Criminal proceedings launched against violation at PetroVietnam

The Hanoi People's Court has resumed the trial of leaders and employees of Oceanbank, one of the biggest economic criminal proceedings in Vietnam to date, after acquiring additional information. RELATED CONTENTS: Bank chairman admits violations Former Ocean Bank executives stand trial OceanBank committed to ensuring liquidity after arrest Vietnam banking tycoon detained on suspicion of fraud This morning, on August 28, the Hanoi People’s Court has resumed the trial of leaders and employees of Ocean Commercial One Member Limited Liability Bank (Oceanbank). The case was opened in March 2017 and proved inconclusive as the jury returned records and asked for clarification on several issues. After prompt investigation, the investigating police agency (the Ministry of Public Security) has issued the investigation conclusions, followed by the Supreme People’s Procuracy issuing indictments against former chairman Ha Van Tham and accomplices. Four more individuals were put on trial since then, including Hua Thi Phan (former chairman of Phu My Development Investment JSC), Pham Cong Danh (former chairman of Thien Thanh Group Co., Ltd.), Hoang Thi Hong Tu (former chairman of BIDV Securities JSC, or BSC Vietnam), and Tran Van Binh (former CEO of Trung Dung Trading and Production Co., Ltd.). The total number of defendants in this trial was 51. Additionallty, Nguyen Xuan Son (former general director of Oceanbank) was charged with embezzlement. According to Article 278 of…... [read more]

Tram Be is the former vice chairman of the board of directors of Sacombank and ex-chairman of the bank’s credit council, while Phan Huy Khang is an ex-member of the credit council and former general director of the bank.  They are accused of intentionally violating State regulations on economic management and causing serious consequences relating to a case involving Pham Cong Danh, former chairman of the board of directors at the Việt Nam Construction Joint Stock Commercial Bank (VNCB), former chairman of the members’ council and general director of the Thien Thanh Group Co. Ltd.  Sacombank said according to a State Bank of Việt Nam (SBV) inspection, Sacombank did not incur losses through lending to six companies Danh is found to have been linked with, adding that the bank recovered the capital and interest from the loans by April 2014. Tram Be has not held a management position at the bank since February 23, 2017, while Phan Huy Khang has held no position at the bank since July 3, 2017, according to Sacombank.  On June 30, 2017, Sacombank’s annual shareholders’ meeting for the 2016-2017 fiscal year elected the board of directors and supervisory board for the 2017-2021 period, with Duong Cong Minh elected chairman of the board of directors.  The press release said Minh is leading Sacombank through a banking restructuring scheme approved by SBV, with several major plans, such as reshuffling apparatus and personnel, improving business operations, handling and recovering bad debts and managing expenses, as well as reforming business…... [read more]

Tram Be (left) and Pham Cong Danh (right). Tram Be allegedly colluded with Pham Cong Danh and accomplices to use money from Sacombank to guarantee and pay off the debts of six companies set up by Danh, causing losses of more than VND1.8 trillion for VNCB. — Photo soha.vn The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) on August 1 delivered a press release on criminal proceedings against its former executives Tram Be and Phan Huy Khang. Tram Be is the former vice chairman of the board of directors of Sacombank and ex-chairman of the bank’s credit council, while Phan Huy Khang is an ex-member of the credit council and former general director of the bank. They are accused of intentionally violating State regulations on economic management and causing serious consequences relating to a case involving Pham Cong Danh, former chairman of the board of directors at the Viet Nam Construction Joint Stock Commercial Bank (VNCB), former chairman of the members’ council and general director of the Thien Thanh Group Co. Ltd. Sacombank said according to a State Bank of Viet Nam (SBV) inspection, Sacombank did not incur losses through lending to six companies Danh is found to have been linked with, adding that the bank recovered the capital and interest from the loans by April 2014. Tram Be has not held a management position at the bank since February 23, 2017, while Phan Huy Khang has held no position at the…... [read more]

The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) on August 1 delivered a press release on criminal proceedings against its former executives Tram Be and Phan Huy Khang. Transaction at Sacombank Tram Be is the former Vice Chairman of the board of directors of Sacombank and Chairman of the bank’s credit council, while Phan Huy Khang is an ex-member of the credit council and former General Director of the bank. They are accused of intentionally violating State regulations on economic management and causing serious consequences relating to a case involving Pham Cong Danh, former Chairman of the board of directors at the Vietnam Construction Joint Stock Commercial Bank (VNCB) and former Chairman of the members’ council and General Director of the Thien Thanh Group Co. Ltd. Sacombank said according to a State Bank of Vietnam (SBV) inspection, Sacombank did not incur losses through lending to six companies Danh found to have linked with in the case, adding that the bank recovered the capital and interest from the loans by April 2014.  Tram Be has not had a management position at the bank since February 23, 2017, while Phan Huy Khang held no position at the bank since July 3, 2017, according to the bank.  On June 30, 2017, Sacombank’s annual shareholders’ meeting for the 2016-2017 fiscal year elected the board of directors and supervisory board for 2017-2021 with Duong Cong Minh elected as Chairman of the board of directors. The press release said Minh is leading Sacombank through a…... [read more]

Transaction at Sacombank (Illustrative image. Source: internet) Hanoi (VNA) – The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) on August 1 delivered a press release on criminal proceedings against its former executives Tram Be and Phan Huy Khang. Tram Be is the former Vice Chairman of the board of directors of Sacombank and Chairman of the bank’s credit council, while Phan Huy Khang is an ex-member of the credit council and former General Director of the bank. They are accused of intentionally violating State regulations on economic management and causing serious consequences relating to a case involving Pham Cong Danh, former Chairman of the board of directors at the Vietnam Construction Joint Stock Commercial Bank (VNCB) and former Chairman of the members’ council and General Director of the Thien Thanh Group Co. Ltd. Sacombank said according to a State Bank of Vietnam (SBV) inspection, Sacombank did not incur losses through lending to six companies Danh found to have linked with in the case, adding that the bank recovered the capital and interest from the loans by April 2014. Tram Be has not had a management position at the bank since February 23, 2017, while Phan Huy Khang held no position at the bank since July 3, 2017, according to the bank.   [Former executives of Sacombank kept in custody for investigation] On June 30, 2017, Sacombank’s annual shareholders’ meeting for the 2016-2017 fiscal year elected the board of directors and supervisory…... [read more]

NDO/VNA – The Police Department for Investigation of Economic and Corruption-related Crimes on August 1 launched criminal proceedings against Tram Be and PhanHuyKhang, former executives of the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) who were taken into custody. Tram Be is the former Vice Chairman of the board of directors of Sacombank and Chairman of the bank’s credit council. also, PhanHuyKhang is an ex-member of the credit council and former General Director of the bank. They are being investigated for intentionally violating the state regulations on economic management and causing serious consequences relating to a case which involves Pham Cong Danh, former Chairman of the board of directors at the Vietnam Construction Joint Stock Commercial Bank (VNCB) and former Chairman of the members’ council and General Director of the ThienThanh Group Co. Ltd, and accomplices at Sacombank. According to initial information, Tram Be colluded with Pham Cong Danh and accomplices in sending money to Sacombank to guarantee and pay off debts for six companies set up by Danh to borrow money from Sacombank, causing a total loss of over VND1.8 trillion (US$79.25 million) for VNCB. In April 2013, Danh asked Tram Be to lend him money. Be agreed to loan Danh VND1.8 trillion with VNCB’s deposits at Sacombank being the collateral. Later, Be took Danh to meet PhanHuyKhang to make loan procedures. Directors of Sacombank’s District 8 and Hung Dao branches received the applications for loans of the six companies of Danh. On…... [read more]

NDO/VNA – The Police Department for Investigation of Economic and Corruption-related Crimes on August 1 launched criminal proceedings against Tram Be and PhanHuyKhang, former executives of the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) who were taken into custody. Tram Be is the former Vice Chairman of the board of directors of Sacombank and Chairman of the bank’s credit council. also, PhanHuyKhang is an ex-member of the credit council and former General Director of the bank. They are being investigated for intentionally violating the state regulations on economic management and causing serious consequences relating to a case which involves Pham Cong Danh, former Chairman of the board of directors at the Vietnam Construction Joint Stock Commercial Bank (VNCB) and former Chairman of the members’ council and General Director of the ThienThanh Group Co. Ltd, and accomplices at Sacombank. According to initial information, Tram Be colluded with Pham Cong Danh and accomplices in sending money to Sacombank to guarantee and pay off debts for six companies set up by Danh to borrow money from Sacombank, causing a total loss of over VND1.8 trillion (US$79.25 million) for VNCB. In April 2013, Danh asked Tram Be to lend him money. Be agreed to loan Danh VND1.8 trillion with VNCB’s deposits at Sacombank being the collateral. Later, Be took Danh to meet PhanHuyKhang to make loan procedures. Directors of Sacombank’s District 8 and Hung Dao branches received the applications for loans of the six companies of Danh. On…... [read more]

Hanoi (VNA) – The Police Department for Investigation of Economic and Corruption-related Crimes on August 1 launched criminal proceedings against and took into custody Tram Be and Phan Huy Khang, former executives of the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank). Tram Be is the former Vice Chairman of the board of directors of Sacombank and Chairman of the bank’s credit council. Meanwhile, Phan Huy Khang is an ex-member of the credit council and former General Director of the bank. They are investigated for intentionally violating the state regulations on economic management and causing serious consequences relating to a case which involves Pham Cong Danh, former Chairman of the board of directors at the Vietnam Construction Joint Stock Commercial Bank (VNCB) and former Chairman of the members’ council and General Director of the Thien Thanh Group Co. Ltd, and accomplices at Sacombank. According to initial information, Tram Be colluded with Pham Cong Danh and accomplices in sending money to Sacombank to guarantee and pay off debts for six companies set up by Danh to borrow money from Sacombank, causing a total loss of over 1.8 trillion VND (79.25 million USD) for VNCB. In April 2013, Danh asked Tram Be to lend him money. Be agreed to loan Danh 1.8 trillion VND with VNCB’s deposits at Sacombank being the collateral. Later, Be took Danh to meet Phan Huy Khang to make loan procedures. Directors of Sacombank’s District 8 and Hung Dao branches received the applications for…... [read more]

Trinh Xuan Thanh (Source: VNA)  Hanoi (VNA) – Trinh Xuan Thanh, former Chairman of the PetroVietnam Construction Corporation (PVC), gave himself up to the Investigation Security Agency under the Ministry of Public Security after nearly one year of evading international arrest warrant, the ministry reported on July 31. On September 16, 2016, the Ministry of Public Security’s Investigation Police Agency decided to launch criminal proceedings against Thanh, born in 1966 and residing at House No 24 – C2 Ciputra in Hanoi’s Tay Ho district, for alleged violations of State regulations on economic management resulting in losses of nearly 3.3 trillion VND (142 million USD) for the PVC during his leadership. After finding that Thanh had fled abroad, the ministry decided to issue an arrest warrant domestically and internationally for him. Earlier, members of the Secretariat of the Party Central Committee agreed to expel Thanh from the Party with 100 percent of approval votes.     According to the Secretariat, between 2007-2013, in his positions as Deputy Secretary of the Party Committee and Director General of the PVC, and later as Secretary of the PVC’s Party Committee and Chairman of the Board of Directors, Thanh showed irresponsibility and negligence in the leadership and management of the corporation’s operation, and violated legal regulations on business administration, resulting in many wrongdoings and losses of nearly 3.3 trillion VND (142 million USD).     As the top official of the corporation, Thanh must bear the main responsibility for the…... [read more]

NDO/VNA – Trinh Xuan Thanh, former Chairman of the PetroVietnam Construction Corporation (PVC), gave himself up to the Investigation Security Agency under the Ministry of Public after nearly one year of evading international arrest warrant, the ministry reported on July 31. On September 16, 2016, the Ministry of Public Security’s Investigation Police Agency decided to launch criminal proceedings against Thanh, born in 1966 and residing at House No 24-C2 Ciputra in Hanoi’s Tay Ho district, for alleged violations of State regulations on economic management resulting in losses of nearly VND3.3 trillion (US$142 million) for the PVC during his leadership. After finding that Thanh had fled abroad, the ministry decided to issue an arrest warrant domestically and internationally for him. Earlier, members of the Secretariat of the Party Central Committee agreed to expel Thanh from the Party with 100% of approval votes. According to the Secretariat, between 2007-2013, in his positions as Deputy Secretary of the Party Committee and Director General of the PVC, and later as Secretary of the PVC’s Party Committee and Chairman of the Board of Directors, Thanh showed irresponsibility and negligence in the leadership and management of the corporation’s operation, and violated legal regulations on business administration, resulting in many wrongdoings and losses of nearly VND3.3 trillion. As the top official of the corporation, Thanh must bear the main responsibility for the mistakes and wrongdoings. As Thanh was responsible for the wrongdoings, law violations and losses at the PVC, leaders of the…... [read more]




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