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|Dinh La Thang at the first court last month|
The Hanoi People’s Court will open the first instance hearing on March 19-29.
The seven defendants are:
Dinh La Thang and five other defendants are charged with “intentionally violating state regulations on economic management and causing serious consequences” (Article 165 of the Criminal Code). Additionally, Ninh Van Quynh is charged with Article 165 and “abusing positions and powers to appropriate property” (Article 280 of the Criminal Code).
According to the proposal of the court, while being the chairman of PetroVietnam, Dinh La Thang signed co-operation arrangement No.6934 dated September 18, 2008 to contribute capital to Ocean Commercial One Member Limited Liability Bank (OceanBank) chaired by Ha Van Tham.
Thang made this decision knowing full well that OceanBank was in a weak position. He signed the resolutions to conduct the capital contribution without the approval of the prime minister, which was not in line with the regulations of the Ministry of Finance.
According to the procuracy, this caused VND800 billion ($35.3 million) in damages to PetroVietnam when OceanBank’s business turned to red, lost ownership capital, and the State Bank of Vietnam had to buy it out for VND0.
The court confirmed that Dinh La Thang is charged as bearing the highest responsibility in this case.
Earlier, on January 22, after 14 days of trial and deliberation of the case related to PetroVietnam and PetroVietnam Construction Corporation (PVC), Dinh La Thang was sentenced to 13 years of imprisonment for “intentionally violating state regulations on economic management and causing serious consequences.”
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