16:46 (GMT +7) - Monday 17/06/2019

Vietnam Today

Former Vietsovpetro officials prosecuted

Released at: 08:01, 06/01/2019

Former Vietsovpetro officials prosecuted

Vietsovpetro's former General Director Tu Thanh Nghia (R) and former chief accountant Vo Quang Huy (Photo: danviet.vn)

Two former officials charged with appropriating more than half a million dollars.

by Long Van

The Supreme People’s Procuracy has prosecuted Tu Thanh Nghia, former General Director of the Vietnam-Russia oil and gas joint venture Vietsovpetro, for “abusing position and power to appropriate assets”, according to a report from the Vietnam News Agency.

Aside from Nghia (born in 1962), Vo Quang Huy (born in 1961), former chief accountant of the company, also faces the same charge, which is under Article 355 of the 2015 Penal Code.

According to the indictment, quoted by the news agency, Vietsovpetro began using the payment account services of and had some fixed-term deposit contracts with the Ocean Commercial Joint Stock Bank (OceanBank) in 2008.

By 2009, it had had many fixed-term deposit contracts and often maintained a large payment account balance at the OceanBank branch in southern Vung Tau city. This was in line with the direction of the Vietnam National Oil and Gas Group (PetroVietnam), which represents the Vietnamese Government in contributing 51 per cent (or $765 million) of Vietsovpetro’s charter capital, regarding the prioritization of using OceanBank’s financial services, to which PetroVietnam contributed 20 per cent of the charter capital.

Meanwhile, then Chairman of the Board of Directors at OceanBank Ha Van Tham ordered that extra interest, which was not stated in contracts, be paid to all clients who had deposited money at the bank.

From 2013 to 2014, then Director General of OceanBank Nguyen Minh Thu received money sent from the OceanBank headquarters through other people’s accounts at the Vung Tau and Ho Chi Minh City branches to pay the extra interest to Tu Thanh Nghia and Vo Quang Huy.

The news agency quoted the Supreme People’s Procuracy as saying that the then leaders of Vietsovpetro, Nghia and Huy, decided to deposit the business’s money at OceanBank and received money from Thu. While Huy received and appropriated VND6.7 billion ($288,900) and $130,000, Nghia took VND1.5 billion ($64,680) and $30,000.

The procuracy said there is sufficient basis for proving that Nghia and Huy abused their positions and power to appropriate assets.

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