It was reported that Vietnamese police recently detained four more former senior oil executives for allegedly abusing their power to appropriate property as the country goes tough on its fight against corruption. Those arrested were former general directors or chief accountants of three subsidiaries of PetroVietnam (a giant energy company in the country). According to the report, the investigation centered on PetroVietnam and Ocean joint stock commercial bank. In 2015, Ocean joint stock commercial bank was taken over by State Bank at no cost after it reported losses of $445 million. PetroVietnam owned 20 percent of the bank (Ocean joint stock commercial bank) and lost all its investment after the takeover. Many former or current PetroVietnam executives and bankers have been put on trial and Dinh La Thang is the most senior official to fall in the country’s crackdown against corruption. Dinh La Thang was a former member of Politburo (the all-powerful main policymaking body of the ruling Communist Party). He (Dinh La Thang) was sentenced to 31 years in prison after two trials for mismanagement when he was chairman of PetroVietnam.
Source: Viewers Corner News.
