The Ministry of Public Security on May 31 issued an arrest warrant for the former general director of PetroVietnam Petrochemical and Textile Fiber Joint Stock Company (PVTEX), Vu Dinh Duy.
Tran Dinh Duy
In mid-June, Duy, 43, and four accomplices including PVText's former chairman Tran Trung Chi Hieu, PVText's former chief accountant Vu Phuong Nam, PVText's former head of the Trade Contract Department Dao Ngọ Hoang, and former general director of PVC.KBC Do Van Hong were prosecuted for violating the state’s economic regulations causing serious consequences.
However, Duy fled just before the police filed charges against him. His whereabouts have remained unknown.
In 2008, the PVTex board approved a USD325-million project to build a polyester fibre factory in the northern city of Haiphong. But later the facility racked up losses of VND1.5 trillion and suspended operation in 2015.
A Government Inspectorate probe, whose results were announced in October last year, found that leaders of the company were suspected of intentionally violating the law and showing a lack of responsibility in the project and contractor approval processes, which led to heavy losses.
The case is still under investigation.