Petrochemical execs get jail terms

Four former executives of Bình Sơn Refining and Petrochemical JSC (BSR) were sentenced to four to eight years in prison each yesterday following a two-day trial on charges of “abusing position and power to appropriate assets.”-VNA/VNS Photo Doan Tan

Vu Manh Tung (born in 1974, former Deputy Director General of BSR) received an eight-year prison term; Nguyen Hoai Giang (born in 1968, former Chairman of BSR’s Council of Members) got seven years in prison; Pham Xuan Quang (born in 1980, former Chief Accountant of BSR) was sentenced to six years; and Dinh Van Ngoc (born in 1973, former General Director of BSR) was handed a four-year sentence.

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 OceanBank.

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

As the leaders of BSR in 2013 and 2014, the four defendants decided to deposit the company’s money at OceanBank and received extra interest payments which were not included in the contracts. The extra interest was paid by then–General Director of OceanBank Nguyen Minh Thu, under the instruction of former Chairman of the Board of Directors of OceanBank Ha Van Tham.

Vu Manh Tung received and appropriated VND2.9 billion (US$124,800) and $40,000; Nguyen Hoài Giang pocketed VND2.9 billion; Pham Xuan Quang took VND1.8 billion and $20,000; and Dinh Van Ngoc got VND1.3 billion, the indictment reads.

The verdict said the behaviour of the defendants was extremely serious and lasted for a long time, harming the legitimate activities of BSR and affecting the assets of OceanBank and its shareholders.

Their acts also had a negative impact on the company’s economic activities, as well as the implementation of the State’s monetary and financial policies.

The court also asked the defendants to pay back the more than VND10 billion they had appropriated to Ha Van Tham, who was ordered to return the money to OceanBank.