Police have arrested the disgraced chairman of the national oil and gas giant, PetroVietnam, Nguyen Xuan Son, on economic charges.
Son was arrested July 21 on charges of taking advantage of his post and committing economic management violations with serious consequences.
Police searched his home at Ciputra Hanoi International City.
File photo of PetroVietnam chairman Nguyen Xuan Son delivering speech in Hanoi
Son, 53, was dismissed July 19 after just one year as chairman of state-own PetroVietnam, on orders signed by Prime Minister Nguyen Tan Dung, who named Nguyen Quoc Khanh, chief executive officer of PetroVietnam, as temporary chairman.
Son has been questioned several times in past months by police.
It is alleged Son committed "economic management violations" during his term as the chief executive officer of Dai Duong (Ocean) Commercial Bank between December 2008 and November 2010.
Son had also allegedly coordinated with Ha Van Tham, former chairman of the Ocean Bank to violate lending regulations. Tham and three other senior officials of the bank were detained between October 2014 and March 2015 following a State Bank of Vietnam investigation.
The Lao Dong newspaper reported Son was responsible for PetroVietnam’s decision to invest VND800bn in Ocean Bank. The central bank in April acquired Ocean Bank in a move it said was to “prevent [Ocean Bank’s] weakness from spreading to other banks.”
