|Former vice director of the HCM City branch of PetroVietnam Finance Investment Joint Stock Company (PVFI) Vũ Thị Hồng Lan is prosecuted for abusing power, falsifying securities accounts to make profits. — VNA/VNS Photo|Viet Nam News
HCM CITY — HCM City police yesterday charged former vice director of the HCM City branch of PetroVietnam Finance Investment Joint Stock Company (PVFI) Vũ Thị Hồng Lan with abuse of power.
Lan, 38, of northern Thái Nguyên Province and living in HCM City’s District 1, was suspected of colluding with the chief accountant of Industrial Securities, Nguyễn Xuân Trường, to create securities accounts for trading PVFI stocks.
Their deals caused losses of VNĐ4 billion (US$180,000) for PVFI. The sum was used to repay debts that Lan and others at PVFI had accumulated after losing money on a bad stock investment.
Trường, 38, of northern Hải Dương Province and living in HCM City, was arrested yesterday under the same charge.
Lan is out on bail because she is nursing small children.
Police are expanding their investigation to identify the involvement of the two companies, PVFI and Industrial Securities. — VNS