PVP Land case brought to trial in Hà Nội

Update: January, 25/2018 - 05:00
Leader charged: Trịnh Xuân Thanh (white jacket), former chairman of the PetroVietnam Construction JSC, a subsidiary of the State-owned oil group PetroVietnam, and accomplices at the trial.— VNA/VNS Photo Doãn Tuấn
Viet Nam News

HÀ NỘI — Hà Nội People’s Court on Wednesday began a trial for alleged wrongdoings at one of PVN’s subsidiary, PetroVietnam Power Land JSC (PVP Land). The case involves Trịnh Xuân Thanh, former chairman of the board of directors of PetroVietnam Construction Corporation (PVC).

Thanh and several others are being prosecuted by the Supreme People’s Procuracy of Việt Nam on charges of asset embezzlement under the 1999 Penal Code.

 In a previous case concerning PVC that concluded on January 21, Thanh was set to be jailed for life for two charges of serious violations of State economic regulations and embezzlement. 

Thanh’s alleged accomplices include Đào Duy Phong, former chairman of PVP Land’s board of directors; Nguyễn Ngọc Sinh, former PVP Land director-general; Đinh Mạnh Thắng, former chairman of the board of directors of Sông Đà Oil and Gas Investment and Commerce JSC; Thái Kiều Hương, former deputy director-general of Vietsan Investment JSC; Lê Hoà Bình, former chairman of 1/5 Construction and Services JSC and Minh Ngân JSC; Nguyễn Thị Kim Thoa, former chief accountant of 1/5 Construction and Services JSC and Minh Ngân JSC; and Huỳnh Nguyễn Quốc Duy, a self-employed trader residing in HCM City.

According to the indictment, in early 2010, Lê Hoà Bình intended to buy all 9,584 sq.m of the Nam Đàn Plaza project of Trans-Pacific Services JSC in Mỹ Đình Commune (now Phạm Hùng Street) in Hà Nội, in which PVP Land held a 50.5 per cent stake.

On March 27, 2010, through Huỳnh Nguyễn Quốc Duy who allegedly acted as a broker, five stakeholders of Trans-Pacific Services JSC – parent company of Vietsan - signed a deposit contract to transfer 24 million shares worth almost VNĐ 500 billion (US$22.2 million) of Trans-Pacific Services JSC to Bình.

Bình then signed contracts on share transfer with each stakeholder of Trans-Pacific Services JSC with a price equivalent to VNĐ52 million per sq.m as the price in the deposit contract.

But, contract No.66/2010/PVPL-MN on April 2, 2010, of PVP Land on the transfer of 12.12 million shares signed by Nguyễn Ngọc Sinh showed a price equivalent to VNĐ34 million per sq.m, leading to a difference of more than VNĐ87 billion ($3.86 million).

Of the money, Trịnh Xuân Thanh was alleged to have pocketed a total of VNĐ14 billion; Đinh Mạnh Thắng, VNĐ5 billion; Đào Duy Phong, VNĐ8 billion; Nguyễn Ngọc Sinh, VNĐ2 billion; and Đặng Sĩ Hùng, chief of PVP Land economic and planning division, VNĐ20 billion.

The defendants are said to have received a total of VNĐ49 billion from the deal.

Due to Hùng’s death during the investigation, the Supreme People’s Procuracy decided to cancel investigations against him.

Lê Hoà Bình was absent at the trial, citing health problems. About 16 lawyers represent the defendants, six of whom will defend Thanh. One lawyer representing Đinh Mạnh Thắng is absent, saying he needs to attend another trial.

A total of 12 witnesses were ordered to appear in court, however, one was absent.

The trial is scheduled to last for two weeks. — VNS 

Also charged: Đinh Mạnh Thắng, former chairman of the board at Sông Đà Oil and Gas Investment and Commerce JSC, is on trial for alleged wrongdoings at PetroVietnam Power Land JSC. — VNA/VNS Photo Doãn Tuấn