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Disgraced bank head given death sentence for corruption
Friday, March 14, 2014
A former bank director was sentenced to death after being found guilty of corruption by the People's Court of the Central Highlands province of Dak Nong yesterday.
Vu Viet Hung, former director of the Bank for Development of Viet Nam (BDV)'s branch of Dak Lak- Dak Nong provinces, was accused of taking bribes, misappropriation of assets and violating credit lending regulations.
He denied all of the charges.
His accomplices - Cao Bach Mai, Nguyen Thi Van and Tran Thi Xuan - were sentenced to life imprisonment for appropriating money and distributing bribes.
In addition, five former officials of the bank were also sentenced to five to 10 years in jail for violating credit lending regulations, while another official was given three years' probation.
According to the indictment, between 2008-10, Hung, as director of the BDV Dak Lak-Dak Nong, had approved credit loans of VND350 billion (US$16.66 million) for Cao Bach Mai, former director of Minh Nhat Co. Ltd, and Tran Thi Xuan, former director of Nhat Tan Co. Ltd.
He permitted the lending of money despite being aware of their insolvency, and in return was given a car worth VND3.2 billion ($152,380).
Further, Hung allegedly signed falsified deposit contracts at his bank to help Mai and Xuan, along with Nguyen Thi Van, former head of Song Cau Cooperative and Dang Thi Ngan, former director of Thuy Ngan Co. Ltd., to appropriate VND580 billion ($27.61 million) from the Nam A Joint Stock Commercial Bank, Hanoi branch, and the Phuong Dong Joint Stock Commercial Bank, HCM City exchange.
Mai forged 75 export contracts with foreign partners to borrow over VND1 trillion from BIDV Dak Lak - Dak Nong and then appropriated VND155 billion ($7.14 million) from the bank, according to court officials.
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Vu Viet Hung, former director of the Bank for Development of Viet Nam (BDV)'s branch of Dak Lak- Dak Nong provinces, was accused of taking bribes, misappropriation of assets and violating credit lending regulations.
Vu Viet Hung, former director of the Bank for Development of Viet Nam (BDV)'s branch of Dak Lak- Dak Nong provinces
He denied all of the charges.
His accomplices - Cao Bach Mai, Nguyen Thi Van and Tran Thi Xuan - were sentenced to life imprisonment for appropriating money and distributing bribes.
In addition, five former officials of the bank were also sentenced to five to 10 years in jail for violating credit lending regulations, while another official was given three years' probation.
According to the indictment, between 2008-10, Hung, as director of the BDV Dak Lak-Dak Nong, had approved credit loans of VND350 billion (US$16.66 million) for Cao Bach Mai, former director of Minh Nhat Co. Ltd, and Tran Thi Xuan, former director of Nhat Tan Co. Ltd.
He permitted the lending of money despite being aware of their insolvency, and in return was given a car worth VND3.2 billion ($152,380).
Further, Hung allegedly signed falsified deposit contracts at his bank to help Mai and Xuan, along with Nguyen Thi Van, former head of Song Cau Cooperative and Dang Thi Ngan, former director of Thuy Ngan Co. Ltd., to appropriate VND580 billion ($27.61 million) from the Nam A Joint Stock Commercial Bank, Hanoi branch, and the Phuong Dong Joint Stock Commercial Bank, HCM City exchange.
Mai forged 75 export contracts with foreign partners to borrow over VND1 trillion from BIDV Dak Lak - Dak Nong and then appropriated VND155 billion ($7.14 million) from the bank, according to court officials.
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