Vietnam

HANOI: Prosecutors in Vietnam were seeking long jail terms on Thursday for a former member of the country's ruling politburo and a high-profile former official over losses of hundreds of millions of dollars at a state oil firm, domestic media said. Dinh La Thang, the former politburo official and one-time chairman of PetroVietnam, faces 14 to 15 years in jail for "deliberate violation of state regulations on economic management", media quoted prosecutors as saying in court in Hanoi.Thang is the most senior politician to face trial in decades. Scores of former officials and bankers have been arrested in a sweeping crackdown on corruption in the communist state whose fast-growing economy is a lure for investors.The Supreme People's Procuracy of Vietnam sought life in prison for Trinh Xuan Thanh, the former chairman of PetroVietnam Construction, whose case grabbed world headlines last year when Germany accused Vietnam of kidnapping him from a Berlin park.He is accused over losses of more … [Read more...] about Vietnam seeks lengthy jail terms for former officials of state oil firm

Hanoi/Los Angeles – Vietnam is gripped by its highest profile corruption trial in memory, but some spectators are questioning whether the Communist Party elite in the dock were charged because of infighting in the ruling class or a crackdown on abuse of office.Onlookers have gathered at the Hanoi People’s Court since Monday for a glimpse of Dinh La Thang, the first politburo member to be arrested in decades, and Trinh Xuan Thanh, a state oil firm executive who Germany says was kidnapped from Berlin by Vietnamese agents.Led to the court in handcuffs along with 20 other defendants, their simple clothes and rough haircuts contrasted with their former well-groomed images as scions of the establishment.They face charges related to losses of hundreds of millions of dollars at state oil giant PetroVietnam. Reuters was unable to contact either the defendants or the lawyers representing them for comment.“This trial has raised a voice against corruption, but is not effective … [Read more...] about At Vietnam’s biggest corruption trial, some sceptical views

The Stock Exchange of Thailand ended lower, while other Southeast Asian stock markets mostly ended higher on Monday tracking broader Asia and on expectations of strong first-quarter earnings. Vietnam recorded its highest close in more than a decade.The SET main index gave up gains to close 2.64 points or 0.15% lower at 1,792.81 as consumer staples and energy stocks fell. CP ALL Plc and PTT Exploration and Production Plc lost 1.6% and 1.4%, respectively.MSCI's broadest index of Asia-Pacific shares outside Japan crept towards an all-time peak, with brisk economic growth and benign inflation adding to the risk appetite, while US  stocks notched their best weekly gains in more than a year on Friday.In Southeast Asia, ahead of the results season, there is positive expectation about first-quarter earnings, said Joel Ng, an analyst at KGI Securities in Singapore.Vietnam stocks erased early losses and ended 1% firmer at 1,022.90, their highest since November 2007, helped by gains in … [Read more...] about SET closes lower, Vietnam stocks hit 10-year closing high

HANOI: Vietnam brought 22 executives to court over losses at the state oil firm on Monday, in the most important trial of a widening crackdown on corruption. Among those being tried was the first politburo member to be arrested in decades In a separate trial in Ho Chi Minh City, a banking fraud case began with 46 defendants.As well as shedding light on graft, mismanagement and nepotism within state firms at a time privatisation is accelerating, the arrests show the ascendancy of a more conservative faction within the ruling Communist Party. How many people are involved?Scores have been arrested across PetroVietnam and the banking sector. Some have been tried and sentenced already. The most senior figure arrested is former PetroVietnam Chairman Dinh La Thang, among those whose trial started on Monday. Neither he nor his lawyer was available for comment. Germany has accused Vietnam of kidnapping one PetroVietnam suspect, Trinh Xuan Thanh, who was also among the 22 in court. More than … [Read more...] about What’s behind Vietnam’s corruption crackdown?

HANOI: Vietnam put 22 executives on trial over losses at the state oil firm on Monday, including a businessman Germany accuses Hanoi of kidnapping from a Berlin park and the communist state's first politburo member to face trial in decades. The executives are accused over losses at state oil firm PetroVietnam. The most serious offences could carry the death penalty.A widespread crackdown on fraud and mismanagement in the energy and banking sectors has gathered pace since the security establishment gained greater influence in the ruling party last year.The trial opened under high security at the Hanoi People's Court. Crowds gathered outside but there was no public access.The most senior former executive on trial is Dinh La Thang, who was arrested last month. He is a former politburo member who was dismissed from his post over the losses at PetroVietnam and then stripped of his role as party head of Ho Chi Minh City.Also on trial is Trinh Xuan Thanh, who Germany says was kidnapped last … [Read more...] about Vietnam starts high-profile trial over oil firm losses