Vietnam police widens probes into oil and gas giant PetroVietnam

PetroVietnam had owned 20 percent of the bank and lost all its investment after the takeover. Ocean Bank's former chairman and general director face embezzlement charges. A total of 51 bankers and businessmen including 46 senior executives at Ocean Bank are standing trial in Hanoi.

By: AP | Hanoi (vietnam) | Published:September 14, 2017 12:35 pm

Vietnamese police have widened their investigation into alleged graft and mismanagement connected to the state-owned oil and gas giant PetroVietnam that caused $69 million in losses. Three PetroVietnam subsidiaries are being investigated for alleged abuse of power in appropriating $5.3 million, the Ministry of Public Security said in a statement late Wednesday.

The case centers on Ocean Bank, which was taken over by State Bank in 2015 at no cost after reporting losses of $445 million. PetroVietnam had owned 20 percent of the bank and lost all its investment after the takeover. Ocean Bank’s former chairman and general director face embezzlement charges. A total of 51 bankers and businessmen including 46 senior executives at Ocean Bank are standing trial in Hanoi.

For all the latest World News, download Indian Express App

    Live Cricket Scores & Results