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|Vu Thi Ngoc Lan, deputy general director of PVEP, was arrested on January 7. Source: Vneconomictimes|
On January 7, 2019, the Ministry of Public Security’s investigation agency initiated legal proceedings against and arrested Vu Thi Ngoc Lan, deputy general director of PVEP when expanding investigation in the second phase of the Oceanbank case.
According to PVEP’s website, Vu Thi Ngoc Lan has been the company’s deputy general director since January 2009.
The investigation agency determined that in 2010-2014, Vu Thi Ngoc Lan abused her position and power to receive extra interest payments outside the scope of their contract with OceanBank and appropriated this money.
Shortly before, Do Van Khanh, former general director of PVEP has also been arrested with the same charge. Khanh led PVEP between August 2010 and November 2015, then moved to PetroVietnam Drilling & Well Services Corporation (PVD).
PVEP said that the corporation has assigned temporary replacement personnel to ensure uninterrupted operations.
PVEP recorded a revenue of VND37.5 trillion ($1.63 billion) in 2018, exceeding its plan by 46 per cent, while profit after tax reached VND6.3 trillion ($274.69 million).
In May 2018, PVEP put the Bunga Pakma Block PM3 CAA oil field into operation (19 days sooner than planned).