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| Former director of Vietnam Development Bank (VDB) in Dak Nong -Dak Lak region Vu Viet Hung faces with possible death sentence at the court on March 12.— Photo Tienphong.vn |
HA NOI (Biz Hub) —Dak Nong Province's People's Procuracy have sought death penalty for former director of the Vietnam Development Bank (VDB) Vu Viet Hung on corruption charges on March 12.
A day earlier, the Dak Nong's People Court initiated the trial of the Central Highlands province's biggest corruption case, involving Hung and 12 other accomplices. It is also one of the ten biggest cases that is due to undergo trial in 2014, according to the Central Steering Committee for Corruption Prevention and Combat.
According to the court's indictment, between 2008 and 2010, Hung approved credit loans worth VND357 billion (US$17 million) for Cao Bach Mai, former director of the Minh Nhat Co. Ltd., and Tran Thi Xuan, former director of the Nhat Tan Co. Ltd. It is claimed that he permitted the transactions despite being aware of their insolvency, and in return, he was presented a car worth VND3.2 billion (US$152,000).
The court also found that Mai faked 65 export contracts with foreign partners to borrow over VND1 trillion (US$47.6 million) from VDB in Dak Lak-Dak Nong and then appropriated VND155 billion (US$7.38 million) from the bank. Xuan also faked 65 export contracts to borrow nearly VND1 trillion (US$47.6 million) from VDB in Dak Lak-Dak Nong and then appropriated VND202 billion (US$9.6million) from the bank.
According to the indictment, Hung 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. to draw money from VDB. Together, they are suspected of appropriating VND580 billion (US$27.6 million) from the Nam A Joint Stock Commercial Bank, Ha Noi branch, and the Phuong Dong Joint Stock Commercial Bank, Ho Chi Minh City Exchange.
While 12 other defendants admitted to their crimes during the court's proceedings, Hung refused all charges of taking bribes, illegally appropriating public money, and violating credit organisation lending regulations.
Apart from demanding death sentence for Hung, the prosecutors also urged the jury to sentence Xuan, Mai, and two others to life imprisonment. The court also suggested 5-20 years jail term for the last eight defendants of the case.
The court will take its final decision on March 14.— VNS