Regarding the arrest of former VietinBank Chairman Le Duc Tho, on December 14, the Investigation Security Agency, Ministry of Public Security said it is handling and investigating the case of "Violating regulations on management and use of State assets causing loss and waste; lack of responsibility causing serious consequences; giving bribes; receiving bribes; taking advantage of positions and powers to influence others for personal gain" occurring at Xuyen Viet Oil Trading, Transport and Tourism Company Limited (Xuyen Viet Oil) and a number of related agencies and organizations.

Xuyen Viet Oil is one of nearly 40 major petroleum trading enterprises nationwide, authorized to import and export petroleum.

Xuyen Viet Oil has also been mentioned by public opinion recently when it became a "debtor" of up to thousands of billions of VND at banks.

BIDV is one of the largest creditors of this enterprise with outstanding debt of up to 2,000 billion VND. This loan was formed in 2022 under credit contract No. 02/2022/7191166/SĐBS between Xuyen Viet Oil and BIDV Nam Ky Khoi Nghia branch.

The collateral for the above loan is the entire benefit obtained from exploiting the value of construction works on the land for the land plots in Hamlet 4, Toc Tien Commune, Tan Thanh District (now Tan Thanh Town), Ba Ria Vung Tau Province and the gas station on the land.

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Previously, two female Directors and Deputy Directors of Xuyen Viet Oil were investigated by the Investigation Security Agency for the crime of "violating regulations on management and use of state assets, causing loss and waste".

In addition, according to VietNamNet's investigation, the collateral for Xuyen Viet Oil's loan at BIDV also includes the company's deposit contract worth VND50 billion at Sacombank; nearly 33 million liters of DO oil with a total value of VND450 billion (calculated at an average unit price of VND13,751/liter).

Previously, in 2020 and 2021, BIDV Nam Ky Khoi Nghia Branch was also a major capital sponsor for Xuyen Viet Oil.

BIDV is also a major capital sponsor for other petroleum giants, including Hai Ha Waterway Transport Company Limited (Hai Ha Petro) and related parties at Trung Linh Phat Company Limited (a petroleum wholesale enterprise in Ninh Binh).

Currently, BIDV is carrying out procedures to auction the collateral for Hai Ha Petro's loan, which is the Ha Hai - Quang Tri petroleum depot in Cua Viet town, Gio Linh district, Quang Tri province, with a starting price of 176 billion VND.

BIDV is also selling the right to use 19 plots of land in Ninh Binh with a starting price of VND211 billion to recover the debt of a leader of Trung Linh Phat Company.

On August 11, the Ministry of Industry and Trade issued Decision No. 2081/QD-BCT revoking the Business License for Export and Import of Petroleum of Xuyen Viet Oil.

This decision was made based on the inspection results of Xuyen Viet Oil Company and on the consideration of the aggravating circumstances of the company's failure to remedy the violations after the 2022 inspection and repeated violations of the regulations on the Price Stabilization Fund as reported by the Ministry of Finance.

On September 8, the Ministry of Public Security's Security Investigation Agency (A09) initiated a case of "Violating regulations on management and use of state assets causing loss and waste" occurring at Xuyen Viet Oil Company and a number of related agencies and organizations.

The security investigation agency also decided to prosecute and temporarily detain two women: Mai Thi Hong Hanh - Director of Xuyen Viet Oil; Nguyen Thi Nhu Phuong - Deputy Director of Xuyen Viet Oil.

Both leaders of Xuyen Viet Oil Company were investigated for "violating regulations on management and use of state assets, causing loss and waste".

Recently, the Ho Chi Minh City Tax Department informed that Xuyen Viet Oil is in tax debt of more than 1,500 billion VND.

Currently, hundreds of billions of dong from the Petroleum Price Stabilization Fund of this petroleum enterprise cannot be recovered to the budget.

The 'black mark' of the oil tycoon was exposed in the arrest of Mr. Le Duc Tho . Both leaders of Xuyen Viet Oil Company were investigated for the crime of "violating regulations on management and use of state assets, causing loss and waste".