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Court upholds death penalty for corrupt bank executive

Update: April, 09/2015 - 09:36
At the appeal's court, which ended yesterday after three days of discussion, the court upheld the death sentence given to Vu Quoc Hao, former director of ACL II. — Photo thanhtra

HCM CITY (VNS) — The Ho Chi Minh People's Court yesterday upheld a death sentence handed down to the former director of Finance Leasing Company No. 2 (ACL II), who was involved in a major corruption case in 2007.

At the appeal's court, which ended yesterday after three days of discussion, the court upheld the death sentence given to Vu Quoc Hao, former director of ACL II, a subsidiary of the State-owned Viet Nam Bank for Agricultural and Rural Development.

Hao, 60, was found guilty of embezzling US$3.7 million. In 2007, he ordered the establishment of Long Hai Sand Joint Stock Company, an affiliate of ACL II. Then he directed his subordinates at the new company to buy an old submarine for VND100 million ($4,700). Hao colluded with members of the Viet Nam Verification and Appraisal Joint Stock Company (VIVACO) to falsely value the old ship at VND130 billion ($6.15 million).

He later appropriated VND78 billion (nearly $3.7 million) to buy 90,000sq.m in Tien Giang Province.

The court also upheld the death sentence given to Pham Minh Tuan, former chairman of Long Hai Sand Company.

Two other high-ranking members of the Long Hai Sand Company and Nguyen Van Tai, former deputy director of ACL II, were sentenced to life in prison.

The former director of VIVACO, Hoang Loc, was also sentenced to death in the first hearing, but the punishment was reduced to life in prison at his appeal.

In another case related to ACLII in 2013, Hao was also charged with embezzling VND531 billion ($25.3 million) worth of State property, abusing his position and power while on duty and deliberately violating State regulations on economic management. It also resulted in a death sentence. — VNS

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