BAC LIEU (VNS) — Three top directors of Viet A Bank in southern Bac Lieu branch office have been prosecuted for deception and misappropriation of nearly VND20 billion ($870,000).
They are former director of the branch, Vo Thanh Cong, former deputy director of the branch, Tran Quoc Thong, former deputy director of Hoang Van Thu transaction office of the bank, Pham Xuan Hung
Other five ex-officers of the branch were also prosecuted for "violation of lending regulation"
Vo Thanh Cong allegedly borrowed VND5 billion (US$220,000) from chief accountant of Bac Lieu Lottery Company, Tran Thanh Hau at the monthly interest rate of 9 per cent on January 2013.
When he could not pay the money, Cong mortgaged saving books of one of the bank's clients, Bac Lieu Lottery Company to borrow VND5 billion (US$220,000) from Bac Lieu branch of Viet A Bank
Former Deputy Director of the branch, Tran Quoc Thong used the same trick to borrow nearly VND60 billion ($2.6 million) by mortgaging saving books of Bac Lieu Lottery Company.
Thong's crime was detected and he repaid a total of VND40 billion ($1.7 million) and kept VND12.5 billion ($546,000).
Pham Xuan Hung allegedly appropriated VND2.4 billion ($104,000) from Bac Lieu branch of Viet A Bank using the same tricks. — VNS