Thursday, Sep. 14, 2017

Vietnam police widens probes into oil and gas giant company

By The Associated Press

HANOI, Vietnam (AP) — 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.

2017-09-14 02:35:07 GMT

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