Four arrested in Trinh Xuan Thanh case

VietNamNet Bridge – The chief accountant of the State-owned petrol behemoth PetroVietnam (PVN) has been arrested as the police expand their investigation into the case of Trinh Xuan Thanh’s, the ex-chairman of PVN subsidiary PetroVietnam Construction Co JSC (PVC) recently arrested on charges of criminal economic mismanagement.



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The investigative police under the Ministry of Public Security announced in February they had begun criminal proceedings against five people, including four former State officials, for embezzlement in the criminal case at PetroVietnam Construction Corporation (PVC). — Photo vnexpress.net (Illustrative image)



The Supreme People’s Procuracy on late Tuesday ordered an arrest of Le Dinh Mau and issued a warrant to search his residence and workplace as the police officially initiated an investigation against the 46-year-old man for alleged economic management causing serious consequences.

Another three people were arrested under similar charges. They were Vu Hong Chuong, 64, former head of the management board of PVN’s Thai Binh 2 Power Project, or the Thai Binh thermal power project, in Thai Binh Province; the board’s chief accountant Tran Van Nguyen, 38 and the 64-year-old Nguyen Ngoc Quy, the former deputy chairman of the board of PVC.

PVC has been under an on-going probe for the losses of nearly VND3.3 trillion (US$146.6 million) in business. Thirteen incumbent and ex-leaders of the company have been arrested, most notably the former chairman of the board Trinh Xuan Thanh.

According to the police, the PVN in 2011 had plans to build the Thai Binh thermal power plant, with the understanding that PVC would be the contractor.

Before signing an official contract with the PVC, PVN had withdrawn more than $8.2 million and VND1.317 trillion, totaling about VND1.5 trillion, from the banks and transferred to the power plant’s project management board (TBPB) as advance payment for PVC. Of this amount, $6.6 million and VND1.31, or VND1.46 trillion in total, were then delivered to the PVC.

The illegal transfer of money by the State-owned PVN caused more than VND57 billion and $66,000 of bank interest losses to the State, according to the police.

PVN’s chief accountant Mau was said to have signed documents requesting the Thai Binh management board transfer more than VND800 billion to the PVC.

TBPB’s Chuong and Nguyen signed off on the advance payment for the PVC.

After receiving the money that was intended to be used for the construction of the power plant, PVC misused the money for different purposes under the orders of Trinh Xuan Thanh.

PVC spent around VND1.08 trillion to pay off its bank debts and interests and poured capital into some of its projects.

The company also spent another VND267 billion for five of its subsidiary companies, three of which, including PVC-Mekong and PVC-Land, constantly operated at a loss and apparently lost all of their charter capital by the end of 2015.

PVC’s Quy was found to have indicated his agreement in a PVC survey on its plan to invest in those five companies.

He also personally signed off on the investments of VND30 and 50 billion, respectively, for PVC-Mekong and PVC-Land, and another VND30 billion loan for PVN’s former subsidiary PVL company. 

VNS

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