Gia Lai Coffee Joint Stock Company headquarters in 2021 - Photo: HCĐ.
Gia Lai Provincial Inspectorate has just announced a decision on a comprehensive inspection of Gia Lai Coffee One Member Co., Ltd. (now Gia Lai Coffee Joint Stock Company).
Accordingly, within 45 days from the date of announcement of the decision (June 2, 2025), the interdisciplinary inspection team consisting of members of the Provincial Inspectorate, the Department of Finance, and the Department of Agriculture and Environment will conduct a comprehensive inspection of this enterprise in the period from 2016 to present; if necessary, the scope of inspection in the previous period will be expanded.
The inspection team will focus on clarifying the order, procedures, legal basis and process of directing and managing the equitization; the development and approval of land use plans, equitization plans and other related contents.
One of the notable contents is to review the existing problems in the equitization process related to prolonged complaints of employees and contractors, if any. The inspection team will examine the management and use of land funds after equitization; especially the settlement of benefits for households that receive production land contracts from the company.
In 2015, Gia Lai Coffee One Member Co., Ltd. was included in the restructuring plan from a 100% state-owned agricultural company to a joint stock company, in which the State does not hold controlling shares or does not hold shares. Gia Lai province then established an Equitization Steering Committee to implement the plan, but during the implementation process, many signs of violations appeared.
In 2024, Gia Lai Provincial Inspectorate conducted an inspection and review of the company's equitization process under the direction of the Provincial People's Committee. The inspection results showed that the enterprise had incorrectly determined the value during equitization, causing a loss of nearly VND 27 billion in state capital.
Specifically, according to the equitization plan approved by the Prime Minister , Gia Lai Coffee One Member Co., Ltd. must evaluate its assets in a transparent and complete manner; however, the consulting unit valued the garden at VND92.4 billion, while the appraisal result of the Department of Agriculture and Rural Development was VND99.9 billion, a difference of VND7.5 billion.
More importantly, the initial state capital investment in the garden was 100%, but the consulting unit and the Steering Committee for Equitization calculated it to be only 68 - 79%, causing serious damage to the budget.
According to the provincial Inspectorate, the incorrect valuation caused a loss of nearly VND27 billion to the state budget. Responsibility was determined to belong to Mr. Vo Ngoc Hieu - Chairman and Director of the company; Dong A Valuation Joint Stock Company; the Equitization Steering Committee and related agencies.
In addition, during the asset inventory process, the company did not include windbreak trees and forest belt trees in the coffee garden in the calculation, which are valuable assets and belong to the state, leading to the risk of loss of public assets.
Mr. Tran Huu Duc, Chief Inspector of Gia Lai Province, said that this inspection not only aims to review the entire equitization and land use process of the company, but also to specify the direction of the Prime Minister and the Chairman of the Provincial People's Committee on assigning a comprehensive inspection of the equitization of Gia Lai Coffee One Member Co., Ltd. and the use of land after equitization, resolving the rights of about 200 households receiving contracts according to the provisions of Document No. 1338/UBND-BTCD dated May 26, 2025. Thereby, the responsibilities of each related organization and individual will be clearly identified and handling measures will be proposed if violations are detected.
The inspection team will work within the time limit prescribed by law and report the results to the Provincial People's Committee. These results will be an important basis for handling violations, protecting public property and the legitimate rights of households contracted by the company.
Source: https://tuoitre.vn/thanh-tra-toan-dien-cong-ty-mot-thanh-vien-ca-phe-gia-lai-20250603192441762.htm
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