` Japan Suspends Development Aid to Vietnam over Bribery Case ‘

#AceFinanceNews – TOKYO – June 04  – Japan has temporarily suspended official development aid to Vietnam over a bribery case, officials said Tuesday. Fresh yen loans and funding for an ongoing urban railway project have been frozen.

The decision was taken after six Vietnamese railway officials were detained over allegations of corrupt payments, AFP reported, citing a statement by Japan’s Foreign Ministry.

In March, Japanese media reported that the national tax agency had flagged up 100 million yen (US$100,000) worth of payments that could not be properly accounted for.

Japan Transportation Consultants Inc. is reportedly suspected of having paid the money to officials in Vietnam, Uzbekistan and Indonesia.

(Japan Times) – Said the message was conveyed during a bilateral progress meeting, after six Vietnamese railway officials were detained in May over a contract awarded to Tokyo-based Japan Transportation Consultants Inc.

The Japanese side said it would resume the aid when Hanoi investigates whether JTC or state-owned Vietnam Railways Corp. broke the law, and demanded that Vietnam take steps to prevent a recurrence, the embassy said.

It added that the two sides would meet again late this month, when the Japanese side will consider resuming assistance after studying the outcome of Vietnam’s investigation and any measures it is taking.

JTC said in April that an independent panel found it had paid ¥160 million in kickbacks to officials involved in projects in Vietnam, Indonesia, Uzbekistan between 2009 and 2014. Its payments to secure an aid project in Vietnam were estimated at ¥66 million.

Japan Times – AFP 

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#AceFinanceNews MOSCOW April 10 VTB one of Russia’s…

#AceFinanceNews – MOSCOW – April 10 – VTB, one of Russia’s biggest banks, is looking at winding up its business in Serbia, India and Vietnam, VTB CEO Andrei Kostin told a news conference on Thursday.

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“We are not planning to expand our activity at foreign subsidiaries, moreover, we are scaling down our presence in some countries,” he said. We do not plan to expand our activity in Western Europe either.”

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Russians Energy Minster says ` Domestic Gas Prices in `Europe ' Could Rise by 50 Percent if it Cut's Supplies from Russia '

#AceFinanceNews – EUROPE – April 04 – (RT) – “Moving away from pipeline transportation of natural gas, construction of terminals and deliveries of liquefied natural gas will lead to an increase in gas prices in Europe from the current $380 per 1,000 cubic metres to at least $550,” Novak said in an interview to the Russia 24 TV Channel.

“And the question arises: are the economies of European countries ready to supply and consume gas at such a price?” the Minister asked.

The US has insisted that Europe needs to urgently cut its dependence on Russian gas, with the US Secretary of State John Kerry saying Moscow should no’t use energy exports as a political weapon.

“It really boils down to this: no nation should use energy to stymie a people’s aspirations,” Kerry said in Brussels on Thursday, the same day Russia’s Gazprom increased the price to Ukraine another $100 per 1,000 cubic metres.

On Wednesday the US and EU reaffirmed their plan to move away from Russian gas, stressing that developments in Ukraine “have brought energy security concerns to the fore” .

Meanwhile, Russian energy companies have started to feel the pulse in markets outside Europe, mostly focusing on Asia.

Gazprom talked to Kuwait and Egypt about increasing LNG supplies and hopes to sign a long-term supply deal with China next month.

Also, the president of Russia’s oil major Rosneft has toured Japan, South Korea, Vietnam and India.

RT – INS – IT

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