Ex-leader of Vietsovpetro to stand trial this month
Tu Thanh Nghia, former General Director of the Vietnam-Russia oil and gas joint venture Vietsovpetro, will face trial on March 21 on charges of “abusing position and power to appropriate assets.”
Tu Thanh Nghia (left), former General Director of Vietsovpetro, and Vo Quang Huy, former chief accountant of the firm (Source: tinnhanhchungkhoan.vn)
Hanoi (VNA) – Tu Thanh Nghia, former General Director of the Vietnam-Russia oil andgas joint venture Vietsovpetro, will face trial on March 21 on charges of“abusing position and power to appropriate assets.”
Aside from Nghia, born in 1962, former chief accountant of the firm Vo QuangHuy, born in 1961, will also stand trial for the same charges.
According to the indictment, Vietsovpetrobegan using payment account services of and had some fixed-term depositcontracts with the Ocean Commercial Joint Stock Bank (OceanBank) at the end of2008.
By 2009, it had many fixed-term deposit contracts and maintained a largepayment account balance at the OceanBank branch in Vung Tau city. This was inline with the direction of the Vietnam National Oil and Gas Group(PetroVietnam) – which represents the Vietnamese Government in contributing 51percent (or 765 million USD) of Vietsovpetro’s charter capital – regardingprioritising financial services of OceanBank, to which PetroVietnam contributed20 percent of the charter capital.
Between late 2008 and 2014, Vietsovpetro signed 54 deposit contracts in VNDworth 13.2 trillion VND, and 70 others in USD worth a total 1.26 billion USD.
It opened four payment accounts, comprising three in Vietnamese and one in USD,at OceanBank with monthly balance maintained from 200 billion VND to 900billion VND, and from 10 million USD to 400 million USD. The bank gave the firmmore than 49.7 billion VND and 595,283 USD as interest each month.
Meanwhile, then Chairman of the Board of Directors of OceanBank Ha Van Thamordered that extra interest which was not stated in contracts be paid to all clientswho had deposited money at the bank.
From 2013 to 2014, then Director General of OceanBank Nguyen Minh Thu receivedmoney sent from the OceanBank headquarters through other people’s accounts atthe Vung Tau and Ho Chi Minh City branches to pay the extra interest to TuThanh Nghia and Vo Quang Huy.
The Supreme People’s Procuracy said as the then leaders of Vietsovpetro, Nghiaand Huy decided to deposit the business’ money at OceanBank and received themoney from Thu. While Huy received and appropriated 5.2 billion VND and 130,000USD, Nghia took 1.5 billion VND and 30,000 USD.-VNA
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The Vietnam-Russia Oil and Gas Joint Venture Vietsovpetro has pumped up more than 230 million tonnes of crude oil and provided 34 billion cubic metres of associated gas since its exploitation of the first tonnes of the resource in Vietnam in June 1986.
The Supreme People’s Procuracy has prosecuted Tu Thanh Nghia, former General Director of the Vietnam-Russia oil and gas joint venture Vietsovpetro, for “abusing position and power to appropriate assets”.
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Tu Thanh Nghia (left), former General Director of Vietsovpetro, and Vo Quang Huy, former chief accountant of the firm (Source: tinnhanhchungkhoan.vn) 
