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

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