Mr. Nguyen Xuan Son detained by police on suspicion of fraud during his term as Ocean Bank Chairman.

On the evening of July 21, two days after he was dismissed as Chairman of the Vietnam National Oil and Gas Group (PetroVietnam), Mr. Nguyen Xuan Son was detained by the Ministry of Public Security’s Economic Police Unit (C46) on suspicion of fraudulent behavior while he has CEO of Ocean Bank (a position he held for more than a year from January 14, 2009), together Mr. Ha Van Tham, who was Chairman of Ocean Bank at the time.

His villa at Ciputra in Hanoi was searched thoroughly by the police, who left with a number of documents.

C46 said in a statement on the Ministry of Public Security’s website that Mr. Son had abused his position of power and “deliberately acted against State regulations on economic management, causing serious consequences.”

On July 19 Prime Minister Nguyen Tan Dung approved a proposal from the Ministry of Industry and Trade and the Ministry of Home Affairs that Mr. Son be dismissed from his position as Chairman of PetroVietnam.

He was appointed to the post just a year ago, replacing the retiring Mr. Phung Dinh Thuc.

Prior to that he was CEO of Ocean Bank when PetroVietnam still held shares in the bank. Ocean Bank has recently been acquired by the State Bank of Vietnam at no cost.

Mr. Tham and other executives have also been detained over a number of alleged illegal business activities.

VET