On October 20, Nam Song Hau Petroleum Investment and Trading Joint Stock Company (NSH Petro) held a shareholders’ meeting and issued a board resolution to remove Mr. Ranjit Prithviraj Thambyrajah (born in 1960, Australian nationality) from his positions as Vice Chairman of the Board and CEO of the company.
NSH Petro shareholders meeting on the morning of October 20
According to NSH Petro, Mr. Ranjit Prithviraj Thambyrajah provided false information regarding Berhero Pty Limited’s transaction under the name Acuity Funding. He signed a contract with NSH Petro for a $103 million loan (first tranche) to pay taxes and requested to retain his position as Vice Chairman and CEO to manage the funds for short-term loan purposes.
Additionally, NSH Petro stated that the Board of Directors will report this information at the next shareholders’ meeting.
The Board’s resolution also temporarily suspended Mr. N.V.A., Deputy CEO in charge of finance (who submitted his resignation on June 3), and Ms. P.T.N.T., a member of the company’s supervisory board (who submitted her resignation on May 22).
The Board agreed to appoint Mr. Mai Van Huy, Chairman of the Board and legal representative of the company, to oversee operations until a new CEO is appointed.
Mr. Ranjit Prithviraj Thambyrajah (left) before his arrest
On the same day, NSH Petro issued an unusual disclosure to the Vietnam Stock Exchange and Hanoi Stock Exchange regarding the above information.
Previously, on October 15, the Investigation Police Agency of the Ministry of Public Security notified the Consular Department (Ministry of Foreign Affairs), NSH Petro, and others about the arrest and detention of Mr. Ranjit Prithviraj Thambyrajah.
Mr. Ranjit Prithviraj Thambyrajah, Director of Berhero Pty Limited, was accused of providing false information about Berhero Pty Limited operating under the name Acuity Funding. He claimed the company could provide loans ranging from hundreds of millions to billions of USD to companies in Vietnam, aiming to defraud these companies of fees totaling $4,933,531 USD. Currently, Mr. Ranjit Prithviraj Thambyrajah is detained at T17 Detention Center under the Ministry of Public Security.
PSH Announces Removal of CEO Following Recent Arrest
On October 20th, Nam Song Hau Petroleum Trading and Investment Joint Stock Company (UPCoM: PSH) announced a resolution to relieve Mr. Ranjit Prithviraj Thambyrajah of his positions as CEO and Vice Chairman of the Board of Directors. This decision follows Mr. Thambyrajah’s arrest and detention for investigation into allegations of asset embezzlement through fraud.
CEO of PSH Arrested for Fraud and Embezzlement
On October 18, 2025, Vietnam’s Ministry of Public Security’s Investigation Agency (MPIA) announced that on October 15, they had issued an arrest warrant for Ranjit Prithviraj Thambyrajah (born in 1960, Australian nationality), Director of Berhero Pty Limited, operating under the trade name Acuity Funding. Thambyrajah was detained pending investigation for allegedly providing false information related to the signing of a loan agreement with Nam Song Hau Petroleum Investment and Trading JSC (UPCoM: PSH) for a total of $720 million.
SHS Unveils New Headquarters, Expanding Nationwide Network and Operations
On October 16, 2025, Saigon – Hanoi Securities Joint Stock Company (SHS) officially inaugurated its new headquarters at 43 Ly Thuong Kiet Street, Cua Nam Ward, Hanoi, marking a significant milestone in its expansion strategy and the enhancement of its nationwide operational network.
PSH Executives Arrested for Fraud and Embezzlement
On October 18, 2025, the Investigation Police Agency (IPA) of the Ministry of Public Security announced that on October 15, they had issued a detention warrant for Ranjit Prithviraj Thambyrajah (born in 1960, Australian nationality), Director of Berhero Pty Limited, operating under the name Acuity Funding. Thambyrajah is being investigated for providing false information related to the signing of a loan agreement for $720 million with Nam Song Hau Petroleum Investment and Trading Joint Stock Company (UPCoM: PSH).
VN100 Index Futures Contract Officially Launched
On the morning of October 10, 2025, the Vietnam Stock Exchange will host the Launch Ceremony for VN100 Index Futures Contracts, marking a significant milestone in the diversification of products and expansion of Vietnam’s derivatives market.
