Hanoi (VNA) – The Investigation SecurityAgency under the Ministry of Public Security on December 20 began legalproceedings against Phung Dinh Thuc, former General Director of the Vietnam Oiland Gas Group (PetroVietnam).Thuc was charged with “deliberately violatingState regulations on economic management, causing serious consequences” asstated in Article 165 of the Penal Code.On December 19, the agency issued a decision toprosecute Thuc and an order banning him from leaving his residential area atDich Vong new urban area, Dich Vong ward, Cau Giay district.Thuc, born in 1954, allegedly committedviolations while directing the implementation of the Thai Binh 2 thermal powerproject.The prosecution of Thuc is part of theInvestigation Security Agency’s investigation of the “deliberately actingagainst State regulation on economic regulations, causing serious consequences,and asset embezzlement” case in PetroVietnam and the PetroVietnam Construction … [Read more...] about Former PetroVietnam General Director prosecuted
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Police investigate PetroVietnam board member over financial violations Info Alert Alert Chia sẻ bài viết qua e-mail
Police in Vietnam have begun legal proceedings against a high-ranking official of state-run gas and oil giant PetroVietnam (PVN) over his involvement in serious financial violations.The Ministry of Public Security confirmed on Tuesday that they had initiated legal procedures against Phan Dinh Duc, a member of PVN’s board of directors, for deliberately violating state regulations on economic management.A search was also conducted at Duc’s house to facilitate the investigation.He is currently free on bail but has been asked not to leave town.The decision to investigate Duc was approved by the Supreme People’s Procuracy, as authorities expanded their investigation into losses of VND800 billion (US$35.2 million) in investment capital after PVN channeled it into OceanBank.Duc was appointed a member of the managing board of PVN in November 2010.He was previously the general director of PetroVietnam Fertilizer and Chemicals Corporation (PVFCCO), and PetroVietnam Gas Joint … [Read more...] about Police investigate PetroVietnam board member over financial violations Info Alert Alert Chia sẻ bài viết qua e-mail
PetroVietnam surpasses 11-month targets
The Viet Nam National Oil and Gas Group (PetroVietnam) surpassed its set business targets in the first 11 months of the year, the group said.Its total oil output reached 14.27 million tonnes, increasing 2.6 per cent from the set target, of which on-shore output was 12.49 million tonnes, surpassing 2.7 per cent of its plan, while off-shore output reached 1.79 million tonnes.PetroVietnam’s electricity production in the period was also reported to be 5.3 per cent higher than the set goal to reach 18.63 billion kWh, while that of fertiliser was 1.6 million tonnes.As of November 25, the group completed its revenue target of VND437.8 trillion (US$19.28 billion) for the whole year, representing 11 per cent year-on-year increase.In particular, PetroVietnam completed its contribution to the State budget this year by the end of October with VND74.6 trillion. By the end of last month, its contribution to the State budget rose by 6 per cent from the same period last year to reach VND83 … [Read more...] about PetroVietnam surpasses 11-month targets
Former PetroVietnam official Dinh La Thang arrested
Vietnamese police on Friday arrested and launched legal proceedings against Dinh La Thang, former chairman of the board of members of state-run oil and gas giant PetroVietnam (PVN).Thang has been taken into custody to serve the investigation of two serious economic cases, according to the investigation police department under the Ministry of Public Security.The 57-year-old is currently a member of the Party Central Committee and deputy head of the Party Central Committee’s Economic Commission.Thang is suspected of involvement in the case of deliberately violating the state’s regulations on economic management, causing serious consequences, and abusing position and authority to arrogate property, causing losses of VND800 billion (US$35.24 million) in PVN’s investment in OceanBank, according to the Vietnam News Agency.It is believed that Thang also has a role in the case of deliberately violating the state’s regulations on economic management, causing serious … [Read more...] about Former PetroVietnam official Dinh La Thang arrested
PetroVietnam withdrawing trillions of VND from non-core businesses
State-owned Vietnam National Petroleum Group (PetroVietnam) will withdraw trillions of VND from non-core business, including more than VND5trn from two local banks. Police search Nguyen Xuan Son’s home at Ciputra Hanoi International City PetroVietnam is speeding up procedures to hand over its stake of VND4.68 trn in Vietnam Public Joint Stock Commercial Bank (PVCombank) to the State Bank of Vietnam (SBV) for management by the end of this year. It has already withdrawn VND800bn investment from Ocean Joint Stock Commercial Bank (Ocean Bank) under its restructuring plan. PetroVietnam is stepping up capital withdrawal from several subsidiaries in 2015, including PetroVietnam Energy Technology Corporation (PV EIC), PetroVietnam Financial Investment JSC (PVFI), PetroVietnam-SSG Real Estate Joint-Stock Company (PV-SSG), and PetroVietnam Construction JSC (PVC) with a combined capital of VND295.65bn. After the capital withdrawal, … [Read more...] about PetroVietnam withdrawing trillions of VND from non-core businesses