Politics

Dinh La Thang prosecuted for unlawful PVN capital contribution to bank

Dinh La Thang prosecuted for unlawful PVN capital contribution to OceanBank

The Supreme People’s Procuracy has issued an indictment for its prosecution of Dinh La Thang and six accomplices accused of causing losses of 800 billion VND (35.2 million USD) of the Vietnam Oil and Gas Group PetroVietnam (PVN) as capital contribution to the Ocean Commercial Joint Stock Bank (OceanBank)
Dinh La Thang prosecuted for unlawful PVN capital contribution to OceanBank ảnh 1Dinh La Thang, former Chairman of the Member Council of PetroVietnam (Photo VNA)

Hanoi (VNA) – The Supreme People’sProcuracy has issued an indictment for its prosecution of Dinh La Thang and sixaccomplices accused of causing losses of 800 billion VND (35.2 million USD) ofthe Vietnam Oil and Gas Group PetroVietnam (PVN) as capital contribution to theOcean Commercial Joint Stock Bank (OceanBank)

The agency tasked the Hanoi People’s Procuracyto prosecute the case.

The defendants are Dinh La Thang (formerChairman of the Member Council of PetroVietnam), Ninh Van Quynh (former chiefaccountant and former head of the department of finance, accounting andauditing of PVN), Nguyen Xuan Son (former Deputy General Director of PVN), andformer members of the PVN Member Council, namely Vu Khanh Truong, Nguyen XuanThang, Nguyen Thanh Liem, and Phan Dinh Duc.

They were charged with “deliberately violatingState regulations on economic management, causing severe consequences” in linewith clause 3 of Article 165 of the 1999 Penal Code, violating State regulationson financial management and abusing positions and powers to misappropriateState assets, causing losses of 800 million VND (35.2 million USD) to PVN and itsshareholders.

Thang is accused of signing a capitalcontribution agreement No. 6934 dated September 18, 2008 with Ha Van Tham(former Chairman of the Board of Directors of the OceanBank) despite the bank'spoor performance and without approval from PVN’s board. 

He also allegedly signed resolutions tocontribute and supplement capital without the Prime Minister’s approval as wellas not following the requirements of the Ministry of Finance to ensure allnecessary conditions on capital contribution.

Thang is also accused of infringing clause 2 ofArticle 55 of the 2010 Law on Credit Institutions, which stipulates that an institutionalshareholder may not own more than 15 percent of the charter capital of a creditinstitution, except in some cases. 

His violations enabled other defendants,including Nguyen Xuan Thang, Nguyen Thanh Liem, Vu Khanh Truong, Nguyen XuanSon and Ninh Van Quynh to continue with illegal capital contributions of 100billion VND (4.4 million USD) to OceanBank, per the indictment.

As a result, PVN lost 800 billion VND while theState Bank of Vietnam (SBV) acquired loss-making OceanBank.-VNA
VNA
#Supreme People’s Procuracy#ssued an indictment for its prosecution of Dinh La Thang and six accomplices#causing losses of 800 billion VND#Vietnam Oil and Gas Group PetroVietnam (PVN)#capital contribution#Ocean Commercial Joint Stock Bank (OceanBank)#deliberately violating State regulations on economic management#causing severe consequences#misappropriate State assets
Follow VietnamPlus

Related News

Former PVN official Dinh La Thang arrested

Former PVN official Dinh La Thang arrested

The Investigation Police Department under the Ministry of Public Security on December 8 issued a decision to arrest and start legal proceedings against Dinh La Thang, former Chairman of the Member Council of PetroVietnam (PVN).
Anti-corruption moves receive society’s compliments

Anti-corruption moves receive society’s compliments

The arrest of Dinh La Thang, former Chairman of the Member Council of PetroVietnam (PVN) drew public attention, with widespread support for the anti-corruption efforts of the Party and its General Secretary Nguyen Phu Trong.

See more

Illustrative image (Photo: VNA)

PM meets with Kazakh, Turkmen, Ethiopian leaders

Vietnamese Prime Minister Pham Minh Chinh had brief meetings with President of Kazakhstan Kassym-Jomart Tokayev, President of Turkmenistan Serdar Berdimuhamedow, and Prime Minister of Ethiopia Abiy Ahmed on the sidelines of the expanded BRICS Summit in Kazan city of Russia on October 23 evening (local time).

The seminar brings together Vietnamese researchers in Russia, young scientists of Vietnam and China, and experts from other specialised fields. (Photo: VNA)

Seminar spotlights Vietnam studies in Russia

An international seminar titled "Current issues in Vietnam studies” took place at the Centre for Vietnam and ASEAN Studies (CVAS) of the Institute of China and Contemporary Asia under the Russian Academy of Sciences on October 23.

PM meets with Chinese top leader on sidelines of BRICS+ Summit

PM meets with Chinese top leader on sidelines of BRICS+ Summit

Vietnamese Prime Minister Pham Minh Chinh had a meeting with General Secretary of the Communist Party of China Central Committee and President of China Xi Jinping on the sidelines of the expanded BRICS Summit in Kazan, Russia, on October 23 (local time).

Vietnamese Prime Minister Pham Minh Chinh (L) meets with Turkish President Recep Tayyip Erdogan in Kazan on October 23 evening (local time). (Photo: VNA)

Vietnamese PM meets with Turkish President in Russia

Vietnamese Prime Minister Pham Minh Chinh had a meeting with Turkish President Recep Tayyip Erdogan in Kazan on October 23 evening (local time) within the framework of his trip to Russia for attendance at the expanded BRICS Summit.

Prime Minister Pham Minh Chinh (R) and Lao Party General Secretary and State President Thongloun Sisoulith in Kazan, Russia, on October 23 when attending the expanded BRICS Summit. (Photo: VNA)

PM Pham Minh Chinh meets Lao top leader

Prime Minister Pham Minh Chinh met with Lao Party General Secretary and State President Thongloun Sisoulith in Kazan, Russia, on October 23 (local time), while there to attend the expanded BRICS Summit.

Deputy Minister of Justice Nguyen Thanh Tinh. (Photo: VNA)

Party leader’s article creates new vitality to building, perfection of rule-of-law socialist State: Official

Party General Secretary To Lam’s article entitled “Promoting Party characteristics in building a law-governed socialist State in Vietnam” brings a breath of fresh air and creates new vitality to the promotion of building and perfecting the Vietnamese rule-of-law socialist State of the people, by the people, and for the people in a faster and more effective manner, commended Deputy Minister of Justice Nguyen Thanh Tinh.

Prime Minister Pham Minh Chinh arrives in Kazan city of Russia (Photo: VNA)

PM arrives in Kazan, starting trip to attend BRICS Summit

Prime Minister Pham Minh Chinh and a high-ranking delegation of Vietnam arrived in Kazan city of Russia on October 23 morning local time), beginning his two-day trip to attend the expanded BRICS Summit, at the invitation of President Vladimir Putin, Chair of BRICS 2024.