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

Thung Nai commune gets a facelift

In recent years, Thung Nai commune on has undergone significant changes in its appearance, landscape, and lives of local residents. Road 435 from Hoa Binh City to Tan Lac district’s Suoi Hoa commune, passing through the Thung Nai commune, has helped attract many tourists to the area.

Hoa Binh promotes startup movement among high school students

A seminar on promoting the startup movement among high school students has been held recently by the provincial Department of Education and Training and the Vietnam National University of Agriculture at Tan Lac High School in Tan Lac district of Hoa Binh province.

The journey “I love my Fatherland” in Hoa Binh

In the morning of April 24th, at Uncle Ho’s Monument on Hoa Binh Hydroelectric Project, Vietnam Youth Federation coordinated with Hoa Binh Youth Federation to organize the journey "I love my Fatherland” to celebrate the 70th anniversary of Dien Bien Phu Victory.

Experiencing Bo market on Sunday in Van Son commune

From the fact that the market takes place only every Tuesday, Bo market in Van Son commune (Tan Lac) officially takes place every Sunday from March 24. Thereby, the aim is to turn the market into a place promoting the cultural identity of Muong people in Hoa Binh and the consumption of goods and products of the neighboring communes, meeting the needs of tourists for the local products when travelling to Van Son at weekends.

Provincial Steering Committee on population, development convenes meeting

Nguyen Van Toan, Vice Chairman of the provincial People's Committee, chaired a meeting of the Steering Committee on Population and Development.