Bui Thanh Binh, the former General Director of the Vietnam Trung Mineral and Metallurgy Company (VTM), has been accused of receiving a staggering 78 billion VND in kickbacks, with 62.2 billion VND classified as bribes. The Ministry of Public Security has proposed to prosecute Binh on three charges: violating regulations on the management and use of state assets, accepting bribes, and negligence resulting in damage to state property.
Among the 30 defendants in the case, Lê Ngọc Hưng, the former Vice Chairman of the Lao Cai Provincial People's Committee, and Đỗ Trường Giang, the former Director of the Department of Industry and Trade of Lao Cai, are also facing charges of abusing their positions while performing their duties.
The Vietnam Trung Mineral and Metallurgy Company was established to undertake two projects: the Quy Xa iron ore mine and the Lao Cai iron and steel plant within the Tằng Lỏong industrial zone. However, due to delays and losses, VTM was classified as one of the 12 inefficient projects in the industry.
Following his appointment as the representative of the capital and director of VTM by the Vietnam Steel Corporation (VNS), Binh managed the company's production and business activities, particularly the sale of iron ore from the Quy Xa mine. Instead of selling at market prices, Binh conspired with representatives from various companies to reduce prices by 50,000 to 70,000 VND per ton, receiving off-the-books payments in return.
From 2015 to 2020, Binh signed 30 contracts to sell iron ore to 18 companies, executing 25 contracts with 16 companies and selling nearly 5.8 million tons of ore worth approximately 2.951 trillion VND. Investigations revealed that all of this ore was sold below market value, resulting in a loss of over 434.7 billion VND to state assets.
In addition to the iron ore dealings, Binh is also implicated in corrupt practices related to the purchase of coke. In 2015, he agreed to a scheme with leaders from Vietnam Phat and Trung Thanh Thai Nguyen companies to regularly supply coke to VTM, with promises of kickbacks ranging from 40,000 to 200,000 VND per ton. This led to the signing of 38 contracts for nearly 287,000 tons of coke, valued at over 2.020 trillion VND, with more than 25 billion VND in kickbacks paid to Binh.
Overall, Binh faces serious charges for accepting bribes and mismanaging state assets, with the investigation revealing a pattern of corruption that has significant implications for state resources.
