Vietnam has set the trial dates for seven former energy officials over a VND800 billion ($35 million) loss at state-owned oil giant PetroVietnam (PVN). The 10-day trial for Dinh La Thang, former board chairman of PVN and a once-rising political star, and six of his subordinates at the oil giant would be held from March 19 at the Hanoi People's Court. Thang, as well as PVN's former deputy director Nguyen Xuan Son and four former board members are facing 10-20 years in jail for "deliberately violating state regulations on economic management, causing serious consequences.” The remaining suspect, PVN's former chief accountant Ninh Van Quynh is meanwhile charged with "abusing positions and/or powers to apporpriate property," for which he faces up to life imprisonment. According to investigators, despite OceanBank’s “small and inefficient” operations back in 2008, Thang plowed ahead with a 20 percent stake purchase without appraising it or reporting the venture … [Read more...] about Former PetroVietnam chief to stand 2nd trial for role in banking graft case in March
Petrovietnam
PetroVietnam withdraws US loan application for coal-fired power project: NY Times
Vietnam’s state-owned energy giant PetroVietnam is no longer looking for financial support from the U.S. to build a coal-fired power plant in the south of the country, according to The New York Times. American state-run Export-Import Bank said last week that PetroVietnam had withdrawn its loan application at the bank. The bank said that it was not clear why PetroVietnam had taken the move. PetroVietnam was not immediately available for comment. Just last week, an international coalition signed a petition to stop funding for coal-fired power development in Southeast Asia after studies found that a dramatic increase in carbon emissions could kill tens of thousands in the next decade and sabotage global warming targets. Environmental organizations Greenpeace, Friends of the Earth, Walhi of Indonesia, and Vietnam’s CHANGE and GreenID filed the petition with banking-focused groups Market Forces and BankTrack to ask Singaporean banks to stop financing plants in Vietnam and … [Read more...] about PetroVietnam withdraws US loan application for coal-fired power project: NY Times
VOV, PetroVietnam ink cooperative agreement
VOV will deliver news and reports on activities of PetroVietnam and its affiliates. "In 2018, VOV and PetroVietnam will support each other in fulfilling all assigned tasks. As a multimedia agency with radio, television, print and an online newspaper, we’ll do our best to keep the public updated on activities of PetroVietnam, particularly in disadvantaged areas”, said VOV President Nguyen The Ky at the signing ceremony. … [Read more...] about VOV, PetroVietnam ink cooperative agreement
PetroVietnam ex-official sentenced to life imprisonment for second time
Trinh Xuan Thanh, a former official of state-run oil and gas group PetroVietnam (PVN), has been sentenced to life in prison for the second time for embezzlement.The Hanoi People’s Court on Monday announced their final decision regarding the sentencing of Thanh, ex-chairman of PetroVietnam Construction Corporation (PVC), a subsidiary of PVN, and his seven accomplices. Thanh was sentenced to life imprisonment for embezzling VND14 billion (US$616,502) at the PetroVietnam Power Land Joint-Stock Company (PVP Land).The other seven suspects were slapped with jail terms between six and 16 years.According to the case file, the violation was committed during the transfer of shares at PVP Land in 2010.In late March that year, Le Hoa Binh, former chairman of 1/5 Construction and Services JSC, as well as five shareholders of the Trans-Pacific Services JSC signed a contract to buy 24 million shares in Nam Dan Plaza, a project in which PVP Land held a 50.5 percent capital … [Read more...] about PetroVietnam ex-official sentenced to life imprisonment for second time
Runaway bigwig receives second life sentence as PetroVietnam purge continues
Vietnam’s notorious runaway oil executive was sentenced to life in prison for the second time in a month on Monday, for embezzlement at a subsidiary of the country's top energy firm PetroVietnam. Trinh Xuan Thanh, former chairman of PetroVietnam Construction JSC (PVC), was found guilty of causing million-dollar losses at its real estate subsidiary PVP Land. The indictment said Thanh had colluded with seven people including other former oil executives to falsely devalue PVP Land shares to embezzle VND49 billion (more than $2 million) from a stake sale in 2010. Thanh alone pocketed VND14 billion ($616,500). The trial was opened on January 24, two days after Thanh was sentenced to life imprisonment for million-dollar losses at power plants under the control of his construction firm. Dinh La Thang, a former Politburo member, was sentenced to 13 years for mismanagement as board chairman of PetroVietnam at the same trial. At the trial on Monday, Thang’s younger brother Dinh … [Read more...] about Runaway bigwig receives second life sentence as PetroVietnam purge continues