The Hanoi People’s Court on January 24 opened the trial for Trinh Xuan Thanh, former Chairman of the Board of Directors of PetroVietnam Construction Corporation (PVC), and his accomplices accused of “asset embezzlement” at PetroVietnam Power Land JSC (PVP Land). 

Trinh Xuan Thanh at the court

Thanh’s accomplices include Dao Duy Phong, former Chairman of 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-employed trader. 

They were prosecuted by the Supreme People’s Procuracy of Vietnam on charges of “asset embezzlement” in accordance with the 1999 Penal Code. 

According to the indictment, in early 2010, Le Hoa Binh intended to buy all 9,584 sq.m of Nam Dan Plaza project of Trans-Pacific Services JSC in My Dinh commune, Hanoi, in which PVP Land held a 50.5 percent stake. 

On March 27, 2010, via Huynh Nguyen Quoc Duy as a broker, five stakeholders of Trans-Pacific Services JSC – parent company of Vietsan, signed a deposit contract to transfer 24 million shares worth almost 500 billion VND (22.2 million USD) in total of Trans-Pacific Services JSC to Binh. 

Binh then signed contracts on share transfer with each stakeholder of the Trans-Pacific Services JSC with a price equivalent to 52 million VND per sq.m as the price in the deposit contract. But, contract No.66/2010/PVPL-MN on April 2, 2010 of PVP Land on the transfer of 12.12 million shares signed by Nguyen Ngoc Sinh showed a price equivalent to 34 million VND per sq.m, leading to a differential sum of more than 87 billion VND (3.86 million USD). 

Of the money, Trinh Xuan Thanh pocketed 14 billion VND; Dinh Mang Thang, 5 billion VND; Dao Duy Phong, 8 billion VND; Nguyen Ngoc Sinh, 2 billion VND; and Dang Si Hung, chief of PVP Land economic and planning division, 20 billion VND. 

The defendants received a total of 49 billion VND from the deal.

Due to Hung’s death during the investigation, the Supreme People’s Procuracy decided to cancel the investigation against him. 

Le Hoa Binh was absent at the trial due to health problems. 

As many as 16 lawyers registered to represent the defendants, six of which will defend Thanh.

The trial is scheduled to last for two weeks. - VNA