Vietnam police widens probes into oil and gas giant company

Associated Press |

HANOI, Vietnam (AP) — Vietnamese police have widened their investigation into alleged graft and mismanagement connected to the state-owned oil and gas giant PetroVietnam that caused $69 million in losses.

Three PetroVietnam subsidiaries are being investigated for alleged abuse of power in appropriating $5.3 million, the Ministry of Public Security said in a statement late Wednesday.



The case centers on Ocean Bank, which was taken over by State Bank in 2015 at no cost after reporting losses of $445 million. PetroVietnam had owned 20 percent of the bank and lost all its investment after the takeover.

Ocean Bank's former chairman and general director face embezzlement charges. A total of 51 bankers and businessmen including 46 senior executives at Ocean Bank are standing trial in Hanoi.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Emerging Growth

GTX Corp

GTX Corp, along with its subsidiaries, is engaged in design, development, manufacturing, distribution and sales of products and services in the GPS and BLE wearable technology personal location and wandering…

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

Voleo

Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…