Wednesday, October 28 2020


Court imprisons 27 persons for corporate fraud

Update: August, 04/2015 - 14:00

Bank officials at the trial. They received from two to seven years in jail for violating credit regulations. — Photo

HA NOI (VNS) — The People's Court in the southern Soc Trang Province yesterday handed down prison sentences ranging from two to 14 years to 27 persons involved in a loan scam.

The longest sentence of 14 years was awarded to Lam Minh Man, former chief accountant of the Phuong Nam Seafood Company, for illegally appropriation of assets. Trinh Thi Hong Phuong, former vice-director of the company, was given 12 years in jail for the same offence.

Sentences ranging from two to seven years were given to 25 officials of banks in Soc Trang, Hau Giang and Bac Lieu provinces for violating credit regulations.

The case is considered to be the largest-ever in the Cuu Long (Mekong) Delta provinces.

According to the indictment, the company's Director Lam Ngoc Khuan and his Vietnamese American daughter Lam Ngoc Han were the scam masterminds, as they had instructed Lam Minh Man and Trinh Thi Hong Phuong to carry out the fraudulent acts.

They forged financial reports to acquire VND784 billion (more than US$36 million) from Viet Nam Development Bank's Soc Trang branch, Lien Viet Post Bank's Hau Giang branch, Sacombank's Soc Trang branch and An Binh Bank's Bac Lieu branch, as well as Vietcombank's Soc Trang branch.

They were able to take these huge loans as Khuan had asked his daughter, Han, and the chief accountant to prepare several fake annual business reports, which claimed that the company was making huge profits.

Lam Ngoc Khuan fled the country with his wife and daughter two years ago, leaving behind debts of more than VND1.7 trillion. He and his daughter are now wanted by the police.—VNS


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