Police search Nguyen Xuan Son’s home at Ciputra Hanoi International City
PetroVietnam is speeding up procedures to hand over its stake of VND4.68 trn in Vietnam Public Joint Stock Commercial Bank (PVCombank) to the State Bank of Vietnam (SBV) for management by the end of this year.
It has already withdrawn VND800bn investment from Ocean Joint Stock Commercial Bank (Ocean Bank) under its restructuring plan.
PetroVietnam is stepping up capital withdrawal from several subsidiaries in 2015, including PetroVietnam Energy Technology Corporation (PV EIC), PetroVietnam Financial Investment JSC (PVFI), PetroVietnam-SSG Real Estate Joint-Stock Company (PV-SSG), and PetroVietnam Construction JSC (PVC) with a combined capital of VND295.65bn.
After the capital withdrawal, PetroVietnam’s stakes in these companies would decrease to from 35 percent to 36 percent.
PetroVietnam will also privatize Dung Quat oil refinery plant, in which it holds a 75 percent stake, and Ca Mau fertilizer plant, in which it holds 51 percent, and Dung Quat Shipbuilding Industry JSC, in which it holds a 36 percent.
After 2015, PetroVietnam will divest its entire 35.2% stake in Petrosetco and privatize PetroVietnam Oil Corp. (PV Oil) and PetroVietnam Power Corp. (PV Power), in each of which it holds a 75 percent stake.
Nguyen Xuan Son, former chairman of PetroVietnam, was arrested on July 21 on charges of taking advantage of his post and committing economic management violations with serious consequences.
Son may be held accountable for the decision to invest VND800bn in the Ocean Bank, which was acquired by the central bank in April as part of efforts to restructure weak banks.