BSR deputy general director arrested for BSR and OceanBank links

May 01, 2018 | 11:15

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Criminal proceedings have been initiated against Vu Manh Tung, deputy general director of BSR (Binh Son Refining and Petrochemical Company Limited), operator of Vietnam's first oil refinery Dung Quat in the central province of Quang Ngai, on the charge of “abuse of power or position for appropriation of property.”

bsr deputy general director arrested for bsr and oceanbank links

Vu Manh Tung, deputy general director of BSR

On April 27, the Ministry of Public Security’s investigation agency (C46) started criminal proceedings and arrested Vu Manh Tung (44), deputy general director of BSR, on the charge of “abuse of power or position for appropriation of property” (Article 355 of the 2015 Criminal Code).

The prosecution was started in relation to the BSR and OceanBank cases, which started in last September and are one of the most important cases in the government’s current initiative to fight corruption.

Earlier, in September 2017, during the second hearing of the OceanBank case, C46 has started three criminal cases with the same charge involving BSR, Vietsovpetro JV (VSP), and PetroVietnam Exploration Production Corporation (PVEP).

According to the proposal of the investigation agency, in 2010-2014, OceanBank’s chairman Ha Van Tham ordered the bank to spend VND1.576 trillion ($70 million) on interest payments without contracts for customers. BSR received around VND19 billion ($0.84 million) of this.

At the first instance of this case held last year, Vu Manh Tung (financial-planning manager) was summoned to the court to clarify the use of VND19 billion ($0.84 million) because Nguyen Minh Thu, former general director of OceanBank, said this amount was paid to BSR. However, Tung declined and said: “I myself did not receive this amount from Thu and OceanBank.”

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