Bribery scandal at PJICO: High-ranking managers in custody!

Bribery scandal at PJICO: High-ranking managers in custody!

On July 7, 2025, the police announced that a bribery case was uncovered in connection with Petrolimex Insurance Joint Stock Company (PJICO). As part of this investigation, PJICO's Director General, Ms. Nguyen Thi Huong Giang, 50 years old, was prosecuted and temporarily detained.

In addition, eight other people were implicated in the scandal, including former general manager of Petrolimex Group, Mr. Dao Nam Hai, and deputy general manager of PJICO, Mr. Tran Hoai Nam. Other defendants include Mr. Dang Quang Dung and Mr. Dinh Quoc Thinh, both deputy directors of the Motor Vehicle Compensation Appraisal Board, as well as appraisers Nguyen Dinh Son, Nguyen Ngoc Thang, Le Nam Duong and Vo Hoang Phuc.

Background of PJICO

PJICO was founded in 1995 and is considered the first insurance company to operate on the stock model. The company has a registered capital of VND53 billion. In 2018, PJICO generated over VND2,800 billion in original insurance premium income and profit after tax of VND144 billion. In 2019, the insurance company exceeded VND3,000 billion in insurance premium income and achieved an after-tax profit of VND162 billion. PJICO's focus is on automobile insurance, which is considered the "backbone" of the company.

Ms. Nguyen Thi Huong Giang, who was born in Hai Duong in 1975, holds master's degrees in finance, banking, insurance and business administration. She joined PJICO in 1997 and was elected Director General in 2022. Under her leadership, PJICO recorded total revenue of VND5.279 billion in 2024, an increase of 8.9%. Revenue from the original insurance business amounted to VND4,396.5 billion, an increase of 9.3%.

Motor vehicle insurance as a core business

For 2025, PJICO plans to set the initial insurance revenue target at VND4,400 billion, with an estimated pre-tax profit of VND306 billion. Motor insurance revenue, which accounted for VND1,639 billion in 2024, accounting for 37.3% of total original insurance revenue, continues to be considered a critical component of business success.

The legal consequences of such corruption offenses can be significant. Individuals caught up in bribery scandals face not only criminal consequences, but also civil claims that could target lost contracts or returns, such as Haufe is reported. The situation at PJICO therefore not only represents a challenge for the individuals affected, but could also have far-reaching effects on the company itself.