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Sunday, October 24, 2021

Former executives of PV Oil indicted for illegal gains

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HCMC – The Supreme People’s Procuracy issued an indictment charging Nguyen Xuan Son, aged 61, former PV Oil general director, and Vu Trong Hai, aged 52, former PV Oil chief accountant, with abusing his power and position to misappropriate assets.

The two were allegedly involved in the second phase of the high-profile OceanBank case against Ha Van Tham, former chairman at the bank.

According to the indictment, from 2009 to 2014, PV Oil opened two payment accounts and signed seven fixed-term deposit contracts worth over VND3 trillion with the HCMC branch of OceanBank and received extracontractual interest payments.

The deposits were made following instructions from the Vietnam National Oil and Gas Group to prioritize the use of the bank’s financial services as the State-run oil giant held 20% of its charter capital.

Directed by then-OceanBank chairman Ha Van Tham, Nguyen Minh Thu, the bank’s former general director, paid Son and Hai excess interest payments multiple times.

Between 2013 and 2014, Son was found to have received VND1.9 billion as kickbacks from Thu, while Hai pocketed VND2.1 billion, Thanh Nien Online reported.

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