Thanh was arrested along with six others earlier this month and are now being investigated for failing to pay money into the fuel price stabilization fund in time, the police announced Saturday.
Thanh owned a 77.15% stake in the company while her son Chu Dang Khoa, the deputy CEO known for his diamond trading in Africa, held 22.77% as of 2023, according to a filing.
 |
|
Thien Minh Duc headquarters in Nghe An Province, central Vietnam. Photo by VnExpress/Duc Hung |
Thien Minh Duc, established in 2001, also has interests in real estate, marine transport and hospitality.
Over the course of two decades, as of 2022, its charter capital had increased 10-fold to VND2 trillion (US$79 million).
In 2019 it built the largest fuel storage facility in the central region in Nghe An Province at a cost of VND1.4 trillion.
By 2022 it had a distribution network comprising 100 DKC Petro gas stations.
It had other storage facilities across the country and also operated ports.
But it is no longer a player in the fuel market, Nguyen Thi Hien, deputy director of the Ministry of Industry and Trade’s domestic market department, told VnExpress.
“Thien Minh Duc gradually lost market share over the years to other rising competitors.”
The arrest of its chairwoman and other company executives therefore did not impact the fuel market in the central region, with other companies quickly stepping in to meet demand, she added.
Since 2023 the company has been accused of various violations.
It was among seven companies found to have misused the fuel price stabilization fund set up by the government to prevent any rapid rise or fall in retail prices.
Government inspectors discovered they did not pay their share to the fund immediately, instead keeping the cash in their accounts for long before paying.
Thien Minh Duc has been fined three times for its violations. In August 2024 the company was once again fined, this time for failing to meeting fuel distribution standards.
It was also banned from importing and exporting fuel for 45 days in April 2024 for other violations. Government inspectors have reported that Thien Minh Duc often filed inaccurate tax returns.
Between 2018 and 2021 the company’s environmental tax liability increased by nearly VND3.3 trillion following the investigation.
The company loaned nearly VND7.5 trillion to Thanh and Khoa. By the time of the investigation they still owed the company VND1.4 trillion. In December 2023 Thanh was prohibited from leaving the country due to tax debts.
