Society

PVP Land asset embezzlement case brought to trial

The Hanoi People’s Court on January 24 opened the trial for Trinh Xuan Thanh, former Chairman of the Board of Directors of PetroVietnam Construction Corporation (PVC), and his accomplices accused of “asset embezzlement” at PetroVietnam Power Land JSC (PVP Land).
PVP Land asset embezzlement case brought to trial ảnh 1Trinh Xuan Thanh at the court (Source: VNA)
Hanoi (VNA) – The HanoiPeople’s Court on January 24 opened the trial for Trinh Xuan Thanh, formerChairman of the Board of Directors of PetroVietnam Construction Corporation (PVC),and his accomplices accused of “asset embezzlement” at PetroVietnam Power LandJSC (PVP Land).

Thanh’s accomplices include Dao Duy Phong, former Chairman of PVPLand’s Board of Directors; Nguyen Ngoc Sinh, former PVP Land General Director;Dinh Manh Thang, former Chairman of the Board of Directors of Song Da Oil andGas Investment and Commerce JSC; Thai Kieu Huong, former Deputy GeneralDirector of Vietsan Investment JSC; Le Hoa Binh, former Chairman of the Boardof Directors of 1/5 Construction and Services JSC and Minh Ngan JSC; Nguyen ThiKim Thoa, former chief accountant of the 1/5 Construction and Services JSC andMinh Ngan JSC; and Huynh Nguyen Quoc Duy, a self-employed trader.

Theywere prosecuted by the Supreme People’s Procuracy of Vietnam on charges of “assetembezzlement” in accordance with the 1999 Penal Code.

According to the indictment, in early 2010, Le Hoa Binh intended to buy all 9,584 sq.m of NamDan Plaza project of Trans-Pacific Services JSC in My Dinh commune, Hanoi, inwhich PVP Land held a 50.5 percent stake. 

On March 27, 2010, via Huynh Nguyen Quoc Duy asa broker, five stakeholders of Trans-Pacific Services JSC – parent company ofVietsan, signed a deposit contract to transfer 24 million shares worth almost500 billion VND (22.2 million USD) in total of Trans-Pacific Services JSC toBinh. 

Binh then signed contracts on share transferwith each stakeholder of the Trans-Pacific Services JSC with a price equivalentto 52 million VND per sq.m as the price in the deposit contract. But, contractNo.66/2010/PVPL-MN on April 2, 2010 of PVP Land on the transfer of 12.12million shares signed by Nguyen Ngoc Sinh showed a price equivalent to 34million VND per sq.m, leading to a differential sum of more than 87 billion VND(3.86 million USD). 

Of the money, Trinh Xuan Thanh pocketed 14billion VND; Dinh Mang Thang, 5 billion VND; Dao Duy Phong, 8 billion VND;Nguyen Ngoc Sinh, 2 billion VND; and Dang Si Hung, chief of PVP Land economicand planning division, 20 billion VND.

The defendants received a total of 49 billionVND from the deal.

Due to Hung’s death during the investigation,the Supreme People’s Procuracy decided to cancel the investigation againsthim. 

Le Hoa Binh was absent at the trial due to health problems.

As many as 16 lawyers registered to representthe defendants, six of which will defend Thanh.

The trial is scheduled to last for two weeks. - VNA
VNA
#Hanoi People’s Court #asset embezzlement #PetroVietnam Power Land JSC #PetroVietnam Construction Corporation #1999 Penal Code #Vietnam #VietnamPlus #Viet Nam News
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