Nguyen Hung Cuong, the newly appointed chairman of DIC Group, has confirmed that the company is collaborating with the Ministry of Construction to investigate and address administrative violations uncovered during a government audit. The audit, concluded on August 27th, focused on the privatization and state disinvestment process of the company, formerly known as the Investment and Development – Construction Company. The audit revealed that DIC failed to properly assess the value of its assets, including land, resulting in a fine of over 2.46 billion dong. The company has also been instructed to re-evaluate the value of its land assets, particularly the Dai Phuoc eco-tourism project, which was improperly assessed during the privatization process. This issue involved the use of a flawed valuation method by Vivaco, a valuation consulting firm, which resulted in an underestimated value of the company’s land assets. Despite these violations, the audit found that the state disinvestment process at DIC Group was ultimately successful, leading to an increase in the company’s capital, assets, and dividend payouts.
Leave a comment
Leave a comment