Moguls arrested for alleged losses to state assets

By Pham Du, Quoc Thang   January 16, 2024 | 06:43 am PT
Nguyen Cong Khe and Nguyen Quang Thong, previous editors-in-chief of Thanh Nien Newspaper, one of the biggest in Vietnam, have been detained for allegedly causing losses to state assets in a real estate deal.
The police delivers the prosecution decision to Khe. Photo courtesy of investigators

The police delivers the decision to arrest Nguyen Cong Khe (2nd, L). Photo courtesy the police

Lieutenant General To An Xo, spokesperson for the Ministry of Public Security, said Tuesday that the Investigation Security Agency at the Ho Chi Minh City Department of Public Security had detained Khe and Thong for alleged violations in managing and using state assets, which reportedly led to losses and wastage.

Khe is also the chairman of the board of directors of Thanh Nien Media Corporation Joint Stock Company.

Investigators allege that Khe and Thong committed violations in the development of an office building, commercial center, and luxury apartment project located at 151-155 Ben Van Don street, Ward 6, District 4, in Ho Chi Minh City.

The police delivers the prosecution decision to Thong. Photo courtesy of investigators

The police announces the decision to arrest Nguyen Quang Thong (4th, L). Photo courtesy of the police

According to the authorities, Thanh Nien Newspaper was granted permission to purchase land from the Saigon Tobacco Factory to construct its headquarters on Jan. 10, 2008, when Khe was the editor-in-chief. He made a cooperative contract involving Thanh Nien Newspaper, Thanh Nien Media Corporation, and another company to establish the Thanh Nien Real Estate Joint Stock Company. Thanh Nien Newspaper contributed its land use rights as part of the real estate company’s capital.

The allegations against Khe and Thong now include improper conduct regarding the transfer of shares and termination of contracts. This malfeasance allegedly resulted in the land becoming entirely privately owned, thus causing a loss of state assets.

Khe, 70, held the role of editor-in-chief at Thanh Nien Newspaper beginning in 1988.

Thong succeeded Khe in the position in 2009 and served as editor-in-chief of Thanh Nien until 2021.

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