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PVN deputy CEO detained
The Saigon Times Daily
Tuesday,  Sep 5, 2017,23:27 (GMT+7)

PVN deputy CEO detained

The Saigon Times Daily

HCMC - Investigators at the Ministry of Public Security has detained Vietnam Oil and Gas Group (PVN) deputy general director Ninh Van Quynh, 59, and a number of former senior executives of the firm on alleged charges of causing losses of VND800 billion for the State-owned oil giant, according to local media reports.

Quynh is suspected of intentionally infringing regulations which led to losses of VND800 billion, the amount of capital used to contribute to OceanBank whose former senior executives including ex-chairman Ha Van Tham are standing trial on alleged charges of violating State rules on economic management causing serious consequences.

The Ministry of Public Security said in a statement posted on its website that its investigation agency had begun the second phase of the probe into the OceanBank scandal which involves Ha Van Tham and his accomplices.

Investigators found Nguyen Xuan Son, ex-chairman of PVN, Ninh Van Quynh, ex-chief accountant of PVN and currently deputy CEO of PVN, and three former board members of PVN: Nguyen Xuan Thang, Nguyen Thanh Liem and Vu Khanh Truong had intentionally committed violations, resulting in the VND800 billion losses.

The statement said the ministry’s investigation agency decided on August 31 to file criminal charges against these five former senior executives of the company for infringing State rules on economic management causing serious consequences in line with Article 165 of the Penal Code.

Two of them, Ninh Van Quynh and Nguyen Xuan Thang, were detained while two others, Nguyen Thanh Liem and Vu Khanh Truong were put under house arrest.

Nguyen Xuan Son, ex-chairman of PVN, is standing trial in his capacity as former CEO of OceanBank. Speaking at court last week, Son said that in a “thank-you” gesture, he once gave VND30-40 billion (US$1.3-1.76 million based on the current exchange rate) to the then chief accountant Ninh Van Quynh, according to the local media.

Before his arrest last Friday, Quynh said PVN had a policy of not receiving “thank-you” money from any entity.

On each of the special occasions such as Lunar New Year (Tet), Son said, OceanBank gave a dozen of billions of Vietnam dong to business executives who supported the bank, with each person receiving VND50-200 million.

Nguyen Xuan Son
Ninh Van Quynh
Nguyen Xuan Thang
Nguyen Thanh Liem
Vu Khanh Truong


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