Khaisilk violations to draw strict punishment

12:06 | 09/01/2018
Hoang Khai, Khaisilk’s chairman of the board of directors, will be strictly punished due to his company’s violations and fraudulent trading practices.
Khaisilk's violations date back to 20 years

This was announced by Deputy Prime Minister Truong Hoa Binh, who is the head of the National Steering Committee on Combating Smuggling, Commercial Fraud and Counterfeit Goods.

Accordingly, based on the Ministry of Industry and Trade (MoIT)’s report on dealing with Khaisilk’s violations, the deputy prime minister assigned the Ministry of Public Security, MoIT, the Ministry of Finance, and relevant authorities to strictly handle these violations.

According to regulations, Hoang Khai, chairman of the Board of Directors of Khaisilk JSC who holds 99 per cent of the company, is facing a sentence of six months to five years of imprisonment, while the highest punishment for these violations may reach up to 15 years.

Regarding the response of the authorities, Nguyen Dac Loc, deputy head of the Market Management Department of Hanoi, issued the decision to discipline two of its market management staff for their oversight of Khaisilk’s fraudulent trading practices.

However, National Assembly (NA) deputies representing protesting citizens proposed the government to prosecute the responsible authorities.

According to NA deputy Tran Thi Quoc Khanh, this incident is serious because Khaisilk had been cheating customers during the past 20 years, thus, the leaders of authorities should also bear a measure of responsibility. The government needs to investigate responsibility at MoIT, the Department of Marketing Management, as well as the people’s committees of Hanoi and Ho Chi Minh City.

NA Deputy Duong Trung Quoc said that the violation was found by consumers instead of management authorities, showing a long period of oversight by local authorities in controlling the operation of firms.

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MoIT initiates probe into Khaisilk fraud

By By Ha Vy

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