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Former executives of petrochemical firm to stand trial

Four former executives of Binh Son Refining and Petrochemical JSC (BSR) will be brought to trial on January 21 for the charge of “abusing position and power to appropriate assets”, according to the Hanoi People’s Court.

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Former Chairman of BSR’s Council of Members Nguyen Hoai Giang (L), former Chief Accountant of BSR Pham Xuan Quang (R), and two others will stand trial on January 21 
The defendants consist of Vu Manh Tung (born in 1974, former Deputy Director General of BSR), Nguyen Hoai Giang (born in 1968, former Chairman of BSR’s Council of Members), Pham Xuan Quang (born in 1980, former Chief Accountant of BSR), and Dinh Van Ngoc (born in 1973, former General Director of BSR).

They were prosecuted by the Supreme People’s Procuracy for “abusing position and power to appropriate assets” under Article 355 of the 2015 Penal Code.

According to the indictment, from 2009 to 2014, BSR – a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam) based in the central province of Quang Ngai – made fixed-term and demand deposits at the Quang Ngai branch of the Ocean Commercial Joint Stock Bank (OceanBank).

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The move was made under PetroVietnam’s direction regarding the prioritisation of using OceanBank services, to which PetroVietnam contributed 20 percent of the charter capital.

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As the then leaders of BSR, in 2013 and 2014, the four defendants decided to deposit the company’s money at OceanBank and received extra interest that was not stated in contracts from then General Director of OceanBank Nguyen Minh Thu.

Vu Manh Tung received and appropriated VND2.9 billion and US$40,000, while Nguyen Hoai Giang pocketed VND2.9 billion; Pham Xuan Quang, VND1.8 billion and US$20,000; and Dinh Van Ngoc, US$1.5 billion, the indictment reads.

The Supreme People’s Procuracy said there is a sufficient basis proving that they abused their positions and power to appropriate assets.
VNA
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