Le Tan Hung, 56, the dismissed CEO of Sagri, a wholly state-owned agro-forestry and fisheries company, is facing charges of "violations in the management and use of state-owned property that led to losses or wastefulness," the Ministry of Public Security said.

Police also conducted a search at his house and former office the same day.

Hung was suspended from his post as the company's CEO on June 13 and fired a week later, for committing "very serious" wrongdoings related to fnance, investment and land use while managing the company.

Inspectors said Hung illegally signed expenses of more than VND13 billion ($556,000) for Sagri employees’ overseas study trips.

State auditors also found three instances of misconduct by Sagri in renting land, making unauthorized investment collaboration and developing real estate on land allocated for agro-forestry-fishery production.

Hung is a younger brother of former Ho Chi Minh City's party chief Le Thanh Hai. If found guilty, he faces jail time of up to 20 years.