The Security Investigation Agency has proposed prosecuting Dinh La Thang, former Chairman of PetroVietnam on charges of violating regulations on construction works, causing serious consequences at the Petrochemical and Bio-Fuel JSC.
Dinh La Thang, ex-PetroVietnam Chairman
According to the investigation result, Thang signed a decision approving an ethanol factory project in the northern province of Phu Tho. A year later, PetroVietnam estasblished a steering committee led by Thang to launch bio-fuel projects.
PVB later invited bidding for a package TK05 named “Design, procurement, supply of equipment and construction of ethanol factory in the north”.
Though six contractors were unqualified, Thang and his subordinates signed many documents directing joint venture PVC/Alfta Laval/Delta-T to join the project.
During the implementation, the project was forced to suspend in March 2013 due to the joint-venture’s poor capability, resulting in a State budget loss of over 540 billion VND (23.4 million USD).
PVB’s former General Director Vu Thanh Ha and former deputy head of the project's investment office Nguyen Xuan Thuy were also found to commit violations in the case.
In 2018, Thang was given a total of 30 years in prison for his involvement in two other cases at PetroVietnam./.VNA
The national oil and gas group PetroVietnam is taking necessary steps to recover the investment capital in unprofitable projects overseas, estimated at $800 million.
Vietnam's headline PMI from Markit’s survey and month-on-month IPI indicated slowing industrial activities in September, potentially causing negative impacts on GDP growth in the remaining months of the year.