Deputy General Director of Vietnam Oil and Gas Group arrested

Mr. Ninh Van Quynh and 4 accomplices were accused of intentionally violating the law, causing a loss of 800 billion VND when PVN contributed charter capital to OceanBank.

Mr. Quynh and Mr. Thang at the investigation agency. Photo: Ministry of Public Security.

On September 1, the Investigation Police Agency (Ministry of Public Security) prosecuted Mr. Nguyen Xuan Son (former Chairman of the Board of Members of the Vietnam Oil and Gas Group - PVN), Ninh Van Quynh (former Chief Accountant of PVN, currently Deputy General Director) for the crime of Intentionally violating State regulations on economic management causing serious consequences.

Also accused of the same act are Mr. Nguyen Xuan Thang, Nguyen Thanh Liem, and Vu Khanh Truong (former members of the PVN Board of Members).

This move was made by the authorities during the second phase of the investigation into the negative case that occurred at Ocean Commercial Joint Stock Bank - OceanBank. The defendants were accused of "causing a loss of 800 billion VND in PVN's contribution of charter capital to OceanBank".

In addition to Mr. Son, who is being tried by the Hanoi People's Court, Mr. Quynh and Thang were arrested and detained, while the other two were banned from leaving their place of residence.

Mr. Son is on trial at Hanoi People's Court in the OceanBank corruption case.

According to the case file, as of March 31, 2014, OceanBank had a charter capital of VND4,000 billion, with major shareholders being PVN - accounting for 20%; Ocean Group Corporation (OGC) 20%, VNT Company Limited 20% and Song Da Investment and Construction Joint Stock Company accounting for 6.65%.

In 2008, PVN signed a contract with OceanBank and became a shareholder and strategic partner. At that time, Nguyen Xuan Son, who held the position of General Director of the Petroleum Finance Company (PVFC), was introduced by PVN to be a member of the Board of Directors and General Director of OceanBank. By the end of 2010, Mr. Son returned to PVN as Deputy General Director.

In the major case that occurred at OceanBank being tried by the Hanoi People's Court, the investigation agency accused Mr. Son of 3 crimes: Embezzlement of property, Abuse of position and power to appropriate property, Intentionally violating State regulations on economic management causing serious consequences.

As a representative of PVN, he abused his position to issue, organize and direct illegal activities, appropriating VND246 billion. In addition, Mr. Son was also accused of appropriating VND69 billion in customer care expenses through the "ghost company" BSC.

According to VNE