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Businessmen sentenced to death for corruption

Update: November, 16/2013 - 09:38

HCM CITY (VNS) — The People's Court of HCM City yesterday handed down death sentences to the former chiefs of a financial and a construction company on charges of corruption and intentional violation of State regulations on economic management, causing serious consequences.

Vu Quoc Hao, 58, former director general of Agribank Financial Leasing Company No 2 (ALCII), was sentenced to death for embezzling assets; abusing power while being on active public service; and deliberately violating State regulations on economic management, causing serious consequences.

Hao was charged with embezzling VND531 billion (US$25.3 million) worth of State property.

The court also handed down a death sentence to Dang Van Hai, 56, chairman of the management board of Quang Vinh Construction and Trade Co, for embezzling assets; trade fraud; and deliberately violating State regulations on economic management, causing serious outcomes.

Nguyen Van Tai, 54, deputy general director of the company, received 14 years in jail for deliberately violating State regulations on economic management, causing serious consequences.

Other defendants were sentenced to three to 14 years in prison.

Hao and 10 other defendants were charged of misappropriating State property and using more than VND80 billion ($3.8 million) for personal gain.

The court demanded that Hao and other defendants involved in the case pay back VND531 billion to ACLII.

Hao was also asked to repay nearly VND80 billion that he embezzled from the company.

According to the court, between April 2008 and March 2009, Hao and Hai told other defendants to file illegal loan applications and later withdraw and misappropriate money from these loans for personal use.

ALCII is a member of the State-run Vietnam Bank for Agriculture and Rural Development located in District 5 in HCM City. — VNS


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