Vietnam police widens probes into oil and gas giant company

September 13, 2017 - 7:36 PM

HANOI, Vietnam - 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 centres 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 per cent 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.

News from © The Associated Press, 2017

More News ...

iN RESPONSE: Readers have their say
Following are emailed reader responses to stories or letters to the editor for the third week of April 2024. They have been edited slightly for readability. Got something you want to add? Send an email to editor Marshall Jones at mjo

Fruit packers near Kelowna fined another $78,000
A fruit packing plant in the Ellison area east of Kelowna was hit with another $78,368 in fines for discharging effluent into a failed septic field. That’s now more than $110,000 in fines since 2022 for the same issue at Sandher Fruit

Manitoba government plans to lift ban on homegrown recreational cannabis
WINNIPEG - The Manitoba government is planning to end its ban on homegrown recreational cannabis — a move that would leave Quebec as the only province with such a restriction. "We're just allowing Manitobans to have the same

Kamloops council to expand tax exemptions for new rental builds
Developers have more land to choose from if they want to cut costs on new rental buildings in Kamloops. The City is looking to expand a tax exemption program to span massive swaths of Kamloops in order to encourage development. Previously r

Popular kamloops News

New Kamloops homeless drop-in centre, soup kitchen needed within weeks, not months
The City of Kamloops and local non-profit groups expect to replace the services of a drop-in support centre and soup kitchen before winter. That means more than 100 regular clients of The Lo
April 24, 2024 7:00 AM
Kamloops man accused of snatching two girls, taking them to Vancouver Island
A Kamloops man was arrested within a day after he was accused of abducting two young girls and taking them to Vancouver Island. The incident was reported to Kamloops RCMP on Monday, April 22
April 24, 2024 10:22 AM
'Heartbreaking': Kamloops residents reflect on demolition of decades-old hotel, nightclub
A building with a long and entertaining past has been demolished to make way for new housing developments on Kamloops North Shore, leaving some residents feeling nostalgic. The Northbridge H
April 21, 2024 6:00 PM
Two charged in alleged Kamloops assault and unlawful confinement
One of two people arrested in what police said was a "report involving weapons" has been released on bail. Kamloops RCMP was called to a Tk'emlups home on Kootenay Way last wee
April 23, 2024 7:00 PM
Rare white magpie making its home in Clinton area
A magpie with ghostly pale feathers is living near Clinton, about 120 km northwest of Kamloops, and a local wildlife photographer has captured photos of it. Typically, magpies are black and
April 24, 2024 6:00 AM

Trending Now

TRENDING NOW: Kid wins European seagull impersonation contest

View Site in: Desktop | Mobile

Vietnam police widens probes into oil and gas giant company

Trending Now

Kamloops

Kelowna

Penticton

Vernon