Five prosecuted for losses at Vietnamese synthetic fibre plant

The Vietnamese Ministry of Public Security’s Investigative Agency is to prosecute five former executives of the fibre factory of the state-run PetroVietnam and a subsidiary for causing considerable economic losses.

They include Tran Trung Chi Hieu, former chief executive officer of PetroVietnam Petrochemical and Textile Fibre Company (PVTex), a joint project between PetroVietnam and the Vietnam Textile and Garment Group (Vinatex); Vu Dinh Duy, former director-general of PVTex; Vu Phuong Nam, former chief accountant; Dao Ngo Hoang, former head of the Trade Department; and Do Van Hong, former chairman and general director of Kinh Bac Petroleum Construction and Investment, a subsidiary of PetroVietnam.

The former executives will be charged with intentionally acting against state economic management regulations and causing serious consequences. Four of the accused have been placed in temporary detention.

The Investigative Police Agency is carrying out further investigations into the case while taking measures to retrieve state assets.

For the full story, see the July 2017 edition of Textiles South East Asia. Not a subscriber? Sign up HERE