Trial of Trinh Xuan Thanh and Dinh La Thang’s brother to start today

January 24, 2018 | 14:36
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Today, the Hanoi People’s Court opens the first instance hearing of the trial of Trinh Xuan Thanh, Dinh Manh Thang, and six other defendants charged with “asset embezzlement” at PV Power Land. 
The trial of Trinh Xuan Thanh and Dinh Manh Thang (the brother of Dinh La Thang) started today

The defendants in this case include:

  1. Trinh Xuan Thanh, former chairman of PetroVietnam Construction JSC (PVC)
  2. Nguyen Ngoc Sinh, former general director of PV Power Land
  3. Dao Duy Phong, former chairman of PV Power Land
  4. Dinh Manh Thang, former chairman of Petro Song Da Trading and Investment JSC
  5. Le Hoa Binh, chairman of May 1 Construction and Service JSC
  6. Huynh Nguyen Quoc Duy, freelance broker
  7. Thai Kieu Huong, deputy general director of VietSan Company

According to the proposals of the court, PV Power Land agreed to transfer 24 million shares of Nam Dan Plaza (in Pham Hung Street, Hanoi) to Le Hoa Binh (chairman of May 1 JSC) at the price of VND20,756 apiece.

Trinh Xuan Thanh, Nguyen Ngoc Sinh, Dang Sy Hung, and Dao Duy Phong, who were appointed to manage the assets of PV Power Land at the Nam Dan Plaza project, colluded with the buyer (May 1 JSC) and Dinh Manh Thang to sign and transfer the shares at VND13,578 apiece.

The value of the contract was VND192 billion ($8.5 million), VND87 billion ($3.9 million) less than the contract value signed by PV Power Land.

After paying 50 per cent of the total contract value, Le Hoa Binh had to pay VND14 billion ($0.62 million) to Trinh Xuan Thanh, VND10 billion ($0.44 million) to Dao Duy Phong, and VND5 billion ($0.22 million) to Dinh Manh Thang. As a result, the total amount the defendants embezzled was VND49 billion (nearly $2.2 million).

According to the procuracy, the 12 million shares of PV Power Land at Nam Dan Plaza were owned by PVC (under the chairmanship of Trinh Xuan Thanh). Meanwhile, Dao Duy Phong, chairman of PV Power Land’s Board of Management and general director Nguyen Ngoc Sinh represented PVC's contributed capital at PV Power Land.

These state-owned assets were assigned to these defendants for safe-keeping and management, but they misused their positions and powers to embezzle VND49 billion (nearly $2.2 million). Trinh Xuan Thanh played an important role in transferring PV Power Land’s shares at the lower price. Dinh Manh Thang supported Thanh.

While the investigation agency prosecuted Le Hoa Binh for fraud and asset appropriation, Dinh Manh Thang has returned VND5 billion ($0.22 million) and Thanh has returned the whole VND14 billion ($0.62 million).

However, the procuracy held that the defendants returned the money after the prosecution started and hold no relevance to committing the violations themselves. Thus, the guestures only served to extenuate criminal responsibility.

This court is expected to last until February 6, 2018.

Earlier, on January 22, 2018, the Hanoi People’s Court has sentenced Trinh Xuan Thanh to life imprisonment and Dinh La Thang (brother of Dinh Manh Thang) to 13 years of imprisonment in a case related to PetroVietnam and PVC.

PVC trial ends in life sentence PVC trial ends in life sentence

Dinh La Thang has been sentenced to 13 years of imprisonment and Trinh Xuan Thanh has been given a life sentence.

Procuracy finds group benefits in Dinh La Thang case Procuracy finds group benefits in Dinh La Thang case

The People’s Procuracy of Hanoi has held that Dinh La Thang appointed a bidding for PVC (PetroVietnam Construction JSC) due to “group benefits” at the $1.7-billion Thai Binh 2 thermal power plant project.

By By Nguyen Huong

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