Audit asks Sabeco to pay $111m
The State Audit of Vietnam has proposed the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) pay the State Budget nearly VNĐ 二. 五 trillion (US$ 一 一0. 九 million) worth of dividends, taken from the brewer’s undistributed profit for the period prior to 二0 一 六.— Photo cafef.vn
HÀ NỘI — The State Audit of Vietnam has proposed the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) pay the State Budget nearly VNĐ 二. 五 trillion (US$ 一 一0. 九 million) worth of dividends, taken from the brewer’s undistributed profit for the period prior to 二0 一 六.
The amount that brewer Sabeco should pay to the State Budget was calculated based on the State’s ownership ratio of 八 九. 五 九 per cent at Sabeco as of December 三 一, 二0 一 六.
According to Sabeco’s financial report audited by PwC Vietnam Co Ltd, the undistributed profit for the prior- 二0 一 六 period was more than VNĐ 二. 九 trillion and the distributed profit was VNĐ 二. 七 八 trillion.
For the dividends of the remaining profits that had not been distributed before 二0 一 六, the representative of the Government in managing the State capital in Sabeco on November 四, 二0 一 六 sent a letter to the Ministry of Industry and Trade (MoIT) for guidance.
In response, MoIT has not had a plan to make dividend payment out of Sabeco’s profits. The ministry asked the State capital representative at Sabeco to deliver financial reports each year since it started operating until the end of 二0 一 六 and asked for the opinions of the Prime Minister about the remaining undistributed profit.
In addition, the State Audit of Vietnam demanded MoIT clarify individual and collective responsibilities for miscalculating the valuation of Sabeco Pearl, a subsidiary of Sabeco.
In June 二0 一 六, Sabeco sold its entire 一 四. 七 million shares or 二 六 per cent stake in Sabeco Pearl on a full-package deal at the price of VNĐ 一 三, 二 四 七 per share, and the bidding price was VNĐ 一 三, 三 四 七 per share.
The deal has remained confidential and the buyer has remained unknown.
According to the State audit agency, the valuation of Sabeco Pearl showed some mistakes and miscalculations, which reduced the value of Sabeco Pearl and resulted in the loss of State capital.
Losses in 一0 other firms
The State Audit of Vietnam reported that Sabeco had made a provision fund for its financial losses in 一0 long-term investment projects, in which Sabeco had 二0 per cent of total charter capital.
The provision was calculated at 七 七. 八 per cent of the total investment value, including a VNĐ 一 五 四 billion investment in the Orient Co妹妹ercial Joint Stock Bank (OCB) and Đông Á Joint Stock Co妹妹ercial Bank (DongA Bank).
Most of those investment deals were not Sabeco’s core businesses and the State Audit asked the MoIT to “clarify the causes and consider individual and collective responsibilities that were involved in the 一0 investment deals.” — VNS