Two more former officials prosecuted in ACB bank case

Wednesday, Feb 12, 2014 17:41

Pham Trung Cang (left) and Huynh Quang Tuan, former officials of the Asia Commercial Bank (ACB) have been prosecuted by the Supreme People's Procuracy of Viet Nam. — File Photos

HA NOI (Biz Hub) — The Supreme People's Procuracy of Viet Nam has recently prosecuted two more former officials of the Asia Commercial Bank (ACB) for their violations of banking regulations.

As reported by Tuoi Tre (Youth) newspaper, they are its former Vice Chairman Pham Trung Cang, 60, and the bank's former Deputy General Director and a member of the management board Huynh Quang Tuan, 56.

They have been charged with violating the country's regulations on economic management, resulting in a serious impact on the ACB's performance.

According to the indictment, at a meeting of the management board on March 22, 2010, Cang signed a document to ask the bank's employees to transfer VND718 billion (US$34.19 million) to the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) as its interest rate was high.

This money was later appropriated by Huynh Thi Huyen Nhu, the former acting head of the Vietinbank's Dien Bien Phu office in Ho Chi Minh City. Nhu was sentenced to life imprisonment on Jan. 27, 2014, for swindling banks, companies, and individuals of nearly VND4,000 billion ($190.4 million).

Tuan, who also attended the meeting of the board on March 22, 2010, was identified as the one responsible. He was also involved in allowing the bank to buy shares in the stock market, which violated the state's regulations. This caused a loss of VND687 billion ($32.71 million) for ACB. At the end of 2013, the Police Investigation Agency had completed its one-year investigation of Nguyen Duc Kien, former vice chairman of the founding managing board of ACB, for the bank's loss of VND718 billion.

Besides Cang, Kien and his accomplices' cases were handed over to the Supreme People's Procuracy. However, on Jan. 3, 2014, the Ha Noi People's Court decided to postpone the cases for further investigation.

On Feb. 9, 2014, the Supreme People's Procuracy issued the second indictment to prosecute Kien and his eight accomplices for offences with an economic impact on ACB and other companies. They have been charged with making the bank suffer a loss of nearly VND1,700 billion ($80.95 million). — VNS

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