Former PetroVietnam chairman sentenced 18 years in jail

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

Ninh Van Quynh, who was found abusing his position and power to misappropriate 20 billion VND (880,000 USD) 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 800 billion VND 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 800 billion VND invested by PetroVietnam when the State Bank of Vietnam was forced to buy OceanBank at zero VND.-VNA