Vietnam begins trial on state oil firm’s investment loss

Tuesday, 2018-03-20 03:48:50
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Former PVN chairman Dinh La Thang
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NDO - The People’s Court of Hanoi commenced the trial of Dinh La Thang on March 19, who is accused of causing a loss of VND800 billion (US$35.2 million) for the state-owned oil and gas group PVN.

Thang, a former Politburo member and PVN chairman, was charged with economic mismanagement when making the investment in an ailing bank despite being well aware of its poor performance.

In addition to Thang, PVN deputy general director Nguyen Xuan Son and four board members also face charges of deliberate violation of State economic management regulations, leading to serious consequences.

According to court documents, Thang was the biggest culprit for the investment loss as he signed an agreement with Oceanbank’s then chairman Ha Van Tham without informing the board of directors.

He also signed orders on additional investments in the lender without the approval of the Prime Minister and failed to comply with the Finance Ministry’s requirements.

The trial is expected to last for ten days.