According to a notice released after a three-day meeting of the Inspection Commission, Party inspectors said the Standing Board of PetroVietnam’s Party Committee and some individuals including Thang, who used to serve as chairman of the State-owned group, made serious violations and mistakes that marred the Party’s reputation.

 

The Inspection Commission has now forwarded the proposed disciplinary measures against Thang to the Politburo and the Party Central Committee for consideration, the Vietnam News Agency reports.

 

According to the commission, between 2009 and 2015, the standing board showed a lack of responsibility for management, leading to lax inspection and supervision of Party cells and their members.

 

PetroVietnam’s affiliates racked up huge losses for years but certain leaders still rose through the ranks. The board was also blamed for heavy losses at PetroVietnam Construction Corporation (PVC).

 

Some member enterprises were found to have caused losses of nearly VND900 billion, including VND800 billion invested in Ocean Bank.

 

As PetroVietnam chairman in that period, Thang, who is now a Politburo member, was found to sign a resolution in which the group’s board signed contracts for many unlawful packages. He also signed an investment deal with Ocean Bank, which went against the Law on Credit Institutions and caused serious consequences for PetroVietnam.

 

Thang also gave approval to PVC and PetroVietnam Technical Services Corporation to sign some projects that infringed the Bidding Law. Given his investment decisions, the group implemented many projects that turned out to be ineffective, including Dinh Vu polyester fiber plant and some bio-energy projects.

 

Besides, other PetroVietnam leaders namely Phung Dinh Thuc, Do Van Hau, Nguyen Xuan Son and Nguyen Quoc Khanh were dismissed and expelled from the Party.