• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Vietnam

A Former Vietnam Energy Boss Has Been Sentenced to Death in a Mass Corruption Trial

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
September 29, 2017, 2:42 AM ET
VIETNAM-POLITICS-CORRUPTION-GOVERNMENT
This photo released by the Vietnam News Agency shows Ocean Bank founder and former chairman Ha Van Tham (front-2nd R) and co-accused Nguyen Xuan Son (front-2nd L), the bank's former general director, standing in a Hanoi court on the final day of their trial on September 29, 2017. Once high-rolling private bankers and businessmen, 51 executives were facing heavy sentences for fraud on September 29, as Vietnam's communist leadership parades its graft-busting credentials - and sweeps up its political enemies in the process. / AFP PHOTO / Vietnam News Agency / Vietnam News Agency (Photo credit should read VIETNAM NEWS AGENCY/AFP/Getty Images)Vietnam News Agency—AFP/Getty Images

A Vietnam court sentenced to death a former chairman of state-run PetroVietnam on Friday after finding him guilty in the mass trial of 51 officials and bankers accused of graft and mismanagement that led to losses of $69 million.

The ex-PetroVietnam chairman Nguyen Xuan Son was the second of the accused to be sentenced as the People’s Court of Hanoi began delivering its verdict in the long running trial.

The death penalty had been recommended by the Supreme People’s Procuracy of Vietnam.

Vietnam has introduced the use of lethal drugs for executions in recent years, having previously used firing squads.

The court had earlier in the day sentenced tycoon Ha Van Tham, founder of Ocean Group’s banking unit, Ocean Bank, to life imprisonment, having found him guilty of charges ranging from embezzlement to abuse of power.

Dozens of other banking and energy officials were also sentenced to jail terms.

The mass trial was a result of the tougher stance on corruption taken by the ruling Communist Party since Vietnam’s security establishment emerged stronger from a power struggle last year in which ex-Prime Minister Nguyen Tan Dung lost out.

The party says it wants to tackle corruption but some critics have accused Vietnam’s rulers of embarking on a witch-hunt following the launch of investigations implicating increasingly senior figures.

Dung lost out last year in the battle to secure the post of Communist Party General Secretary, Vietnam’s most powerful position. The post remained in the hands of Nguyen Phu Trong, whose modest public profile contrasts with the conspicuous wealth that some members of Dung’s administration had displayed.

For more on the Asia-Pacific region, watch Fortune’s video:

Investigations into PetroVietnam has seen a Politburo member who was a former PetroVietnam chairman, a vice trade minister sacked from their positions and a former deputy central bank governor prosecuted.

The court finished hearing the case against the 51 officials on Monday, and reconvened on Friday to deliver the verdicts and sentences.

Neither Son and Tham were given a chance to respond after the verdict was handed down.

On Monday, Son proclaimed his innocence and pleaded for the court not to give “an unjust verdict”.

“I did not believe my eyes when I was prosecuted on charges of embezzlement; stunned and bewildered, I became like a soulless person,” Son said.

In the same session, Tham admitted the charge of lending violations at Ocean Bank, but denied graft allegations.

About the Author
By Reuters
See full bioRight Arrow Button Icon
0

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
Fortune Secondary Logo
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Most Popular

placeholder alt text
Economy
'This cannot be sustainable': The U.S. borrowed $50 billion a week for the past five months, the CBO says
By Eleanor PringleMarch 10, 2026
20 hours ago
placeholder alt text
Real Estate
Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision
By Sydney LakeMarch 9, 2026
2 days ago
placeholder alt text
Future of Work
Shark Tank's Kevin O'Leary doesn't care if you work from your basement. He just wants to know if you can ‘execute’
By Marco Quiroz-GutierrezMarch 10, 2026
1 day ago
placeholder alt text
Investing
Oracle is under pressure from more than $100 billion in debt and massive layoffs as it pushes ahead with Larry Ellison’s 3-step transformation 
By Amanda GerutMarch 9, 2026
1 day ago
placeholder alt text
Economy
Trump's immigration crackdown is backfiring by hurting the U.S.-born workers it was meant to help, data shows
By Sasha RogelbergMarch 10, 2026
17 hours ago
placeholder alt text
Politics
Washington state wants to keep employers from microchipping workers, before anyone even gets the idea
By Catherina GioinoMarch 10, 2026
16 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.