Appeal court hears case of PVN’s bad Oceanbank investment

6/21/2018 - 3:34:33 PM

The High-Level Court in Hanoi has begun hearings for an appeal filed by Dinh La Thang, a former chairman of the state oil group PVN, concerning the company’s loss of VND800 billion (US$35.2 million) on investments in the struggling lender Oceanbank.

Dinh La Thang at the trial court

The appeal was also lodged by six other defendants, who asked the court to review their charges, sentences and civil responsibilities.

Earlier, Thang, a former Politburo member and Ho Chi Minh City secretary, had been sentenced to 18 years for deliberately violating state regulations on economic management, which led to serious consequences.

Thang was also ordered to provide compensation of VND600 billion, while other defendants received between 15 months of community sentence and 23 years in prison.

According to the indictment, although he was well-aware of Oceanbank’s weaknesses, Thang decided to invest a total of VND800 billion in the lender in violation of current regulations.

Due to its poor performance, Oceanbank was eventually acquired by the State Bank for zero Vietnamese dong, resulting in the loss of the entire VND800 billion investment.

In a separate case, the court upheld a 13-year sentence for Dinh La Thang for assigning PVC, a unit of PVN, to carry out the engineering, procurement and construction (EPC) package at the Thai Binh 2 power plant in violation of the law.

The appeal hearing, which began on June 19, is expected to last for seven days.

Source: NDO

New opportunities for Hoa Binh residents to work abroad

In late March, 29 labourers from Da Bac district were sent to work as seasonal farm workers in Buyeo county, Chungcheongnam province, the Republic of Korea (RoK). Upon arrival, they quickly settled into their jobs, enjoying good working conditions and benefits, with wages aligned with the terms of their signed contracts. The programme is now being expanded, with relevant departments and sectors actively seeking additional seasonal employment opportunities in various localities across the RoK.

Luong Son IP pays due heed to environmental protection

Luong Son Industrial Park has invested in standardised wastewater and emissions treatment systems, enforced tight emission controls, reduced noise, dust, and solid waste, and expanded green spaces, contributing to protecting the environment and promoting sustainable development.

Hoa Binh police harness digital ID app to collect public feedback on amendments to 2013 Constitution

Hoa Binh police are collecting public feedback on amendments to the 2013 Constitution via the national identification app VNeID. This innovative approach marks a giant leap towards modernising grassroots democracy and enhancing transparency in public consultation.

Public investment benefits residents in Da River reservoir vicinity

A total public investment capital of 113 billion VND (over 4.3 million USD) was disbursed for a project to upgrade infrastructure and stabilise residents in the vicinity of the Da River reservoir between 2021 and the first quarter of 2025, giving a facelift to local rural areas and improving the quality of people's life.

Hoa Binh education sector accelerates digital transformation

Since the end of 2023-2024 academic year, Cu Yen Primary and Secondary School in Luong Son district has deployed e-study records for all of its 500 primary students, said the school principal Nguyen Thi Tuyen.

Hoa Binh city's Labour Union enhances support for local workers

The Labour Federation of Hoa Binh city has actively worked to protect the rights and welfare of nearly 8,000 local workers and union members at 152 grassroots unions. Through regular dialogues, education campaigns, and welfare programmes, the federation has helped foster stable, progressive labour relations.