The Ho Chi Minh City Department of Civil Judgment Enforcement today (May 26) announced the completion of the enforcement of the case of Dinh La Thang, who was convicted of “Deliberately violating the State’s regulations on economic management, causing serious consequences; and Abuse of position and power to appropriate assets.” The case involved the contribution of 800 billion VND by the Vietnam National Oil and Gas Group (PVN) to the Ocean Commercial Joint Stock Bank (Oceanbank). The enforcement was delegated to the Hanoi Department of Civil Judgment Enforcement.
According to the case details, in 2006, PVN was approved by the Prime Minister to establish a new oil and gas joint-stock bank, in which PVN would hold over 50% of the charter capital.
 Dinh La Thang. Source: VNP |
PVN completed some procedures for the establishment of the Hong Viet bank preparatory board. However, in 2008, PVN withdrew from the establishment of this bank and instead contributed capital to buy shares in Oceanbank.
Prior to investing in Oceanbank, PVN assessed that the bank had a small scale, operated inefficiently, and faced challenges in maintaining stability during the volatile financial market conditions.
Despite these assessments, Dinh La Thang, then-Chairman of PVN, did not provide any directives to the Board of Directors and executive team to unify the strategy, conduct due diligence on Oceanbank, or evaluate the effectiveness and feasibility of investing in this bank.
Mr. Thang bypassed the Board of Directors and signed an agreement with Ha Van Tham, Chairman of Oceanbank, regarding the capital contribution. He also failed to report this to the Government as required.
Following the signing of the agreement, Mr. Thang continued to approve and sign resolutions on capital contribution and supplementary capital to Oceanbank without governmental guidance. He also decided to appoint representatives for PVN’s 20% stake in Oceanbank’s charter capital.
Despite being informed by the Board of Members and the secretary about the issuance of the capital contribution resolution being in violation of regulations, Mr. Thang did not direct any adjustments or capital divestment. His actions resulted in a loss of 800 billion VND for PVN in the Oceanbank investment.
In addition to the completion of this case, the Ho Chi Minh City Department of Civil Judgment Enforcement is also in the process of enforcing the Van Thinh Phat case, phase 1, involving the enforcement of hundreds of thousands of billions of VND and over 1,000 assets. They are also preparing for the enforcement of the Van Thinh Phat case, phase 2, which entails the recovery of hundreds of thousands of billions of VND and thousands of assets that have been seized by investigative authorities to ensure the enforcement of judgments.
Thanh Phuong
– 22:10 26/05/2025
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“The company has contributed significantly to the state budget, with an impressive submission of over 84.6 trillion VND in the first seven months of this year alone.”
