Fifty-seven-year-old Thăng, a former Politburo member and former chairman of the PVN’s Members’ Council, was accused of deliberate breaches in economic management causing serious consequences.— Photo soha.vn

HÀ NỘI — Police have completed their investigation of fallen political figure, Đinh La Thăng, recommending that he be prosecuted for alleged breaches under his leadership at the PetroVietnam (PVN), which led to VNĐ800 billion (US$35.5 million) in losses to the State.

The Công an Nhân dân (People’s Police) newspaper on Thursday reported that the Police Investigation Department Deputy Chief, Major Colonel Nguyễn Duy Ngọc, on Tuesday had signed the final investigation report against Thăng and other six leaders of State-owned PVN, also known as the Việt Nam National Oil and Gas Group.

Fifty-seven-year-old Thăng, a former Politburo member and former chairman of the PVN’s Members’ Council, was accused of deliberate breaches in economic management causing serious consequences. The same charge was lodged against Nguyễn Xuân Thắng, Nguyễn Thanh Liêm and Vũ Khánh Trường, all former members of the Members’ Council, and an incumbent member Phan Đình Đức.

The police also recommended prosecuting PVN General Director Ninh Văn Quỳnh under two charges: deliberate economic breaches and abuse of power.

The probe also involved Nguyễn Xuân Sơn, former general director of Oceanbank, who was accused of deliberate violations in economic management.

According to the police, the Government in 2006 allowed PVN to set up a joint stock bank, of which PVN would hold more than 50 per cent of the charter capital.

After two years of preparation with all the procedures completed, PVN reversed its decision and instead contributed capital to Oceanbank in exchange for equity.

Despite being briefed on the poor performance of Oceanbank, Đinh La Thăng who held his position at PVN from 2008 to 2011, refused to request a thorough review of the bank and the capital contribution plan.

Thăng unilaterally signed an agreement with Chairman of the Oceanbank’s Board of Directors, Hà Văn Thắm, and failed to report the contribution to the Government, said the police.

He also refused to adjust the VNĐ800 billion contribution or order a divestment from the bank upon receiving warnings of possible wrongdoings in the financial decision from the Members’ Council.

While investigating Thăng’s responsibilities for wrongdoings at PVN, police also looked into his role in several breaches at a PVN subsidiary – the PetroVietnam Construction Joint Stock Corporation, involving the Thái Bình II thermal power plant. — VNS