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Former PetroVietnam chairman sentenced 18 years in jail

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.”
Former PetroVietnam chairman sentenced 18 years in jail ảnh 1Dinh La Thang (second, right) and other defendants at the trail. (Source: VNA)

Hanoi (VNA) – The Hanoi People’s Court on March29 handed down an 18-year jail sentence to Dinh La Thang, former Chairman ofthe Member Council of the Vietnam Oil and Gas Group (PetroVietnam), for “deliberately violating State regulations on economicmanagement, causing severe consequences.”

With the same charge, one of Thang’saccomplices, Nguyen Xuan Son, former Deputy General Director of PetroVietnam, wassentenced to 30 months in prison.

Meanwhile, Vu Khanh Truong and Nguyen XuanThang, both former members of the Member Council of PetroVietnam, weresentenced to 5 years and 22 months in jail.

Nguyen Thanh Liem and Phan Dinh Duc, whoare 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 accountantand former head of the department of finance, accounting and auditing ofPetroVietnam, will spend seven years behind bars, for “deliberately violatingState regulations on economic management, causing severe consequences,” and 16years for “abusing positionsand powers to misappropriate Stateassets.”

Besides, the jury asked the defendants tocompensate 800 billion VND (35.2 million USD) for the losses they caused toPetroVietnam. Of the total, Dinh La Thang has to refund 600 billion VND (26.4million USD); Ninh Van Quynh, 100 billion VND (4.4 million USD); and Vu KhanhTruong, 40 billion VND (1.76 million USD). Each of the four other defendantshas to give back 15 billion VND (660,000 USD) to the State.

Ninh Van Quynh, who was found abusing hisposition and power to misappropriate 20 billion VND (880,000 USD) fromOceanBank, had previously refunded the amount.

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

From 2008 to 2011, Dinh La Thanginstructed and decided on PetroVietnam’s investment in OceanBank to become a shareholderof 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 thegroup’s capital totaling 800 billion VND to OceanBank.

Due to OceanBank’s poor capability and violations committed by Ha VanTham, former Chairman of OceanBank’s Board of Directors, the bank sufferedserious losses, leading to the loss of the whole 800 billion VND invested byPetroVietnam when the State Bank of Vietnam was forced to buy OceanBank at zeroVND.-VNA
VNA
# Hanoi People’s Court #Dinh La Thang #PetroVietnam #State regulations on economic management #Hong Viet Commercial Joint Stock Bank #Vietnam #VietnamPlus #Viet Nam News
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