PetroVietnam ex-chief arrested for $36m investment in losing bank

By Manh Quan – Thai Son, Thanh Nien News

Email Print

Nguyen Xuan Son as board chairman of PetroVietnam. File photo Nguyen Xuan Son as board chairman of PetroVietnam. File photo


Ministry of Public Security officers Tuesday arrested recently sacked chairman of state giant PetroVietnam for alleged violations during his earlier job as a bank CEO.
The ministry said it is investigating Nguyen Xuan Son, who was sacked on Sunday, for abuse of power and violations of state economic management regulations that caused serious consequences.
Officers did a quick search of his house in Hanoi Tuesday evening.
The media said the 53-year-old is under scrutiny for violations while serving as chief of Ocean Commercial Bank between December 2008 and November 2010.
Son was allegedly responsible for PetroVietnam’s decision to invest VND800 billion (US$36.66 million) in the bank, which was acquired by the central bank in April as part of efforts to restructure weak banks.
Ocean Bank has been embroiled in a police investigation for lending fraud, with several of its executives arrested last year.
Son started working in the oil and gas industry in 1984 and became deputy general director of PetroVietnam in 2010 and chairman in July last year.
A Thanh Nien source said several other officials in the industry are also involved in the case.

More Business News