010. The stake was fully mentioned in her profile for the appointment in the ministry in 2009 which was approved by higher-level authorities. Thoa had worked at DQC 18 years before becoming the industry and trade deputy minister.
The ministry added that Thoa always included the DQC stake in her annual personal asset declaration since working as the deputy minister in line with the government’s regulations.
The Ministry of Industry and Trade has just mentioned Thoa’s asset declaration but not explained why she could have such a big stake in DQC.
Nguyen Ba Son, a National Assembly of Danang City, said that “People have their right to raise questions about how Thoa could have the stake and whether it is legal or not, which has to be clarified.”
A representative from the Vietnam Association of Financial Investors (Vafi) said that it is necessary to make clear whether Thoa took advantage of her top position at DQC previously to own the big share number when the firm started listing on the stock market.
According to Pham Trong Dat, Director General of the Party Central Committee's Inspection Commission’s Anti-corruption Bureau, the commission will conduct an investigation into the case.
The origin of Thoa’s huge stake in DQC should be explained to the public as soon as possible, which is not only good for herself but also help enhance people’s trust to the country’s corruption fight.
Thoa’s asset issues have become the hot issue among local media after she faced the government’s discipline for involving in the appointment of Trinh Xuan Thanh for several positions at the Ministry of Industry and Trade.
Thoa supported former Minister of Industry and Trade Vu Huy Hoang’s decision for the appointment of Thanh who was earlier Chairman of PetroVietnam Construction JSC (PVC) from 2007 to 2013. The firm was later found to have made total losses of USD150 million between 2009 and 2013 under Thanh’s management. Since September 2016, Thanh has been wanted internationally.
Local newspapers cited an administrative report from Dien Quang Lamp (DQC) citing Thoa as currently owning 1.68 million shares, or a 4.91% stake of the firm, equal to over VND100 billion (USD4.5 million).
The report also said that Thoa’s other family members, including her daughters, her younger brother and her mother, are big DQC shareholders. To date, the deputy minister’s family owns a total 11.8 million DQC shares worth VND718 billion (USD32 million).
Deputy Minister of Industry and Trade Ho Thi Kim Thoa
Following the media questions on Thoa’s big assets, the Ministry of Industry and Trade said that she possessed the DQC stake before taking the position as the deputy minister in 2010. The stake was fully mentioned in her profile for the appointment in the ministry in 2009 which was approved by higher-level authorities. Thoa had worked at DQC 18 years before becoming the industry and trade deputy minister.
The ministry added that Thoa always included the DQC stake in her annual personal asset declaration since working as the deputy minister in line with the government’s regulations.
The Ministry of Industry and Trade has just mentioned Thoa’s asset declaration but not explained why she could have such a big stake in DQC.
Nguyen Ba Son, a National Assembly of Danang City, said that “People have their right to raise questions about how Thoa could have the stake and whether it is legal or not, which has to be clarified.”
A representative from the Vietnam Association of Financial Investors (Vafi) said that it is necessary to make clear whether Thoa took advantage of her top position at DQC previously to own the big share number when the firm started listing on the stock market.
According to Pham Trong Dat, Director General of the Party Central Committee's Inspection Commission’s Anti-corruption Bureau, the commission will conduct an investigation into the case.
The origin of Thoa’s huge stake in DQC should be explained to the public as soon as possible, which is not only good for herself but also help enhance people’s trust to the country’s corruption fight.
Thoa’s asset issues have become the hot issue among local media after she faced the government’s discipline for involving in the appointment of Trinh Xuan Thanh for several positions at the Ministry of Industry and Trade.
Thoa supported former Minister of Industry and Trade Vu Huy Hoang’s decision for the appointment of Thanh who was earlier Chairman of PetroVietnam Construction JSC (PVC) from 2007 to 2013. The firm was later found to have made total losses of USD150 million between 2009 and 2013 under Thanh’s management. Since September 2016, Thanh has been wanted internationally.
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