PetroVietnam chief accountant arrested for economic mismanagement

The Ministry of Public Security has detained and launched legal proceedings against chief accountant of the Vietnam National Oil and Gas Group, Le Dinh Mau, for intentionally violating State regulations on economic management causing severe consequences.

The Ministry of Public Security’s Investigation Agency on September 26 detained and launched legal proceedings against chief accountant of the Vietnam National Oil and Gas Group (PetroVietnam) Le Dinh Mau for intentionally violating State regulations on economic management causing severe consequences.

Le Dinh Mau

Mau is also head of the PetroVietnam Accounting and Audit Department.

The agency also took legal proceedings against former head of the PetroVietnam’s management board for electricity and oil and gas project Thai Binh 2 Vu Hong Chuong; chief accountant of the management board for electricity and oil and gas project Thai Binh 2 Tran Van Nguyen; and former Vice Chairman of the Board of Directors of the PetroVietnam Construction Corporation (PVC) Nguyen Ngoc.

They were found guilty of violating financial regulations in the Thai Binh 2 thermal power plant project.

The investigation found that though a bidding contract on engineering, procurement and construction (EPC) for the project was yet to be signed, PetroVietnam transferred 8.2 million USD and more than 1.317 trillion VND (57.26 million USD) to the management board for the power project, which later advanced 6.6 million USD and 1.312 trillion VND to PVC, causing a loss of more than 51.7 billion VND and over 66,000 USD in interest until the EPC contract took effect on October 11, 2011.