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The infamous project remains stalled, and TISCO's profits plummet.
In the second quarter of 2022, TISCO's net revenue decreased by 10%, and its net profit fell by as much as 90%.
Proposal to uphold the sentence for the former General Director of Thai Nguyen Steel Company.
Considering that Tran Trong Mung played a key role in the irregularities at the Thai Nguyen Steel Plant project, causing enormous losses, the People's Procuracy proposed upholding the 9-year and 6-month prison sentence.
Former TISCO Chief Accountant requests postponement of trial due to lawyer being in medical quarantine.
Defendant Do Xuan Hoa (former Chief Accountant of TISCO) stated that his defense lawyer is currently in medical quarantine, and therefore requested a postponement of the appeal hearing.
Appeals trial of former General Director of Thai Nguyen Iron and Steel Company and accomplices.
Twelve defendants in the case of irregularities at Thai Nguyen Iron and Steel Company have appealed, requesting reduced sentences, exemption from criminal liability, and exemption from civil compensation.
Next week, the appeal trial of the former General Director of Thai Nguyen Iron and Steel Company and his accomplices will take place.
The Hanoi High Court has decided to hear the appeals of 12 defendants in the Thai Nguyen Steel and Iron case on November 9th.
TISCO II remains idle but continues to incur hundreds of billions of dong in costs.
The future of TISCO II remains a big question mark, but since the beginning of the year, this stalled project has already consumed more than 241 billion VND.
Thai Nguyen Iron and Steel Company requests permission to proceed with phase 2 of the project.
Phase 2 of the Thai Nguyen Iron and Steel Plant expansion project, with a projected total investment of 3.843 billion VND, was started in 2007 but has been delayed for 14 years.
Handling the Thai Nguyen Steel case: Recommendation to review violations by the Ministry of Industry and Trade.
The panel of judges requested that the Ministry of Industry and Trade and its subsidiary, the Vietnam Industrial Construction Corporation (VINAINCON), be held accountable in the TISCO case.
Sentencing in Thai Nguyen Steel Plant case: 19 defendants receive over 75 years in prison.
The Hanoi People's Court sentenced 19 defendants who caused losses of 830 billion VND at TISCO to a total of over 75 years in prison and ordered them to pay 830 billion VND in compensation.
The court sentenced 19 defendants for causing a loss of 830 billion VND in the Thai Nguyen Steel Plant project.
Today, the Hanoi People's Court will pronounce sentences on 19 defendants in the case involving the embezzlement of 830 billion VND at Thai Nguyen Iron and Steel Joint Stock Company.
Former Chairman of Vietnam Steel Corporation apologizes to those working in the iron and steel industry.
Defendant Mai Van Tinh apologized to his colleagues and hoped the court would consider mitigating the sentences for the other defendants because they all tried to follow the instructions of the competent authorities.
Trial of the major Thai Nguyen Steel and Iron case: 72-year-old defendant claims serious illness, asks for leniency.
Despite the prosecution maintaining its indictment, defendant Tran Trong Mung requested the panel of judges to consider applying mitigating circumstances, as he is 72 years old and suffers from several serious illnesses.
Former Chairman of Vietnam Steel Corporation: A 6-7 year prison sentence is a bit harsh.
Defendant Mai Van Tinh requested to accept partial responsibility in the Thai Nguyen Steel Plant project, but argued that the prosecutor's proposed sentence of 6-7 years imprisonment was somewhat harsh.
Thai Nguyen Steel and Iron Case: Lawyers propose reviewing the Ministry of Industry and Trade's responsibility.
The defense lawyer for defendant Tran Trong Mung argued that the Ministry of Industry and Trade should be held accountable for recommending a subcontractor that lacked the necessary capabilities.
Thai Nguyen Steel Plant mega-case: Request to review the calculation of the 830 billion VND in damages.
In court, some defendants requested the panel of judges to review the investigative agency's calculation of the 830 billion VND in damages in the case involving the Thai Nguyen Steel Plant project.
TISCO shares surged on the day a series of former executives went on trial.
TISCO's TIS stock rose 2,91% to 10.600 VND on a trading day that saw the VN-Index surge nearly 21 points.
What were the 19 defendants accused of wrongdoing in the Thai Nguyen Steel Plant project?
In the irregularities that occurred at the Thai Nguyen Steel Plant project, 19 defendants were prosecuted by the Supreme People's Procuratorate with two groups of charges.
Thai Nguyen Steel and Iron Complex Case: Vinaincon Wins Bid Despite Lacking Competence
According to the indictment, Vinaincon was selected as a subcontractor in the TISCO 2 project despite lacking the necessary qualifications; this increased the total investment cost of the project.
Nineteen defendants prosecuted for causing losses exceeding 830 billion VND at Thai Nguyen Steel Plant.
Nineteen defendants have been prosecuted for numerous violations that occurred during the implementation of the second phase of the Thai Nguyen Iron and Steel Company's production expansion project, causing losses exceeding 830 billion VND.
How did the former CEO of Thai Nguyen Iron and Steel Company cause losses of 830 billion VND?
In the Thai Nguyen Steel Plant case, Tran Trong Mung was the mastermind and leader, along with other defendants, in causing the loss and waste of state assets amounting to 830,253 billion VND.
The multi-billion dollar project with China: Failed to complete, and unsuccessful in the lawsuit.
Many stalled projects in the industry and trade sector are facing disputes and contractual issues with Chinese contractors, but are not being taken to court because they risk losing the case.
Experts offer solutions to rescue the large-scale Thai Nguyen Steel Plant project.
According to economic experts, the State needs to quickly divest its stake in the second phase expansion project of the Thai Nguyen Iron and Steel Plant (TISCO II).
Photos and videos: Former TISCO CEO's villa, dubbed the 'largest in Thai Nguyen,' faces legal troubles.
The private residence of former Chairman of the Board of Directors and General Director of Thai Nguyen Steel Corporation (TISCO), Tran Van Kham, is a five-story villa spanning thousands of square meters in Thai Nguyen City.
Aerial view from drone of the multi-billion dollar project stalled at Thai Nguyen Steel Plant.
The 8.100 billion VND investment for the second phase expansion project of Thai Nguyen Steel Plant has been stalled for many years with no clear restart date, and numerous components have been abandoned.
The Ministry of Finance analyzes irregularities at the Thai Nguyen iron and steel project.
Mr. Dang Quyet Tien, Director of the Department of Corporate Finance (Ministry of Finance), provided further information on the second phase expansion project of the Thai Nguyen Iron and Steel Plant.
The dilapidated state of the multi-billion dollar project has led to disciplinary action being considered against Mr. Hoang Trung Hai.
Numerous unfinished sections lie scattered, steel rusts, reeds and weeds grow rampant, and water stagnates... no one would recognize this as a project once worth trillions of dong.
The Thai Nguyen steel project, which has led to disciplinary action against a number of officials, is on the verge of bankruptcy.
Tisco's finances are in an extremely difficult situation, with the risk of a financial crisis leading to bankruptcy looming.
The steel industry is facing difficulties, leading to a decline in Tisco's profits.
Tisco's revenue and profit in the third quarter were recorded at VND 2.169 billion and VND 3,2 billion respectively, a decrease of 11% and 29% compared to the same period in 2018.
Thai Nguyen Steel Plant's 8.000 trillion VND project stalled: Super committee points to bottlenecks.
Contract issues with the EPC contractor MCC have left the Phase 2 expansion project of the Thai Nguyen Iron and Steel Plant unfinished for an extended period.
Thai Nguyen Steel Plant: Profits and revenue plummet.
Tisco's net revenue and after-tax profit for the first six months of the year decreased by 5,4% and 10,4% respectively compared to the same period in 2018.
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