VietNamNet Bridge – Officers of the Ministry of Public Security joined police in Tien Giang province in their investigation of media accusations that the privatization of Tien Giang Tourism JSC was carried out improperly.

Thoi Son tourist site, which is managed by Tien Giang Tourism JS Company.

Tuoi Tre and other newspapers have reported evidence suggesting the company’s takeover by Viet Kieu businessman Hoang Kieu was the result of collusion. Tien Giang Tourism controls several hotels and other prime real estate in and near My Tho City.

The Tien Giang police told Tuoi Tre that they are investigating the case at the instruction of the anti-corruption board in this upper Delta province. Initial investigation shows that the media had the facts right.

The local police are assessing the asset value of Tien Giang Tourism before Kieu acquired control in two rounds of stock auctions and seeking to establish whether the Government’s sale of the state shares in this firm was illegal or not.

In addition, police are verifying the purchase of other real estate by Hoang Kieu during 2009-2010 (the same period that he and his family aquired Tien Giang Tourism JSC). Reportedly at least five other pieces of land worth tens of billions of dong (millions of US dollars) in My Tho are now registered in the name of Kieu’s 21-year-old son, who is studying at a university in HCM City.

Source: Tuoi Tre