Trinh Xuan Thanh to stand trial in PVP Land asset embezzlement case
The Hanoi People’s Court has decided to bring Trinh Xuan Thanh and his accomplices to trial involved in “asset embezzlement” case at the PetroVietnam Power Land JSC (PVP Land) on January 24.
Trinh Xuan Thanh (Source: VNA) Hanoi (VNA) – The Hanoi People’s Court has decided to bring Trinh Xuan Thanh and his accomplices to trial involved in “asset embezzlement” case at the PetroVietnam Power Land JSC (PVP Land) on January 24.
The trial is expected to run till February 6, including on weekend days.
Eight defendants will be prosecuted on the charge of “asset embezzlement” in accordance with Article 278, clause 4, count a of the Criminal Code 1999.
They include Trinh Xuan Thanh, former Chairman of the Board of Directors of the PetroVietnam Construction Corporation (PVC); Dao Duy Phong, former Chairman of the PVP Land’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 and Gas Investment and Commerce JSC; Thai Kieu Huong, former Deputy General Director of Vietsan Investment JSC; Le Hoa Binh, former Chairman of the Board of Directors of 1/5 Construction and Services JSC and Minh Ngan JSC; Nguyen Thi Kim Thoa, former chief accountant of the 1/5 Construction and Services JSC and Minh Ngan JSC; and Huynh Nguyen Quoc Duy, a self-employeed trader.
According to the verdict of the Supreme People’s Court, in late 2009 and early 2010, the Vietnam National Oil and Gas Group (PetroVietnam) decided to put all real estate investment and trade companies under the watch of the PVC. At the same time, Le Hoa Binh wanted to buy Nam Dan Plaza project in which PVP Land held a 50.5 percent stake.
Via Duy as a broker, Binh and five stakeholders of Trans-Pacific Services JSC – parent company of Vietsan, signed a deposit contract to buy 24 million shares worth almost 500 billion VND (22.2 million USD) in total.
In order to buy the remaining shares, Thai Kieu Huong asked Dinh Manh Thang to connect with Trinh Xuan Thanh to discuss PVP Land’s divestment in Nam Dan Plaza project. Thanh later directed Dao Duy Phong arrange the deal.
Phong then signed a report for submission to PVC for approval of the sale of more than 12 million shares worth 13,578 VND each, equivalent to 34 million VND per sq.m in Nam Dan Plaza project, which was later agreed upon by Thanh.
A few days later, Binh transferred the shares to a shareholder of the Trans-Pacific Services JSC with a price equivalent to 52 million VND per sq.m, leading to differential sum of upwards 87 billion VND (3.86 million USD).
After Binh paid for half of the deal value, Huong asked him to send 14 billion VND as “kickback” to Thanh. Binh also sent 10 billion VND to Phong, 20 billion VND to chief of PVP Land economic division Dang Sy Hung, and 5 billion VND to Thang.
The defendants received a total of 49 billion VND from the deal.
Due to Hung’s death, the Supreme People’s Procuracy decided to cancel investigation against him.
As many as 16 lawyers registered to defend legitimate rights and interests of the defendants, six of them will defend Thanh.-VNA
The trial is expected to run till February 6, including on weekend days.
Eight defendants will be prosecuted on the charge of “asset embezzlement” in accordance with Article 278, clause 4, count a of the Criminal Code 1999.
They include Trinh Xuan Thanh, former Chairman of the Board of Directors of the PetroVietnam Construction Corporation (PVC); Dao Duy Phong, former Chairman of the PVP Land’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 and Gas Investment and Commerce JSC; Thai Kieu Huong, former Deputy General Director of Vietsan Investment JSC; Le Hoa Binh, former Chairman of the Board of Directors of 1/5 Construction and Services JSC and Minh Ngan JSC; Nguyen Thi Kim Thoa, former chief accountant of the 1/5 Construction and Services JSC and Minh Ngan JSC; and Huynh Nguyen Quoc Duy, a self-employeed trader.
According to the verdict of the Supreme People’s Court, in late 2009 and early 2010, the Vietnam National Oil and Gas Group (PetroVietnam) decided to put all real estate investment and trade companies under the watch of the PVC. At the same time, Le Hoa Binh wanted to buy Nam Dan Plaza project in which PVP Land held a 50.5 percent stake.
Via Duy as a broker, Binh and five stakeholders of Trans-Pacific Services JSC – parent company of Vietsan, signed a deposit contract to buy 24 million shares worth almost 500 billion VND (22.2 million USD) in total.
In order to buy the remaining shares, Thai Kieu Huong asked Dinh Manh Thang to connect with Trinh Xuan Thanh to discuss PVP Land’s divestment in Nam Dan Plaza project. Thanh later directed Dao Duy Phong arrange the deal.
Phong then signed a report for submission to PVC for approval of the sale of more than 12 million shares worth 13,578 VND each, equivalent to 34 million VND per sq.m in Nam Dan Plaza project, which was later agreed upon by Thanh.
A few days later, Binh transferred the shares to a shareholder of the Trans-Pacific Services JSC with a price equivalent to 52 million VND per sq.m, leading to differential sum of upwards 87 billion VND (3.86 million USD).
After Binh paid for half of the deal value, Huong asked him to send 14 billion VND as “kickback” to Thanh. Binh also sent 10 billion VND to Phong, 20 billion VND to chief of PVP Land economic division Dang Sy Hung, and 5 billion VND to Thang.
The defendants received a total of 49 billion VND from the deal.
Due to Hung’s death, the Supreme People’s Procuracy decided to cancel investigation against him.
As many as 16 lawyers registered to defend legitimate rights and interests of the defendants, six of them will defend Thanh.-VNA
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