EVN posts massive losses over non-core investments   Two EVN employees are seen in this illustration photo. Tuoi Tre The country’s power monopoly EVN has lavishly sunk money into sectors other than its core business of generating and distributing electricity only to gain steep losses, the State Inspectorate has concluded. As of the end of 2011, EVN had invested a total of VND121 trillion into the non-core businesses, while its registered capital was only VND77 trillion, according to the inspectorate report. With the non-core investment exceeding its capital by as many as VND45 trillion, EVN has violated the regulations set by the finance ministry. Ironically, the huge investments of EVN only brought it losses, with the total losses estimated at VND2.19 trillion (US$103.3 million) Moreover, seven subsidiaries wholly owned by EVN have also posted combined losses of VND3.64 trillion ($171.7 million) The inspectorate also discovered that EVN has invested trillions of dong into risky sectors including banking, insurance and securities. Many of EVN’s subsidiaries also violated investment rules and suffered huge losses. As for the infamous EVN Telecom, which had to be merged with Viettel last year, EVN had invested more than VND2.42 trillion into the loss-making company, and suffered a total loss of VND3 trillion. TUOITRENEWS