Mobifone-AVG acquisition deal asked to be handled swiftly

The Secretariat has ordered the relevant agencies to quickly resolve a case in which the state-owned mobile carrier Mobifone acquired a 95% stake in AVG, operator of the An Vien pay TV service.

Mobifone-AVG acquisition deal asked to be handled swiftly

The request was made after a meeting of the Secretariat on March 8 to hear the Government Inspectorate’s report on the results of an inspection of the deal.

The probe into the Mobifone-AVG deal began in September last year following reports of irregularities.

Mobifone announced in January 2016 that it had purchased a 95% stake in the struggling TV operator without disclosing the value of the deal.

It was later revealed that Mobifone spent nearly 8.890 trillion (over US$390 million) on the purchase, significantly higher than the market value of AVG.

The Secretariat concluded that this is a very serious case which has received a great deal of public attention and asked the Government Inspectorate to swiftly publicise the inspection results.

Meanwhile, other agencies were requested to quickly work on the case and deliver the appropriate punishments to violators and recover lost State assets.