Vu Dinh Duy (Source: tuoitre.vn)
 
Hanoi (VNA) – The Ministry of Public Security’s Investigation Police Agency on June 26 issued a national warrant for Vu Dinh Duy, former General Director of Petrovietnam Petrochemical and Textile Fiber Joint Stock Company (PVTEX), for alleged crimes related to economic management.

Duy was prosecuted for deliberately violating State regulations on economic management causing serious losses at PVTEX in accordance with Article 165 of the Penal Code.

Prior to the prosecution, Duy fled from his residence on October 22, 2016.

The warrant stipulates that all citizens have the right to arrest and escort Duy to the nearest police station, Procuracy or People’s Committee.

On June 20, the Investigation Police Agency decided to prosecute the criminal case of deliberately violating State regulations on economic management, causing serious losses at PVTEX and Kinh Bac Petroleum Construction and Investment Joint Stock Company (PVC.KBC) and relevant units in accordance with Article 165 of the Penal Code.

The Investigation Police Agency also began legal proceedings against Duy and four others, including Tran Trung Chi Hieu, former Chairman of the Board of Directors of PVTEX; Vu Phuong Nam, Chief Accountant of PVTEX; Dao Ngo Hoang, former chief of the contract trade division of PVTEX; and Do Van Hong, Chairman of the Board of Directors and General Director of Kinh Bac Petroleum Construction and Investment Joint Stock Company.
 

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According Tuoi tre (Youth) newspaper, Duy led PVTEX, the operator of a 325 million USD Dinh Vu yarn making plant in Hai Phong city between 2009 and 2014. Under his leadership, the plant failed to turn a profit and incurred massive losses.

By the end of 2014, PVTEX had accumulated 1.08 trillion VND (47.5 million USD) in losses. Deficits increased to 1.73 trillion VND (76.1 million USD) as of March 31, 2015 when the plant had only managed to sell 23,000 out of the 32,000 metric tons of yarn it produced.

Following his poor leadership between 2009 and 2014 that put the plant on verge of bankruptcy, Duy was demoted to deputy general director, and later transferred to the Hai Phong Department of Industry and Trade, where he was appointed deputy director.

Duy was later appointed deputy head of the agency in charge of industrial and environmental safety under the Ministry of Industry and Trade by then Minister Vu Huy Hoang. After spending a short time at the agency, he was again transferred, this time to the Vietnam National Chemical Group.-VNA