Brian Jeffrey
Due to owing VND212 billion to the price stabilization fund, an investigation was carried out by the Ministry of Public Security (MPS) regarding Xuyen Viet Oil and other implicated institutions.
The charges implicated include violations concerning state asset management, causing financial loss, negligence causing severe consequences, bribery acts, and misuse of power for personal gains.
An investigation revealed that Le Duc Tho, former Ben Tre provincial Party Committee Secretary, was offered a bribe totaling VND13 billion and luxury items like a Patek Philippe watch valued at VND9.8 billion and a Mercedes Benz S450 Luxury car worth VND6.6 billion.
In a related case, Tran Duy Dong, former director of the Domestic Market Department under the Ministry of Industry and Trade (MOIT), is also currently facing charges of receiving bribes.
Xuyen Viet Oil topped the HCM City Tax Agency’s list of enterprises that hadn’t fulfilled their tax obligations for May, with an outstanding amount of VND1.74 trillion.
Mai Thi Hong Hanh, Director of Xuyen Viet Oil, and her associates were accused by Major General Hoang Anh Tuyen, the MPS spokesperson, at the government’s regular press conference on July 6, 2024, for misuse of funds from the petroleum price stabilization fund and environmental protection tax for personal and business uses, along with bribery activities.
Concerning petroleum management violations, Xuyen Viet Oil was found to have given bribes when the company’s equity was negative VND462 billion and it had debts estimated at VND1.92 trillion.
During the investigation, the authorities seized 134 savings books with a total amount of VND1.32 trillion implicating breaches in state asset management leading to losses at Xuyen Viet Oil Company and in various provinces and cities.
Xuyen Viet Oil was initially granted a petroleum trading license on August 22, 2016, and later received renewals on November 19, 2021, after meeting all necessary conditions outlined by Decree 83/2014.
Despite having satisfied the requirement of having at least 40 sales agents to be licensed, Xuyen Viet Oil faced issues with its subsidiary Dai Dong Xuan in fulfilling contractual obligations leading to license revocation by MOIT in August 11, 2023.
MOIT’s inspection in 2023 indicated that Xuyen Viet Oil failed to maintain the required number of retail points and valid sales agent contracts resulting in the revocation of their petroleum trading and import/export license.
