03:18 (GMT +7) - Saturday 04/07/2020

Vietnam Today

Hanoi People's Procuracy recommends sentences in PetroVietnam case

Released at: 14:13, 23/03/2018

Hanoi People's Procuracy recommends sentences in PetroVietnam case

Dinh La Thang (front, first from right) and 6 other defendants (standing) on trial at the Hanoi People’s Court since March 19 (Photo: VNA)

Defendants on trail at Hanoi People's Court since March 19.

by Van Chi

The Hanoi People’s Procuracy has proposed Dinh La Thang, former Chairman of the Vietnam National Oil and Gas Group (PetroVietnam), be sentenced to a term of 18 to 19 years behind bars for wrongdoings in the Group’s investment of VND800 billion ($35 million) in the Ocean Commercial Joint Stock Bank (OceanBank), the Vietnam News Agency reports.

Thang and six other defendants, all former senior officials at PetroVietnam, have been on trial at the Hanoi People’s Court since March 19 on charges of “deliberately violating State regulations on economic management causing serious consequences.” The Procuracy proposed the penalties on March 22.

It proposed that Ninh Van Quynh, former Chief Accountant and former head of the Department of Finance, Accounting and Auditing at PetroVietnam, and Vu Khanh Truong, former member of the Member Council at PetroVietnam, be sentenced to jail terms of 7 to 8 years.

Nguyen Xuan Son, former Deputy General Director of PetroVietnam, faces a term of 30 - 36 months, and Nguyen Xuan Thang, former member of the Member Council, a term of 24 - 30 months.

A non-custodial and re-education sentence of 24 - 30 months was proposed for Nguyen Thanh Liem and Phan Dinh Duc, former members of the Member Council.

Quynh also faces a term of 17 to 18 years in prison for abusing his position and power to misappropriate assets totaling VND20 billion ($877,000).

The Procuracy also asked the jury to ban the defendants from holding certain positions for five years after they complete their sentences.

According to the Procuracy, from September 2008, Dinh La Thang ordered and decided upon PetroVietnam’s investment in OceanBank, making PetroVietnam a strategic shareholder of the bank. The other defendants conducted the transfer of $35 million from PetroVietnam to the bank.

Due to OceanBank’s poor capacity and violations committed by its former Chairman Ha Van Tham, the bank incurred serious losses, including the $35 million from PetroVietnam.

The Procuracy said Thang was aware of OceanBank’s poor capacity and that PetroVietnam should have sought permission from the then Prime Minister prior to becoming its strategic shareholder. Thang, however, directed his underlings to commit violations before reporting to the Prime Minister and relevant agencies.

The defendants’ intentional infringement of State regulations on economic management was particularly dangerous for society. It not only caused losses of $35 million to the State but also violated the management of State assets, damaged the prestige of State cadres, and affected people’s trust in State-owned enterprises.

As VET reported earlier, Dinh La Thang, a former political “star”, was sentenced by the Hanoi People’s Court to 13 years behind bars on January 22 for other economic management violations at the oil and gas giant.

User comment (0)

Send comment