VietNamNet Bridge – Police have completed their investigation of fallen political figure, Dinh La Thang, recommending that he be prosecuted for alleged breaches under his leadership at the PetroVietnam (PVN), which led to VND800 billion (US$35.5 million) in losses to the State.

Fifty-seven-year-old Thang, a former Politburo member and former chairman of the PVN’s Members’ Council, was accused of deliberate breaches in economic management causing serious consequences.— Photo soha.vn

The Cong an Nhan dan (People’s Police) newspaper on Thursday reported that the Police Investigation Department Deputy Chief, Major Colonel Nguyen Duy Ngoc, on Tuesday had signed the final investigation report against Thang and other six leaders of State-owned PVN, also known as the Viet Nam National Oil and Gas Group.

Fifty-seven-year-old Thang, a former Politburo member and former chairman of the PVN’s Members’ Council, was accused of deliberate breaches in economic management causing serious consequences. 

The same charge was lodged against Nguyen Xuan Thang, Nguyen Thanh Liem and Vu Khanh Truong, all former members of the Members’ Council, and an incumbent member Phan Dinh Duc.

The police also recommended prosecuting PVN General Director Ninh Van Quynh under two charges: deliberate economic breaches and abuse of power.

The probe also involved Nguyen Xuan Son, former general director of Oceanbank, who was accused of deliberate violations in economic management.

According to the police, the Government in 2006 allowed PVN to set up a joint stock bank, of which PVN would hold more than 50 per cent of the charter capital.

After two years of preparation with all the procedures completed, PVN reversed its decision and instead contributed capital to Oceanbank in exchange for equity.

Despite being briefed on the poor performance of Oceanbank, Dinh La Thang who held his position at PVN from 2008 to 2011, refused to request a thorough review of the bank and the capital contribution plan.

Thang unilaterally signed an agreement with Chairman of the Oceanbank’s Board of Directors, Ha Van Tham, and failed to report the contribution to the Government, said the police.

He also refused to adjust the VND800 billion contribution or order a divestment from the bank upon receiving warnings of possible wrongdoings in the financial decision from the Members’ Council.

While investigating Thang’s responsibilities for wrongdoings at PVN, police also looked into his role in several breaches at a PVN subsidiary – the PetroVietnam Construction Joint Stock Corporation, involving the Thai Binh II thermal power plant. 

VNS