Grafts fallen aus

The act underlines a weighty challenge confronting his multi-ethnic, reformist coalition: race. When riots erupted at a Hindu temple outside the capital, Kuala Lumpur, last week, 93-year-old Mahathir Mohamad spared no effort to scotch speculation that tensions with Malays were to blame. Just a few days earlier, his government reversed its pledge to ratify a U.N. convention against racial discrimination following a backlash from groups who argued that it would dilute privileges Malays have enjoyed for decades. The two incidents illustrate the predicament confronting Mahathir as euphoria over the May election fades: curbing racial divisions, carrying out reform and reassuring Malays that affirmative-action policies favouring them in business, education and housing are not about to disappear. And Mahathir’s unlikely alliance - known as Pakatan Harapan, or Pact of Hope - has to do that without upsetting the delicate balance of its constituent parties. "The problem with Pakatan … [Read more...] about In ‘new Malaysia’, race continues to cast a long shadow

A court in Hanoi upheld a 13-year sentence against a former head of PetroVietnam on Monday, rejecting his appeal that he had followed protocols in a case that caused massive losses at the state giant. Dinh La Thang, a fallen political star and board chairman of PetroVietnam, had previously asked the Hanoi court to review the charge and tried to appeal the 13-year jail term he received in a historic trial in January for economic management violations. After a week-long trial, the Hanoi Superior People's Court eventually rejected his appeal. The indictment said he took advantage of his position as head of PetroVietnam to commit serious violations that caused million-dollar losses at the state giant. He violated regulations by assigning PetroVietnam Construction JSC (PVC) as the main contractor for several thermal power projects. He directly appointed Trinh Xuan Thanh as general director of PVC in December 2007, before making various promotion, funding and recruitment decisions to boost … [Read more...] about Vietnamese fallen politician has million-dollar graft appeal thrown out of court

Hanoi is scheduled to hold an appeal trial over corruption convictions against former PetroVietnam executives including a notorious runaway bigwig on May 7. Hanoi Superior People's Court, an appellate jurisdiction, is going to spend 10 days hearing the appeals of Trinh Xuan Thanh, former chairman of PetroVietnam Construction JSC (PVC), Dinh La Thang, former chief of PetroVietnam, and 13 others convicted for million-dollar losses at the state oil giant at a trial in January. Thanh, who was sentenced to life imprisonment for embezzlement and economic management violations, said he did not commit the crimes. Thang, who received a 13-year sentence for economic management violations, said his punishment was "too harsh" and has appealed to have it commuted. The verdict was not fair or objective in assessing his role in the case, the fallen political star said in his appeal letter. Most of the other defendants, who received up to 22 years in prison, are also seeking commuted sentences. Thang, … [Read more...] about Vietnam to hear appeal of runaway oil bigwig in landmark corruption case next month

Vietnamese police have extended their investigation into a fallen real estate tycoon in Da Nang and a former banking executive who have been accused of abusing their power to appropriate property. The latest charges laid against ex-fugitive businessman Phan Van Anh Vu and Dong A Bank's former CEO Tran Phuong Binh are part of an investigation into million-dollar losses incurred at Binh's bank. According to investigators, in 2013, Dong A Bank planned to raise its charter capital from VND5 trillion ($220 million) to VND6 trillion despite having financial issues. To achieve this goal, Binh convinced Vu to buy 60 million shares in the bank for VND600 billion. To raise cash for the deal, Vu mortgaged a plot of land in Da Nang to the bank to secure a VND400 billion loan. Binh then had his subordinates validate the remaining VND200 billion ($8.8 million) using false paperwork. However, the plan fell through, so Binh instructed his staff to transfer VND600 billion plus interest to Vu's company. … [Read more...] about Vietnamese property tycoon faces further charges as banking graft case extends

Vietnamese police have extended their investigation into a fallen real estate tycoon in Da Nang and a former banking executive who have been accused of abusing their power to appropriate property. The latest charges laid against ex-fugitive businessman Phan Van Anh Vu and Dong A Bank's former CEO Tran Phuong Binh are part of an investigation into million-dollar losses incurred at Binh's bank. According to investigators, in 2013, Dong A Bank planned to raise its charter capital from VND5 trillion ($220 million) to VND6 trillion despite having financial issues. To achieve this goal, Binh convinced Vu to buy 60 million shares in the bank for VND600 billion. To raise cash for the deal, Vu mortgaged a plot of land in Da Nang to the bank to secure a VND400 billion loan. Binh then had his subordinates validate the remaining VND200 billion ($8.8 million) using false paperwork. However, the plan fell through, so Binh instructed his staff to transfer VND600 billion plus interest to Vu's company. … [Read more...] about Vietnamese property tycoon faces further criminal charges as banking graft case extends

The former head of oil giant PetroVietnam has filed an appeal against the 18-year sentence he received for mismanagement last month. Dinh La Thang, a former rising political star, has asked the court to review the charge as well as his jail sentence. At a ten-day trial that concluded on March 29 in Hanoi, Thang and six other former PetroVietnam officials were found guilty of illegally plowing ahead with a 20 percent stake purchase in Ocean Bank in 2008 despite being aware of its “poor capacity.” The stake, worth VND800 billion ($35 million), was then completely written off when the central bank took over OceanBank in 2015. The court ruled that Thang and his accomplices were reponsible for the losses. Thang was ordered to return 75 percent of the lost investment, and the other six defendants were held accountable for the rest. In his appeal letter, Thang claimed the court had failed to take into consideration that his decision to invest in OceanBank was only made … [Read more...] about Fallen PetroVietnam chief appeals jail sentence in million-dollar graft case

The former head of PetroVietnam was sentenced to 18 years in jail in Hanoi on Thursday for his role in a banking investment that caused huge losses at the state oil giant. Dinh La Thang, former board chairman of PetroVietnam and a once rising political star, was charged with “deliberately violating state regulations on economic management, causing serious consequences,” which carries a sentence of between 10-20 years behind bars under Vietnam’s Penal Code. Prosecutors last week called for him to be jailed for 18-19 years. Thang had independently plowed ahead with a 20 percent stake purchase in Ocean Bank in 2008 although he was aware of its “poor capacity,” the indictment said. The stake, worth VND800 billion ($35 million), was completely written off when the central bank took it over in 2015. During the 10-day trial, he dismissed all the allegations. He said his investment in Ocean Bank had followed regulations. It had been discussed with other … [Read more...] about Fallen Vietnamese oil exec given 18-year sentence in $35 million graft case