The Hà Nội People’s Court on Monday held the opening hearing for four former executives of Bình Sơn Refining and Petrochemical JSC (BSR) on charges of “abusing position and power to appropriate assets” under Article 355 of the 2015 Penal Code.— VNA/VNS Photo

HÀ NỘI — The Hà Nội People’s Court on Monday held the opening hearing for four former executives of Bình Sơn Refining and Petrochemical JSC (BSR) on charges of “abusing position and power to appropriate assets” under Article 355 of the 2015 Penal Code.

Vũ Mạnh Tùng (born in 1974, former deputy director general of BSR), Nguyễn Hoài Giang (born in 1968, former chairman of BSR’s Council of Members), Phạm Xuân Quang (born in 1980, former chief accountant of BSR), and Đinh Văn Ngọc (born in 1973, former general director of BSR) were all present for the hearing.

The trial is the second phase of the case involving former chairman of the board of directors of Ocean Commercial Joint Stock Bank (OceanBank) Hà Văn Thắm, who was summoned to appear in court regarding the case along with two former director generals, Nguyễn Minh Thu and Nguyễn Xuân Sơn.

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 move was made under PetroVietnam’s direction regarding the prioritisation of using services of OceanBank, to which PetroVietnam had contributed 20 per cent to its charter capital.

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 agreements. The extra interest was paid by then general director Nguyễn Minh Thu, under the instruction of Hă Văn Thắm.

Vũ Mạnh Tùng received and appropriated VNĐ2.9 billion (US$124,800) and $40,000, while Nguyễn Hoài Giang pocketed VNĐ2.9 billion. Phạm Xuân Quang received VNĐ1.8 billion and $20,000, and Đinh Văn Ngọc got VNĐ1.5 billion, the indictment read.

The Supreme People’s Procuracy said there was sufficient evidence the four abused their positions to appropriate assets.

It also reported that Tùng, Giang and Quang had paid back all the appropriated money while Ngọc had returned more than half.

The trial is scheduled to last two days. — VNS