Bao Viet's former General Director to be prosecuted

Wednesday, Apr 23, 2014 17:06

Bao Viet Insurance Corporation's branch in Ben Tre.— Photo

HA NOI (Biz Hub) — Former General Director of Bao Viet Group and General Director of Bao Viet Insurance Corporation, Tran Trong Phuc, and two other employees have been prosecuted by the police.

The Investigation Department of the Ministry of Public Security on April 21 charged them with "irresponsible behaviour causing financial loss to the state."The three defendants include Phuc, 53; Ta Van Can, 52, former Chief Accountant of the Bao Viet Insurance Corporation; and Tran Minh Thai, 39, former accountant of Bao Viet Insurance Corporation.

The investigation revealed that although the Bao Viet Insurance Company was not allowed to give commissions to their insurance agents, the three defendants still approved commissions to agents from their company's branch in southern Ben Tre Province between 2009 and 2011.

During that period, the three defendants did not perform their job of supervising the Ben Tre branch's activities, causing the loss of VND4.5 billion ($214,200) to the state budget.

Nearly one month ago, the Bao Viet Group's Board of Directors suddenly appointed Duong Duc Chuyen, 51, as its new general director to replace Phuc on March 31, 2014.

Phuc took over the role of Bao Viet Group's general director about a year ago, on April 24, 2013.

The group's shareholders' meeting will be held on April 24. —VNS

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