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Indictment finalised for former MHB leader

Update: October, 18/2017 - 11:00
Huỳnh Nam Dũng, former management board chairman of Mekong Housing Bank.-- Photo doisongvietnam.vn
Viet Nam News

HÀ NỘI – The Supreme People’s Procuracy on Tuesday has finalised charges against Huỳnh Nam Dũng, former management board chairman of Mekong Housing Bank (MHB), and sixteen accomplices. They are accused of abuse of power and irresponsibility that wrought serious consequences.

Dũng’s accomplices include former director general Nguyễn Phước Hòa, former vice director general Bùi Thanh Hưng and former chief accountant Nguyễn Văn Thanh. They caused about VNĐ457 billion (US$20 million) of losses to the bank.

The date of the trial has not yet been announced.

According to the indictment, Dũng and Hòa took advantage of their positions to transfer nearly VNĐ5 trillion (US$220 million) from MHB to Mekong Housing Bank Securities Company for the stated purpose of investing in Government bonds. But instead of investing in Government bonds, the MHBS deposited over VNĐ3.3 trillion ($145 million)  into different branches of the bank to earn over VNĐ45 billion ($2 million) in interest payments.

In addition, MHBS used more than VNĐ1.5 trillion ($66 million) to invest in bonds, of which nearly VNĐ1 trillion (US$44 million) was used to trade MHB’s own bond investment via a middle company. This action resulted in a loss of nearly VNĐ350 billion ($15 million) to the MHB.

According to investigation results, Dũng earned VNĐ460 million ($20 million) while other defendants also benefited to the tune of hundred of millions of Vietnamese đồng.  — VNS

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