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Two more officials from Asia Bank face prosecution

Update: February, 13/2014 - 09:15
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 has recently prosecuted two more former officials of the Asia Commercial Bank (ACB) for allegedly violating banking regulations.

As reported by Tuoi Tre (Youth) newspaper, they include its former Vice Chairman Pham Trung Cang, 60, and the bank's former Deputy General Director and 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 deposit at the Viet Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) as its interest rate was higher.

This money was later appropriated by Huynh Thi Huyen Nhu, former acting head of Vietinbank's Dien Bien Phu office in HCM City. Nhu was sentenced to life imprisonment on Jan. 27 this year for swindling banks, companies, and individuals of nearly VND4 trillion ($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 ($34.18 million).

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

On February 9, 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 VND1.7 trillion ($80.95 million). — VNS

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