PVV dismisses 8X Chairman who was just arrested

Mr. Truong Quoc Dung - one of four people detained to investigate the loss of 3,300 billion VND at PVC - has just been dismissed from his important position at two oil and gas "family" enterprises, PVV and PSI.

Vinaconex - PVC Construction Investment Joint Stock Company (Stock code: PVV) has sent a document to the Securities Commission regarding the dismissal of Mr. Truong Quoc Dung. PVV's Board of Directors has approved the resignation and withdrawal from the Board of Directors of Mr. Truong Quoc Dung - Chairman of PVV's Board of Directors from September 16.

Another company, Petroleum Securities Joint Stock Company (Stock Code: PSI), also announced information about Mr. Dung's dismissal from the position of Member of the Board of Directors from September 14, just one day before Mr. Dung was prosecuted and arrested by the investigation agency (Ministry of Public Security) for his involvement in the loss of VND 3,300 billion at the Vietnam Oil and Gas Construction Corporation (PVC) and its member units.

Mr. Truong Quoc Dung was the youngest Chairman of the Board of Directors of the stock exchange in 2011.

Four leaders were arrested, including: Vu Duc Thuan - former member of the Board of Directors and General Director, two former Deputy General Directors Nguyen Manh Tien and Truong Quoc Dung, and former Chief Accountant Pham Tien Dat for intentionally violating State regulations on economic management, causing serious consequences.

The Ministry of Public Security has also announced a domestic and international wanted notice for Mr. Trinh Xuan Thanh - former Chairman of the Board of Directors of PVC for his escape; at the same time, issued a decision to prosecute Mr. Thanh for the crime of intentionally violating State regulations on economic management causing serious consequences as prescribed in Article 165 of the Penal Code.

Mr. Truong Quoc Dung was born in 1982 and held the position of Deputy General Director of PVC from 2011-2013, when he was only 29 years old. In 2011, Mr. Dung took on the position of Chairman of the Board of Directors of PVV, and was also the youngest Chairman on the stock exchange at that time.

Under the youngest 8X Chairman on the stock exchange, in 2012, PVV's revenue decreased by half compared to 2011, reporting a loss of up to 50 billion VND. This situation continued into 2013 with revenue reaching only 200 billion VND and a loss of up to 100 billion.

After 2 years of escaping losses with a modest profit of 3-4 billion VND (2014 - 2015), in the first 6 months of 2016, PVV reported a loss of nearly 19 billion VND due to high interest expenses.

According to VNE