|Former vice director of Phuong Nam Seafood Company Trinh Thi Hong Phuong was given 12 years in jail at court yesterday for illegal appropriation of assets. — VNA/VNS Photo Trung Hieu
SOC TRANG (VNS) — Fourteen out of 27 defendants in the famous corporate fraud case of the Phuong Nam Seafood Company received more jail time on top of their initial sentences, a five-day appeals court ruled yesterday.
The appeals court maintained the first court's ruling that Phuong Nam Seafood Company's vice director Trinh Thi Hong Phuong and chief accountant Lam Minh Man had committed fraud while 25 others, who were former bank employees, had committed gross management misconduct and violated numerous financial regulations.
The appeals court decided that some defendants should face longer jail time because the first ruling was too lenient and might not suffice to serve as a deterrent. Fourteen defendants in the case will serve an additional one to three years of jail time as a result.
Trinh Thi Hong Phuong and Lam Minh Man will stand in a separate trial with the Phuong Nam's Chairman Lam Ngoc Khuan as the lead defendant.
Lam Ngoc Khuan and his daughter Lam Ngoc Han allegedly forged 19 financial reports, which falsified their company's financial performance, to acquire VND784 billion (US$34.5 million) from various banks before fleeing the country two years ago, making history as the largest fraud ever committed in the Mekong Delta. — VNS