Former bank director to go on trial

Friday, Mar 07, 2014 16:16

Ten "big cases" set for trial at the end of 2013 and at the beginning of 2014

1. A corruption case at Agribank Financial Leasing Company No 2 (ALC II)

2. A corruption case at Vifon Vietnam.

3. A corruption case involving former chairman of the State-owned shipping corporation Vinalines Duong Chi Dung.

4. A case involving Phuong Dong Knitwear and an Agribank branch in HCM City.

5. A case of illegally appropriation of public assets at the Phuong Nam Food Processing Joint Stock Company.

6. A corruption case at the Vietnam Development Bank (VDB) in Dak Lak-Dak Nong region.

7. A case involving abuse of position and power and cheating at the Vietnam Joint Stock Commercial Bank for Industry and Trade (Viettinbank)

8. A case at the Asian Commercial Bank (ACB) against Nguyen Duc Kien, former Vice Chair of the founding council of the ACB, and his accomplices on charges of illegal trading, misappropriating assets and tax avoidance.

9. A case of deliberate violation of the State regulations and irresponsibility which had serious consequences at an Agribank branch in Ha Noi.

10. A corruption case at the Vietnam Shipbuilding Industry Group.

HA NOI (Biz Hub) — The trial of former Director of the Vietnam Development Bank (VDB) in the DakLak-Dak Nong region Vu Viet Hung is set to begin on March 11.

He and his accomplices are accused of taking bribes, illegally appropriating public money and violating credit organisation lending regulations.

The first hearing of the case will be held by the People's Court of the Central Highlands province of Dak Nong. The prosecutors are arguing that the accused swindled more than VND1.1 trillion, or US$52.4 million.

The trial has been called by the Central Steering Committee for Corruption Prevention and Combat as one of the "big cases" that need to be tried in 2014. During the investigation, the investigating agencies retrieved nearly VND700 billion ($33.3 million).

The indictment showed that between 2008 and 2010, Hung approved credit loans of VND350 billion ($16.6 million) for Cao Bach Mai, who is former Director of the Minh Nhat Co. Ltd, and Tran Thi Xuan, who is former Director of the Nhat Tan Co. Ltd. It has been claimed that he permitted the transactions despite being aware of their insolvency, and in return was presented with a car worth VND3.2 billion.

Hung allegedly signed fake deposit contracts at his bank to help Mai and Xuan, along with Nguyen Thi Van, former head of the Song Cau Cooperative and Dang Thi Ngan, former Director of the Thuy Ngan Co. Ltd. Together, they are suspected of appropriating VND580 billion ($27.6 million) from the Nam A Joint Stock Commercial Bank, Hanoi branch, and the Phuong Dong Joint Stock Commercial Bank, Ho Chi Minh City exchange.

Mai allegedly faked 75 export contracts with foreign partners to borrow over VND1 trillion ($47.6 million) from VDB in Dak Lak-Dak Nong and then appropriated VND155 billion from the bank.

Reports said that about 20 lawyers have been registered as defence lawyers at the trial, which is expected to last four days. — VNS

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