VietNamNet Bridge – Deputy General Director of Vietnam Oil and Gas Group (PVN) Ninh Van Quynh on Thursday admitted in court to receiving about VND20 billion (US$880,000) from former Ocean Bank General Director Nguyen Xuan Son from 2009-13 when he was PVN’s chief accountant.

Deputy General Director of Vietnam Oil and Gas Group (PVN) Ninh Van Quynh on Thursday admitted in court to receiving about VND20 billion (US$880,000) from former Ocean Bank General Director Nguyen Xuan Son from 2009-13 when he was PVN’s chief accountant.— Photo vnmedia.vn

Quynh was detained last Friday for “deliberately violating State regulations and causing serious consequences” when at PVN. Police said that Quynh and four other former PVN executives committed wrongdoings that caused losses of VND800 billion ($35.2 million) for the State-owned oil and gas conglomerate when it contributed charter capital to Ocean Commercial Joint Stock Bank (Ocean Bank) from 2008-11. 

Son and dozens of top bank officials have been in court since the Ocean Bank trial opened in August 28, with the bank’s former chairman Ha Van Tham and other top officials charged with abuse of power and violations related to lending regulations and State regulations on economic management.

According to the indictment from the People’s Supreme Prosecuracy, Tham approved offering interest rates above the ceiling set by the State Bank of Viet Nam (SBV), causing losses of VND1.576 trillion ($68.9 million) to Ocean Bank.

Son has been accused of receiving a total of VND246 billion from Ocean Bank and last Wednesday, Son told the court that at the time he was CEO of Ocean Bank, he gave VND30-40 billion a year to Quynh to thank the group’s leaders for their help in supporting the bank. The leaders asked the group’s member companies and oil and gas contractors to use the bank’s services.

Few days ago, Quynh admitted that the group’s leaders had supported the bank following a co-operation agreement between the two sides, but rejected Son’s charge of receiving the money.

However, in court on Thursday, Quynh admitted to receiving money from Son.

He said that after being detained on another charge last Friday, he knew he could not lie any more and he wanted to change his testimony.

Quynh said that around the middle of 2009, Son gave him a present consisting of a wine and VND500 million.

Until late 2010, before Son became PVN deputy general director, Son gave money to Quynh several times, with the total amounting to about VND4-5 billion.

After Son became PVN deputy general director, he continued pay Quynh, from at least VND500 million to VND1 billion each time.

Nguyen Xuan Thang, a former board member of PVN also gave Quynh money.

Quynh said that in total he received about VND20 billion, part of which was spent by himself and other PVN accountants. He said he wanted to return more than VND9 billion to atone.

From 2008 to 2011, PVN contributed a total of VND800 billion to Ocean Bank. In 2009-13, financial statements showed PVN received dividends worth VND244 billion.

However, inspections by the SBV in 2014 showed the bank had performed poorly and incurred heavy losses. On May 6, 2015, the SBV took over the bank, citing its serious mismanagement. The takeover terminated all rights and interests as well as the status of existing shareholders at the bank, including PVN.

The Ha Noi People’s Court on August 28 opened the first hearing in the case of ex-banker Ha Van Tham and 50 others for serious violations of State monetary policies.

The trial saw a record 727 people summoned, including civil plaintiffs, those who were involved in interests and duties, witnesses, and assessors. The trial is expected to last 20 days.

Source: VNS