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Former oil executive detained in relation to Oceanbank case

Update: April, 27/2018 - 11:51
Vũ Mạnh Tùng, former deputy director-general of Bình Sơn Refining and Petrochemical JSC (BSR), a member of the State-owned oil group PetroVietnam (PVN) — Photo
Viet Nam News

HÀ NỘI — The former executive from one of the member companies of State-owned oil group PetroVietnam (PVN), was detained pending investigation into connection with a sprawling banking-sector corruption case, the Ministry of Public Security announced today.

Former Deputy Director-General of Bình Sơn Refining and Petrochemical Joint-stock Company (BSR) Vũ Mạnh Tùng is facing criminal charges of ‘abusing power and authority to misappropriate assets’ in the ongoing case taking place at the commercial Oceanbank.

In September last year, during the Oceanbank trial, Nguyễn Minh Thu, former director-general of Oceanbank, said that she “gave gifts to four of Bình Sơn’s executives” – including Vũ Mạnh Tùng and Nguyễn Hoài Giang (BSR chairman) – with bribes totaling VNĐ19 billion ($826,500) to maintain credit relations with the weak capacity bank.

The four immediately denied the allegations.

Oceanbank was embroiled in a number of malfeasances – ranging from violations of lending regulations, and serious economic mismanagement, to embezzlement and corruption. The bank suffered serious losses and the owner’s equity dropped to minus value, which means that the PVN’s shares, worth $35 million at the bank were lost.

The Oceanbank case was on the list of special supervision by the Central Steering Committee on Anti-corruption, the Party’s authority on the fight against corruption, chaired by the General Secretary Nguyễn Phú Trọng.

Currently, the investigative unit under the Ministry of Public Security said they were “focusing resources on clarifying the wrongdoings of Vũ Mạnh Tùng” as well as expanding the investigation into other related figures, in an effort to recover lost State assets. — VNS

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