Tuesday, January 28 2020

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Former banker jailed for 15 more years

Update: January, 14/2020 - 18:36

 

Vina Megastar former chairman-cum-director general Nguyễn Hoàng Long stands trial at a Hà Nội court on Tuesday. VNA/VNS Photo

HÀ NỘI Ex-banker Hà Văn Thắm was sentenced to 15 years behind bars for causing losses at Oceanbank of more than VNĐ91 billion (US$3.8 million) by a Hà Nội court on Tuesday.

The court found the 47-year-old former chairman of the bank guilty of breaching regulations by allowing the bank to unreasonably raise the credit limit for Vina Megastar Corp without a solid legal basis.

Thắm did not appear in court due to health issues.

He is already serving a life sentence for causing separate losses of nearly VNĐ2 trillion ($85.1 million) at Oceanbank.

The court also heard that former Vina Megastar chairman-cum-director general Nguyễn Hoàng Long applied for a loan for a project at Oceanbank in 2012.

After Thắm signed off on the decision to raise the company’s credit limit to VNĐ250 billion, Long ordered his staff to issue fake contracts and receipts in order to get a loan of VNĐ224.3 billion.

The bank managed to retrieve VNĐ132.9 billion, however, Long failed to pay back more than VNĐ91 billion.

The 47-year-old businessman was handed a 20-year jail term for fraud and asset appropriation. VNS

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