Ranjit Prithviraj Thambyrajah, an Australian national and General Director of Nam Song Hau Oil and Gas (NSH Petro), was detained by Vietnam’s Ministry of Public Security on Saturday, for alleged fraud under Article 174 of the Penal Code, VN Express has reported → view source.
He is alleged to have provided false information about his ability to arrange loans worth hundreds of millions to billions of US dollars, defrauding companies of about US$5 million in fees.
As Director of Australia’s Berhero Pty Ltd, trading as Acuity Funding, Thambyrajah signed a February 2024 deal with NSH Petro promising loans totalling US$720 million for eight projects in two phases.
The first phase involved US$290 million for debt repayment and facility upgrades in Hau Giang, Tien Giang, and Can Tho, while the second phase included US$430 million for new plants and capital expansion.
On the same story, Nha Dau Tu also notes that NSH Petro’s financial situation is complicated, with tax arrears of about VND 1.2 trillion or US$48 million and total debts reaching VND 9.4 trillion or US$376 million, six times its equity.
By mid-2025, the company had lost VND 831 billion or US$33 million and seen equity drop to VND 480 billion or US$19 million.
Main creditors include BIDV (VND 4.3 trillion or US$172 million), Agribank (VND 1.7 trillion or US$68 million), and Sacombank (VND 50 billion or US$2 million), with VND 759 billion or US$30 million in overdue bonds.
NSH Petro was delisted from HoSE in June 2025 with PSH shares trading around VND 1,700 or US$0.07.