HÀ NỘI — The Supreme People’s Procuracy has prosecuted Từ Thành Nghĩa, former General Director of Việt Nam-Russia oil and gas joint venture Vietsovpetro, for “abusing position and power to appropriate assets.”

Aside from Nghĩa (born in 1962), the firm’s former chief accountant Võ Quang Huy (born 1961) also faces the same charge, which is under Article 355 of the 2015 Penal Code.

According to the indictment, Vietsovpetro, to which the Vietnamese Government contributes 51 per cent (US$765 million) of the charter capital, began using the payment account services of the Ocean Commercial Joint Stock Bank (OceanBank) in 2008. It also had some fixed-term deposit contracts with the bank.

By 2009, it had had many fixed-term deposit contracts and often maintained a large payment account balance at the OceanBank branch in Vũng Tàu City. This was in line with the direction of the Vietnam National Oil and Gas Group (PetroVietnam) regarding the prioritisation of OceanBank financial services. PetroVietnam contributed 20 per cent of the bank’s charter capital. 

Meanwhile, then-Chairman of the Board of Directors of OceanBank Hà Văn Thắm ordered that extra interest not stated in contracts be paid to all clients who had deposited money at the bank.

From 2013 to 2014, then–Director General of OceanBank Nguyễn Minh Thu received money from OceanBank headquarters through other people’s accounts at the Vũng Tàu and HCM City branches to pay the extra interest to Từ Thành Nghĩa and Võ Quang Huy.

The Supreme People’s Procuracy said as the leaders of Vietsovpetro, Nghĩa and Huy decided to deposit business funds at OceanBank and received the money from Thu.

Huy received and appropriated VNĐ6.7 billion and $130,000, and Nghĩa took VNĐ1.5 billion and $30,000. The procuracy said there was sufficient evidence to prove Nghĩa and Huy abused their positions and power to appropriate assets. – VNS