The accused from Agribank at the bar. They are sentenced to prison for breaking the law and causing serious economic consequences. — Photo dantri.com.vn

AN GIANG (Biz Hub) ― Seven staff members of Agribank's Chi Lang branch were sentenced to prison on Monday by the People's Court in the southern province of An Giang.

Director Huynh Buu Loc was handed a 17 year term, while deputy director Mai Van Tao was given nine years and business planning department head Phan Ngoc Chuong received 13 years for violating lending regulations for credit institutions.

For cheating and appropriating assets, business planning department deputy head Tran Trung Hau received 15 years' imprisonment, and credit staff member Chau Sara Vong was sentenced to 26 years.

Cashier Le Van Tuoi was imprisoned seven years for breaking economic management rules, and credit staff member Nguyen Kien Binh got eight years for violating lending regulations.

According to the indictment, Vong forged 97 loan documents to steal nearly VND8.7 billion (US$414,300) from the branch, and VND460 million ($21,900) from two individuals. He also signed 10 illegal documents and faked mortgages, causing the bank losses of VND1.3 billion ($61,900).

He was able to get away with the scam thanks to the lax management of Loc, Tao, Chuong and Hau.

Loc signed 16 fake documents that lost the bank VND16.4 billion ($781,000). He also signed eight other unqualified documents without checking them, and forged mortgage values, leading to a loss of over VND400 million ($19,000).

Chuong signed 23 loan documents with Hau's support, despite being aware that the borrowers were unable to repay them. As a result, the bank lost nearly VND16.8 billion ($800,000).

Binh authorised incorrect asset values in 13 documents, causing a loss of about VND15.5 billion ($738,100).

Their actions had resulted in serious economic consequences, the court concluded. ― VNS