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Four arrested in Trịnh Xuân Thanh case

Update: September, 28/2017 - 08:30
The chief accountant of the State-owned petrol behemoth PetroVietnam (PVN) has been arrested as the police expand their investigation into the case of Trịnh Xuân Thanh’s, the ex-chairman of PVN subsidiary PetroVietnam Construction Co JSC (PVC) recently arrested on charges of criminal economic mismanagement. — Photo chinhphu.vn

HÀ NỘI — The chief accountant of the State-owned petrol behemoth PetroVietnam (PVN) has been arrested as the police expand their investigation into the case of Trịnh Xuân Thanh’s, the ex-chairman of PVN subsidiary PetroVietnam Construction Co JSC (PVC) recently arrested on charges of criminal economic mismanagement.

The Supreme People’s Procuracy on late Tuesday ordered an arrest of Lê Đình Mậu and issued a warrant to search his residence and workplace as the police officially initiated an investigation against the 46-year-old man for alleged economic management causing serious consequences.

Another three people were arrested under similar charges. They were Vũ Hồng Chương, 64, former head of the management board of PVN’s Thái Bình 2 Power Project, or the Thái Bình thermal power project, in Thái Bình Province; the board’s chief accountant Trần Văn Nguyên, 38 and the 64-year-old Nguyễn Ngọc Quý, the former deputy chairman of the board of PVC.

PVC has been under an on-going probe for the losses of nearly VNĐ3.3 trillion (US$146.6 million) in business. Thirteen incumbent and ex-leaders of the company have been arrested, most notably the former chairman of the board Trịnh Xuân Thanh.

According to the police, the PVN in 2011 had plans to build the Thái Bình thermal power plant, with the understanding that PVC would be the contractor.

Before signing an official contract with the PVC, PVN had withdrawn more than $8.2 million and VNĐ1.317 trillion, totaling about VND1.5 trillion, from the banks and transferred to the power plant’s project management board (TBPB) as advance payment for PVC. Of this amount, $6.6 million and VNĐ1.31, or VNĐ1.46 trillion in total, were then delivered to the PVC.

The illegal transfer of money by the State-owned PVN caused more than VNĐ57 billion and $66,000 of bank interest losses to the State, according to the police.

PVN’s chief accountant Mậu was said to have signed documents requesting the Thái Bình management board transfer more than VNĐ800 billion to the PVC.

TBPB’s Chương and Nguyên signed off on the advance payment for the PVC.

After receiving the money that was intended to be used for the construction of the power plant, PVC misused the money for different purposes under the orders of Trịnh Xuân Thanh.

PVC spent around VNĐ1.08 trillion to pay off its bank debts and interests and poured capital into some of its projects.

The company also spent another VNĐ267 billion for five of its subsidiary companies, three of which, including PVC-Mekong and PVC-Land, constantly operated at a loss and apparently lost all of their charter capital by the end of 2015.

PVC’s Quý was found to have indicated his agreement in a PVC survey on its plan to invest in those five companies.

He also personally signed off on the investments of VNĐ30 and 50 billion, respectively, for PVC-Mekong and PVC-Land, and another VNĐ30 billion loan for PVN’s former subsidiary PVL company. — VNS  

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