NSH Petro Rebound Hopes Crash After Australian CEO Charged for Fund Misappropriation

Nam Song Hau Trading Investing Petroleum JSC (NSH Petro) was optimistic about finally turning a corner after a prolonged period of financial difficulties. However, the Vietnam-based company's hopes were dashed when its new CEO became embroiled in criminal allegations that threaten to derail any chance of recovery.

NSH Petro is a prominent fuel distributor in Vietnam, operating approximately 70 fuel stations and managing 550 agents across the Mekong Delta region. Despite its extensive network, the company has been plagued by financial struggles, mounting debts, and issues with tax compliance.

By the end of 2023, NSH Petro was grappling with over $45 million (£33.6 million) in tax enforcement actions, and it was repeatedly delaying bond interest payments. Its total debts had ballooned to $356.8 million (£266.7 million), which was six times its equity, raising serious concerns among creditors and investors.

New CEO Promises Major Turnaround

In early 2024, Ranjit Prithviraj Thambyrajah, an Australian citizen, was appointed as CEO and vice chairman. Coming from Acuity Funding, Thambyrajah promised to inject $650 million (£485.9 million) into NSH Petro, aiming to revitalise its gasoline trading operations, finance new plant projects, and overhaul key facilities such as the Nam Viet Cai Rang plant. He also outlined plans for mixed-use developments in Dong Phu and Phong Dien.

Soon after his appointment, Thambyrajah was added to the NSH Petro board, becoming CEO, while Nguyen Viet Anh, managing director of Acuity Funding, took on the role of deputy CEO.

Funding Promises Fail to Materialise

Despite the assurances, the promised funding never materialised. As a result, the company's financial situation continued to deteriorate. By June 2025, NSH Petro's shares were delisted from the Ho Chi Minh Stock Exchange following qualified audit opinions on its 2023 financial statements and delays in submitting audited and semi-annual reports for 2024.

The stock price plunged to just $0.07 (£0.05) per share and was subsequently suspended from trading. According to the company's Q2 2025 financial statements, NSH Petro generated a mere $569,430 (£425,727) in revenue during the first half of the year, an amount insufficient to cover its escalating costs.

The company reported losses of $12.22 million (£9.1 million), bringing its total accumulated losses to $31.55 million (£23.5 million). Meanwhile, its equity sharply declined, and borrowings surged. By the end of August, tax arrears had exceeded $53.1 million (£39.6 million).

CEO Detained by Authorities

Further developments revealed that Thambyrajah was temporarily detained by the Ministry of Public Security following criminal complaints from multiple individuals, including Mai Van Huy, the chairman of NSH Petro. The complaints accused the CEO and his deputy of misappropriating $4.9 million (£3.6 million).

The allegations state that Thambyrajah falsely claimed that his firm, Berhero Pty, trading as Acuity Funding, could arrange billions of dollars in financing for Vietnamese companies. He is accused of lying to obtain fees amounting to $4.9 million, which he allegedly misappropriated. Thambyrajah is currently held at the Detention Centre of the Ministry of Public Security.

The confirmation of Acuity Funding's fraudulent billion-dollar financing promises has effectively crushed NSH Petro's hopes of restructuring its debts. Financial records indicate that the company's largest creditor is BIDV Bank, which holds over $163 million (£121.8 million) in outstanding loans. It is followed by Agribank. The company also has two overdue bond issues totalling $28.8 million (£21.5 million).

This series of events has cast a shadow over NSH Petro's future, with the criminal proceedings against its former CEO representing a significant setback for the company's recovery efforts. The extent of the financial damage inflicted by the allegations and the ongoing legal process will undoubtedly influence the company's path forward in the coming months.

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