Prison terms proposed for ex-leaders of Vietsovpetro
Prison sentences ranging from 4-9 years have been proposed for two ex-leaders of the Vietnam-Russia oil and gas joint venture Vietsovpetro for “abusing position and power to appropriate assets”.
Former Chief Accountant of Vietsovpetro Vo Quang Huy (L) and former General Director of the firm Tu Thanh Nghia at the trial on March 21 (Photo: VNA)
Hanoi (VNA) – Prison sentences ranging from 4-9years have been proposed for two ex-leaders of the Vietnam-Russia oil and gasjoint venture Vietsovpetro for “abusing position and power to appropriateassets”.
The punishments were proposed at thefirst-instance trial held by the Hanoi People’s Court on March 21.
Accordingly, the Supreme People’s Procuracysuggested a sentence of 8-9 years in prison for Vo Quang Huy (born in 1961,former Chief Accountant of Vietsovpetro) and 4-5 years in prison for Tu ThanhNghia (born in 1962, former General Director of Vietsovpetro).
The procuracy noted that Nghia admitted to receivinga total of over 2.1 billion VND (90,700 USD) in extra-interest that was notstated in Vietsovpetro’s deposit contracts at the Ocean Commercial Joint StockBank (OceanBank). The money had been given to him by then General Director ofOceanBank Nguyen Minh Thu on three occassions.
Meanwhile, Huy said he had received over 4.1billion VND in extra-interest in five installments. However, the procuracyargued that based on the investigation’s findings, there is sufficient basisproving that the actual money he had received from Thu was 7.9 billion VND.
Vietsovpetro’s contracts with OceanBank were 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 – regarding prioritisingfinancial services of OceanBank, to which PetroVietnam contributed 20 percentof the charter capital.
The procuracy said the defendants’ violationswere particularly dangerous for society, directly infringing legal regulationson economic management and activities of a state-owned firm, and the State’sasset ownership.
The receiving of extra-interest had negativelyaffected political security and social order, stirred public concerns, andundermined people’s trust in the Party and the State, the procuracy noted,adding that the trial showed the resolve to fight crimes, especially economiccrime and corruption.
The trial is scheduled to wrap up on March 22.–VNA
The Investigation Police Bureau for Economic Management Order Offences (C46) on June 21 began proceeding procedures against four people accused of abusing position and power to appropriate assets in three petroleum companies under the Vietnam National Oil and Gas Group (PetroVietnam).
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”.
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.”
The Hanoi People’s Court opened a trial on March 21 for two ex-leaders of the Vietnam-Russia oil and gas joint venture Vietsovpetro on the charge of “abusing position and power to appropriate assets.”
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Former Chief Accountant of Vietsovpetro Vo Quang Huy (L) and former General Director of the firm Tu Thanh Nghia at the trial on March 21 (Photo: VNA) 
