Hua Thi Phan to be prosecuted in phase 2 of notorious VNCB case

Related to the notorious VNCB case, the investigation agency under the Ministry of Public Security (MoPS) proposed to prosecute Hua Thi Phan, former senior advisor of the Board of Management of Trust Bank and former chairwoman of the Board of Management of Phu My Investment and Development JSC. Hua Thi Phan On January 12, 2018, the investigation agency proposed to prosecute Hua Thi Phan and 27 suspects for “intentionally violating state regulations on economic management and causing serious consequences,” “abusing trust to appropriate property,” and “violating regulations on credit institutions’ lending activities” at Trust Bank (now Vietnam Construction Bank–VNCB). Specifically, the agency proposed to prosecute Ngo Kim Hue (former deputy general director of Trust Bank and director of Phu My Co., Ltd.), Bui Thi Kim Loan (accountant of Phu My Co., Ltd.) for “abusing trust to appropriate property” and “intentionally violating state regulations.” Lam Kim Dung, former director of Lam Giang Co., Ltd. is proposed to be prosecuted for “abusing trust to appropriate property.” The 24 other suspects are proposed to be prosecuted for “intentionally violating state regulations.” According to the investigation conclusion, in June 2010, Hua Thi Phan and Phu My Investment and Development JSC and 14 other people bought over 254 million shares of Trust Bank for over VND2.5 trillion ($110 million). Phan abused her holding of nearly 85 per cent of the bank’s charter capital to take over the management of all Trust Bank activities, taking over the entire board of management, executive board, and staff. She… [Read full story]

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