|The HCM City People’s Court on July 19 opened the first instance trial on a corruption case involving over VNĐ9 trillion (US$405 million) in the Vietnam Construction Bank (VNCB), the largest ever economic loss caused by corruption recorded in the country. — VNA/VNS Photo|Viet Nam News
HCM CITY – A HCM City court today began the trial of the chief of a public bank and 35 of his accomplices for allegedly faking documents to borrow from the bank, causing losses of over VNĐ9 trillion (US$403.5 million) to the Government.
According to the court’s verdict, between 2012 and 2014, Phạm Công Danh, chairman of Việt Nam Construction Bank (VNCB) -- and also chairman and CEO of Thiên Thanh construction group -- instructed the bank management and his subordinates at the company to fake documents to borrow from VNCB to clear his debts and for personal expenses.
The 36 face a combination of the charges of “intentionally violating State regulations on economic management, causing serious consequences”, “violating rules on lenders’ activities,” or “dereliction of duty, causing serious consequences”.
The trial will go on for a month. —VNS