Thursday, August 13 2020


Prison terms proposed for ex-leaders of Vietsovpetro

Update: March, 23/2019 - 09:00

HÀ NỘI – Prison sentences ranging from 4-9 years have been proposed for two ex-leaders of the Vietnam-Russia oil and gas joint venture Vietsovpetro for “abusing position and power to appropriate assets.”

The punishments were proposed at the first-instance trial held by the Hà Nội People’s Court on Thursday.

Accordingly, the Supreme People’s Procuracy suggested a sentence of 8-9 years in prison for Võ Quang Huy (born in 1961, former Chief Accountant of Vietsovpetro) and 4-5 years in prison for Từ Thanh Nghĩa (born in 1962, former General Director of Vietsovpetro).

The procuracy noted that Nghĩa admitted receiving a total of over VNĐ2.1 billion (US$90,700) in extra-interest that was not stated in Vietsovpetro’s deposit contracts at the Ocean Commercial Joint Stock Bank (OceanBank). The money had been given to him by then General Director of OceanBank Nguyễn Minh Thu on three occasions.

Meanwhile, Huy said he had received over VNĐ4.1 billion in extra-interest in five installments. However, the procuracy argued that based on the investigation’s findings, there is sufficient basis proving that the actual money he had received from Thu was VNĐ7.9 billion.

Vietsovpetro’s contracts with OceanBank were in line with the direction of the Vietnam National Oil and Gas Group (PetroVietnam) – which represents the Vietnamese Government in contributing 51 per cent (or $765 million) of Vietsovpetro’s charter capital – regarding prioritising financial services of OceanBank, to which PetroVietnam contributed 20 per cent of the charter capital.

The procuracy said the defendants’ violations were particularly dangerous for society, directly infringing legal regulations on economic management and activities of a state-owned firm, and the State’s asset ownership.

The receiving of extra interest had negatively affected political security and social order, stirred public concern, and undermined people’s trust in the Party and the State, the procuracy noted, adding that the trial showed the resolve to fight crimes, especially economic crime and corruption.

The trial is scheduled to wrap up on Friday. – VNS

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