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
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