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.