“It was against the State Budget Law,” said Le Hoang Quan, deputy head of the State Audit of Vietnam.

As a 100 percent foreign-owned company, VWS must use its own capital, according to the auditors who on Wednesday wrapped up audits of state funds assigned to the environmental sector between 2006-2008.

They proposed that the HCMC People’s Committee take action in the Da Phuoc case.

Opened in November 2007, the complex is worth around $100 million and covers an area of 140 hectares in the Da Phuoc Commune, Binh Chanh District.

During the inspections, auditors also found other misuse of government funds, including unpaid environmental protection fees.

Also unearthed was the fact that in December 2003 the department had received nearly VND11 billion ($595,238) in compensation from an oil spill without reporting the money to the government, auditors said.

The department instead deposited the money and enjoyed interest payouts worth a total of VND1.56 billion ($84,415) as of last December, according to the audits.

Source: Tuoi Tre