Business Standard

Vietnam jails ex-Politburo member over oil giant's losses


AP Hanoi
A Vietnamese court has sentenced a former Communist Party Politburo member to 18 years in prison after finding him guilty of mismanagement at a state oil giant that cost millions of dollars.
The former chairman of PetroVietnam, Dinh La Thang, had already been sentenced to 13 years in prison in January on other charges.
The Hanoi court convicted Thang of deliberately violating economic management regulations by investing $35 million in Ocean Commercial Joint Stock Bank without approval from the board of directors. The investment was lost when the bank was acquired by a state bank at no cost. Six other defendants received from 15 months of probation to 23 years in jail.
PetroVietnam and the banking sector have been at the center of an unprecedented crackdown on corruption.

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First Published: Mar 29 2018 | 4:20 PM IST

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