Specifically, the Board of Directors of PSH has approved the removal of Mr. Ranjit Prithviraj Thambyrajah (an Australian national and the company’s legal representative) from his position as Vice Chairman of the Board and CEO. This decision stems from Mr. Ranjit’s provision of false information regarding Berhero Pty Limited (operating as Acuity Funding), which led to the signing of a loan agreement for PSH to borrow $103 million USD in the first tranche, intended to help PSH settle tax obligations. Mr. Ranjit also requested to retain his position to oversee the proper use of the funds for the short-term loan’s intended purpose.
Ranjit Prithviraj Thambyrajah – CEO and Vice Chairman of the Board at PSH
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PSH announced that Mr. Ranjit’s removal will be reported at the upcoming Annual General Meeting of Shareholders. Mr. Mai Văn Huy, Chairman of the Board and legal representative, will oversee the company’s operations until a new CEO is appointed.
Additionally, PSH has suspended Mr. Nguyễn Việt Anh, Deputy CEO in charge of finance, following his resignation letter dated 03/06/2025. Similarly, Ms. Phạm Thị Ngọc Thùy, a member of the Control Board, has been suspended after submitting her resignation on 22/05/2025. Both matters will be reported to the Board at the next Annual General Meeting.
CEO of PSH Arrested for Fraud and Embezzlement
PSH Fined for Failure to Disclose Multiple Reports
Creditor Withdraws Bankruptcy Petition Against PSH
The removal announcement follows PSH’s receipt of an indictment from the Ministry of Public Security’s Investigation Agency, along with the temporary detention of Mr. Ranjit for investigation into fraud and embezzlement. The indictment reveals that the agency received a complaint from Chairman Mai Văn Huy, accusing Mr. Ranjit and Mr. Nguyễn Việt Anh of embezzling nearly 1.76 million USD from PSH.
According to the detention notice, Mr. Ranjit, as Director of Berhero Pty Limited (operating as Acuity Funding), “provided false information claiming that Berhero Pty Limited… could provide funds ranging from hundreds of millions to billions of USD to companies in Vietnam seeking loans.” The intent was to fraudulently collect fees from these companies.
Previously, on 27/02/2024, Mr. Ranjit, in his capacity as Chairman and CEO of Acuity Funding, signed an agreement to lend PSH a total of $720 million USD for the implementation of 8 projects in two phases. The loan would be divided into multiple tranches with a repayment period of up to 20 years and a grace period of up to 3 years.
In Phase 1, Acuity Funding was to disburse $290 million USD to help PSH settle bank debts, tax liabilities, provide working capital, and upgrade existing facilities for three projects in Mái Dầm (former Hậu Giang Province), Gò Công (former Tiền Giang Province), and Trà Nóc (Cần Thơ City). In Phase 2, $430 million USD would be allocated to develop five projects, including constructing a new factory in Tiền Giang, completing mixed-use projects in Đông Phú (Châu Thành District, Hậu Giang) and Phong Điền (Cần Thơ), and renovating the Nam Việt Cái Răng Factory (Cần Thơ).
– 16:44 20/10/2025
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.
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).
Century Thread Sets Date for Issuance of Over 43 Million Dividend Shares
Century Yarn is set to issue approximately 43.5 million shares as a dividend to shareholders at a ratio of 100:45. The final registration date for eligibility is October 31, 2025.
Western Oil Tycoon Owes Over 1.4 Trillion VND in Unpaid Taxes
NSHPETRO (UPCoM: PSH), officially known as Nam Song Hau Petroleum Trading and Investment Joint Stock Company, tops the list of tax debtors in Can Tho City as of August 31st. Notably, several of the company’s branches are also featured on this list.
An Individual Loans Vinahud Over $37 Million
Mr. Cong (Bui Thanh Cong) loaned Vinahud over VND 900 billion with an interest rate of 4% per annum and a term of six months.
