Former chairman of PetroVietnam Construction JSC Trinh Xuan Thanh
Thanh was sentenced on February 5 on charges of colluding with seven accomplices to falsely devalue PetroVietnam Power Land JSC (PVP Land) shares to embezzle VND49bn (USD2m).The court gave Dinh Manh Thang, former chairman of a PetroVietnam unit and brother of the former PetroVietnam chairman Dinh La Thang, nine years of imprisonment, 10 years for former Deputy General Director of Vietsan Investment JSC Thai Kieu Huong and freelance trader Huynh Nguyen Quoc Duy, 16 years for former Chairman of PVP Land’s Board of Directors Dao Duy Phong and 13 years for Nguyen Ngoc Sinh, former PVP Land General Director.
Former Chairman of the Board of Directors of the May 1st Construction and Services JSC Le Hoa Binh was given eight years of imprisonment. Nguyen Kim Thoa, former chief accountant of the May 1st Construction, was given six years of imprisonment.
Binh and Thoa are already serving life sentences on charges of fraudulent appropriation of property at the May 1st Construction and Services JSC so their sentences remain unchanged. Trinh Xuan Thanh was given a life sentence on January 22 for embezzlement and deliberately violating state regulations at PetroVietnam Construction JSC.
The court mitigated the punishments for Thanh and his accomplices in PVP Land case since he admitted and showed regret for his wrongdoings and Thang had made attempts to repay the embezzled money.
In 2010, five shareholders agreed to sell the contract at Nam Dan Plaza project to Le Hoa Binh, former chair of the May 1st Construction and Services JSC at the price of VND52m (USD2,300) per square metre. However, Binh agreed to buy PVP Land's shares at cheaper prices and appropriated the difference. As a result, the PVP Land's contract saw the land sold for VND34m per square metre. Trinh Xuan Thanh received VND14bn, Dinh Manh Thang received VND5bn and other accomplices received a total of VND49bn.
Representatives of the People's Procuracy said Thang was directed to Thanh to contact Huong and tell her to keep the money transfer secret. The People's Procuracy had proposed life sentences for Thanh, up to 12 years of imprisonment to Thang and eight to 18 years of imprisonment for the other accomplices.
