Updated  
March, 08 2014 08:37:43

Former bank director faces trial in Dak Nong

HA NOI (VNS)— The trial of Vu Viet Hung, former director of the Vietnam Development Bank (VDB)'s branch in the Central Highlands region of Dak Lak-Dak Nong is set to begin on March 11.

He and his accomplices are charged with taking bribes, illegally appropriating public money and violating lending regulations.

The first hearing of the case will be held by the Dak Nong Province People's Court. 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 Anti-Corruption as one of the "big cases" of 2014. During the investigation, police retrieved nearly VND700 billion ($33.3 million).

According to the indictment, between 2008 and 2010, Hung approved credit loans of VND350 billion ($16.6 million) for Cao Bach Mai, who was Director of the Minh Nhat Co. Ltd, and Tran Thi Xuan, then Director of the Nhat Tan Co. Ltd. He allegedly 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's Ha Noi branch, and the Phuong Dong Joint Stock Commercial Bank's HCM City exchange bureau.

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


Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Mountains of coal sludge still threat to lives in Quang Ninh Mountains of coal sludge still threat to lives in Quang Ninh

Wiping sweat from his forehead, 36-year-old Trinh Duc Sang took big strides along a road covered with muddy coal sludge and dirt to the place that was his home until just three weeks ago. He climbed a rickety ladder that buckled under his weight to reach his neigh-bour's house overlooking a creek. From there, he crossed into his old home.

Vietnam Airlines launches new-generation Airbus plane Vietnam Airlines launches new-generation Airbus plane

The national flagship carrier Vietnam Airlines held a ceremony on July 2 to receive its first Airbus 350-900 aircraft and announce its upgrade service quality programme and new brand identifying system, marking a major step in bringing the airline into the international arena.

Wounds begin to heal between US, Viet Nam 1    Wounds begin to heal between US, Viet Nam

Pham Ba Lu swore thousands of times that he "would not live under the same sky as the United States".

Mental disorders affect 10% of Viet Nam's population: MoLISA Mental disorders affect 10% of Viet Nam's population: MoLISA

Nearly 9 million people in Viet Nam, or 10 per cent of the population, suffer from mental disorders, including 2.5 per cent with serious mental illnesses under social protection.