Monday, December 18 2017

VietNamNews

30-year jail term upheld for former banker

Update: January, 25/2017 - 10:15
Hồ Chí Minh City People’s High Court yesterday upheld the lower court’s 30-year prison sentence given to the former board Chairman of the Việt Nam Construction Bank (VNCB), Phạm Công Danh. — Photo thanhnien.vn

HCM CITY – Hồ Chí Minh City People’s High Court yesterday upheld the lower court’s 30-year prison sentence given to the former board Chairman of the Việt Nam Construction Bank (VNCB), Phạm Công Danh.

Danh, who is also former chairman and General Director of Thiện Thanh Group, along with his accomplices were charged with “deliberately violating State regulations on economic management causing severe consequences” and “violating lending regulations of credit institutions”.

According to the jury, Danh played a key role in directing other defendants to conduct illegal behavior, causing serious economic losses of over VNĐ9 trillion ($396 million) for VNCB.

The panel dismissed appeals for penalty reduction and sentence suspension lodged by 25 defendants and upheld the three to 22-year sentences for Phan Thanh Mai, former VNCB General Director, Hoàng Đình Quyết, former Deputy Director of the VNCB’s Sài Gòn branch, Mai Hữu Khương, former Director of the VNCB’s Sài Gòn branch, and other defendants.

The VNCB was established by Trust Bank in May 2013. Trust Bank operated for 23 years, with chartered capital of VNĐ3 trillion ($142.85 million). In mid-2014, the SBV appointed new officials to the VNCB after top executives were arrested for violating state regulations. — VNS

 

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