VietNamNet Bridge – The Ministry of Public Security’s Investigative Agency has decided to prosecute five former executives of the textile factory of the State-run giant, PetroVietnam, and a subsidiary, for causing considerable economic losses.

PetroVietnam Petrochemical and Textile Fibre Company (PVTex). — Photo vneconomictimes.com

The suspects include Tran Trung Chi Hieu, former CEO of PetroVietnam Petrochemical and Textile Fibre Company (PVTex), a joint project between PetroVietnam and Viet Nam Textile and Garment Group (Vinatex); Vu Dinh Duy, former director-general of PVTex; Vu Phuong Nam, former chief accountant; Dao Ngo Hoang, former head of the Trade Department, and Do Van Hong, former chairman and general director of the Kinh Bac Petroleum Construction and Investment Joint Stock Company, a subsidiary of PetroVietnam.

They will be charged with intentionally acting against State economic management regulations and causing serious consequences, based on Article 165 of the Penal Code.

Four of the accused were placed in temporary detention.

The Investigative Police Agency is carrying out further investigations into the case while taking measures to retrieve State assets, in line with related laws.

The Government Inspectorate concluded, last October, that the investment in the construction of the Dinh Vu Polyester Manufacturing Plant in the northern port city of Hai Phong by PVTex, with a total investment of nearly US$325 million, caused an estimated loss of over VND1.47 trillion ($62.2 million), after three years of operation from 2012 to 2014. The plant closed in 2015.

The inspectors proposed that Prime Minister Nguyen Xuan Phuc should instruct related ministries and agencies, to seek ways of reclaiming VND54 billion ($2.4 million) and over $22,000 of losses, due to inaccurate and duplicate payments.

They also proposed handing over the case documents to the Ministry of Public Security for further investigation. 

VNS