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Phan Văn Anh Vũ prosecuted for Đông Á Bank’s losses of $160m

Update: October, 14/2018 - 19:00
Phan Văn Anh Vũ at a court on July 30, 2018. — VNA/VNS Photo
Viet Nam News

HÀ NỘI — The Supreme People’s Procuracy announced on Sunday its decision to prosecute the notorious real estate mogul Phan Văn Anh Vũ and 25 defendants for allegedly causing losses of more than US$160 million to Đông Á Bank (DAB).

The bank’s former general director/vice president, Trần Phương Bình was accused of being the instigator in the case. The 59-year-old was charged with abuse of power to appropriate assets and deliberate breaches.

The rest of those prosecuted include 20 high-level and senior officers of the DAB and four bank borrowers involved in the case.

According to the Supreme People’s Procuracy, the wrongdoings led to the loss of more than VNĐ3.6 trillion ($160 million) by DAB, pushing the bank on the verge of bankruptcy in late 2015 with accumulated losses of more than VNĐ31 trillion.

Bình and his closest underling Nguyễn Thị Kim Xuyến, DAB former deputy general director, together with Phan Văn Anh Vũ, ex-chairman of the board of the 79 North South Construction JSC and Phạm Văn Phước, former director of the Nam Định Food JSC, allegedly took more than VNĐ2.05 trillion out of the colossal VNĐ3.6 trillion.

Bình and Xuyến were also said to be responsible for six wrongdoings in the bank’s business management that resulted in losses of more than VNĐ1.55 trillion. Sixteen DAB officers who followed orders from the couple faced charges of deliberate breaches causing serious consequences.

This was the fourth criminal case Phan Văn Anh Vũ was involved with since he was captured on the run in Singapore this January. In July, he was sentenced to nine years behind bars for disclosing State secrets. Other investigations into tax evasion and his role in dubious public land management were on-going. — VNS

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