Former PetroVietnam chairman sentenced 18 years in jail

Thursday, 2018-03-29 13:54:05
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Dinh La Thang
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NDO/VNA – The Hanoi People’s Court on March 29 handed down an 18-year jail sentence to Dinh La Thang, former Chairman of the Member Council of the Vietnam Oil and Gas Group (PetroVietnam), for “deliberately violating State regulations on economic management, causing severe consequences.”

With the same charge, one of Thang’s accomplices, Nguyen Xuan Son, former Deputy General Director of PetroVietnam, was sentenced to 30 months in prison.

Meanwhile, Vu Khanh Truong and Nguyen Xuan Thang, both former members of the Member Council of PetroVietnam, were sentenced to 5 years and 22 months in jail.

Nguyen Thanh Liem and Phan Dinh Duc, who are also former members of the PetroVietnam Member Council, received non-custodial re-education periods of 20 months and 15 months, respectively, for the charge.

Ninh Van Quynh, former chief accountant and former head of the department of finance, accounting and auditing of PetroVietnam, will spend seven years behind bars, for “deliberately violating State regulations on economic management, causing severe consequences,” and 16 years for “abusing positions and powers to misappropriate State assets.”

Besides, the jury asked the defendants to compensate VND800 billion (US$35.2 million) for the losses they caused to PetroVietnam. Of the total, Dinh La Thang has to refund VND600 billion (US$26.4 million); Ninh Van Quynh, VND100 billion (US$4.4 million); and Vu Khanh Truong, VND40 billion (US$1.76 million). Each of the four other defendants has to give back VND15 billion (US$660,000) to the State.

Ninh Van Quynh, who was found abusing his position and power to misappropriate VND20 billion (US$880,000) from OceanBank, had previously refunded the amount.

In 2008, after failing to establish Hong Viet Commercial Joint Stock Bank, PetroVietnam decided to invest in OceanBank.

From 2008 to 2011, Dinh La Thang instructed and decided on PetroVietnam’s investment in OceanBank to become a shareholder of the bank.

Under his instruction, Vu Khanh Truong, Nguyen Thanh Liem, Nguyen Xuan Thang, Phan Dinh Duc, Nguyen Xuan Son and Ninh Van Quynh carried out three contributions of the group’s capital totaling VND800 billion to OceanBank.

Due to OceanBank’s poor capability and violations committed by Ha Van Tham, former Chairman of OceanBank’s Board of Directors, the bank suffered serious losses, leading to the loss of the whole VND800 billion invested by PetroVietnam when the State Bank of Vietnam was forced to buy OceanBank at zero VND.