Thursday, February 27 2020


Court hears appeal for executives over $35m embezzlement charges

Update: July, 01/2014 - 09:41
Vu Quoc Hao, 59, former general director of Agribank Financial Leasing Company No 2 (ALCII).

HCM CITY (VNS) — The HCM City People's Court of Appeals yesterday began hearing a corruption case in which a lower court last year handed down death sentences to two former financial and construction executives and jail terms to nine others for embezzling VND531 billion (US$35.3 million) worth of public funds.

All 11 defendants are appealing, including Vu Quoc Hao, 59, former general director of Agribank Financial Leasing Company No 2 (ALCII), who got death for also abusing power while being in active public service and deliberately violating State regulations on economic management, causing serious consequences.

He has asked the court to spell out the exact amount of loss he caused through his actions.

Dang Van Hai, 57, former chairman of Quang Vinh Construction and Trade Company, was sentenced to death on the same charges plus trade fraud.

Meanwhile, the HCM City People's Procuracy has appealed to the court to increase the jail terms for three others — Ton Quang Viet (former deputy manager of ALCII's leasing department), Nguyen Van Tai (former deputy general director) and Le Thi Tam (former deputy manager of the accounting department), who were sentenced to five, 14, and five years.

Between April 2008 and March 2009 Hao and Tai got the other defendants to make illegal loan applications to misappropriate a total of VND795.2 billion ($$37.3 million).

The lower court had also ordered the 11 to repay to ACLII the $35.3 million they had obtained from it.

Pham Minh Tuan, former director of Xuan Viet Ltd Company, who was sentenced to six years, was absent on the opening day.

The trial is expected to go on for five to six days. — VNS

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