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Former PVN chairman Dinh La Thang arrested
The Saigon Times Daily
Monday,  Dec 11, 2017,20:39 (GMT+7)

Former PVN chairman Dinh La Thang arrested

The Saigon Times Daily

Former PVN chairman Dinh La Thang - PHOTO: TUOI TRE

HCMC – The Investigation Police Department under the Ministry of Public Security last Friday issued a decision arresting and starting proceedings against Dinh La Thang, former chairman of the Vietnam National Oil and Gas Group (PVN).

Thang, a member of the Party Central Committee and deputy head of the Party Central Committee’s Economic Commission, was taken into custody to serve the investigation of his alleged involvement in two serious economic cases, the Vietnam News Agency reports.

He was accused of deliberately violating the state’s regulations on economic management and abusing his position and authority to arrogate property. Thang signed a resolution that allowed the PVN board to sign contracts for many unlawful deals, causing losses of nearly VND900 billion (US$39.63 million), including VND800 billion in PVN’s investment in Ocean Bank. 

From 2008 to 2010, PVN contributed VND800 billion to Ocean Bank, equivelant to a 20% stake, which went against the Law on Credit Institutions. The State Bank of Vietnam later acquired the debt-ridden bank for zero Vietnam dong, resulting in PVN’s loss.

In addition, Thang was suspected of involvement in violations causing serious consequences for PetroVietnam Construction Corporation (PVC). He was accused of violating regulations on appointing PVC as the engineering, procurement and construction (EPC) contractor for Thai Binh 2 thermal power plant.

Police found that though an EPC contract for the project had not been signed, PVN transferred US$8.2 million and nearly VND1.32 trillion to the project management board, which later caused a loss of nearly VND52 billion and over US$66,000 in interest sum until the EPC contract became valid on October 2011.

On the same day, the Politburo decided to suspend Thang from Party-related activities from December 8. On the day, the National Assembly Standing Committee also dismissed Thang from the law-making body.

The latest implications against Thang followed earlier disciplinary actions against him.

On May 7, Thang, who was then Secretary of the HCMC Party Committee, was removed from the Politburo for shortcomings and serious violations relating to his leadership and personnel management in 2009-2011 while he was serving as secretary of the Party Committee and chairman of PVN.

Besides Thang, another former PVN senior official, Nguyen Quoc Khanh, was arrested to serve the investigation into the same serious cases.

In related news on Dan Tri news website, Dinh Manh Thang, director of Petro Song Da Trading and Investment JSC, also faced the same fate as Dinh La Thang’s.

Dinh Manh Thang, younger brother of Dinh La Thang, was arrested on Saturday to serve an investigation into his alleged links to a case of deliberately violating State regulations on economic management, causing serious consequences at PVC.

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