The government inspectorate has uncovered various wrongdoings at the Vietnam National Petroleum Group (Petrolimex) and a member company.

Petrolimex is being investigated

Petrolimex invested over VND2.25trn (USD102.3m) in insurance, real estate and banking. 

However, the group didn't report its VND400bn investment into PG Bank and VND171bn into Petrolimex Insurance Corporation to the Ministry of Industry and Trade and the prime minister. 

Nearly VND232bn of investment weren't made in accordance with board decisions.

In addition, the inspectors also discovered wrongdoings at its member company, Vietnam Petroleum Transport JSC (Vipco).

In 2008, Vipco's former director Nguyen Dao Thinh signed a co-operation contract with the Thien Loc Phu Company and set up a joint account with VND72.5bn (USD3.3m). 

Vipco later agreed to let Thien Loc Phu withdraw VND20.1bn without any solid reason. 

Thien Loc Phu Company only returned VND1.5bn.

Also on April 10, 2008, Thinh and Vu Quang Khanh, Vipco's head accountant transferred an additional VND483m (USD23,000) to the Thien Loc Phu Company. 

The authorities haven't been able to recover this money.

The case has been transferred to the police for further investigation.

In 2006, Do Dong Ngoc, director of Petrolimex Hai Phong signed on an illegal contract to transfer the land use rights with the authorities of Tu Son Commune.

The inspectorate is urging the Ministry of Industry and Trade to investigate individual responsibility at Petrolimex.

Dtinews