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Petrochemical execs get jail terms

Update: January, 23/2019 - 11:13
Four former executives of Bình Sơn Refining and Petrochemical JSC (BSR) were sentenced to four to eight years in prison each yesterday following a two-day trial on charges of “abusing position and power to appropriate assets.” — VNA/VNS Photo Doãn Tấn

HÀ NỘI — Four former executives of Bình Sơn Refining and Petrochemical JSC (BSR) were sentenced to four to eight years in prison each yesterday following a two-day trial on charges of “abusing position and power to appropriate assets.”

Vũ Mạnh Tùng (born in 1974, former Deputy Director General of BSR) received an eight-year prison term; Nguyễn Hoài Giang (born in 1968, former Chairman of BSR’s Council of Members) got seven years in prison; Phạm Xuân Quang (born in 1980, former Chief Accountant of BSR) was sentenced to six years; and Đinh Văn Ngọc (born in 1973, former General Director of BSR) was handed a four-year sentence.

According to the indictment, from 2009 to 2014, BSR – a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam) based in the central province of Quảng Ngãi – made fixed-term and demand deposits at the Quảng Ngãi branch of OceanBank.

The deposits were made under PetroVietnam’s direction regarding the prioritisation of using OceanBank services, to which PetroVietnam contributed 20 percent of the charter capital.

As the leaders of BSR in 2013 and 2014, the four defendants decided to deposit the company’s money at OceanBank and received extra interest payments which were not included in the contracts. The extra interest was paid by then–General Director of OceanBank Nguyễn Minh Thu, under the instruction of former Chairman of the Board of Directors of OceanBank Hà Văn Thắm.

Vũ Mạnh Tùng received and appropriated VNĐ2.9 billion (US$124,800) and $40,000; Nguyễn Hoài Giang pocketed VNĐ2.9 billion; Phạm Xuân Quang took VNĐ1.8 billion and $20,000; and Đinh Văn Ngọc got VNĐ1.3 billion, the indictment reads.

The verdict said the behaviour of the defendants was extremely serious and lasted for a long time, harming the legitimate activities of BSR and affecting the assets of OceanBank and its shareholders.

Their acts also had a negative impact on the company’s economic activities, as well as the implementation of the State’s monetary and financial policies.

The court also asked the defendants to pay back the more than VNĐ10 billion they had appropriated to Hà Văn Thắm, who was ordered to return the money to OceanBank. — VNS