A court in Hanoi on Monday put on trial a former senior Communist Party official for alleged management while he headed the state oil giant.
Former PetroVietnam chairman Dinh La Thang is accused of deliberately violating economic management regulations by investing $35 million to buy 20 percent shares of Ocean Bank without approval from the board of directors. The bank was later acquired by the State Bank at no cost, resulting in the loss of investment.
Continue Reading Below
The Vietnam News Agency says the trial of Thang and six other former senior PetroVietnam executives is expected to last 10 days.
Thang was sentenced to 13 years in jail at another trial in January over financial wrongdoing and was the first former Politburo to be jailed in decades.
