An ex-chairman of a Vietnamese joint stock commercial bank and a former executive of local lender Sacombank, along with 44 other defendants, appeared in court on Monday for their roles in causing losses of more than US$264 million for the commerical bank. The trial in Ho Chi Minh City is expected to last for a month, with more than 70 lawyers representing 46 defendants, and over 200 individuals summoned to court. The hearing is the second phase of a high-profile court case centered around Pham Cong Danh, the former chairman of the erstwhile Vietnam Construction Joint Stock Commercial Bank (VNCB), who is now standing his second trial after being convicted last year. In September 2016, Danh was sentenced to 30 years behind bars on charges of “violating the lending regulations of credit institutions” and “acting deliberately against state regulations on economic management, with serious consequences,” for his role in a separate loss of more than VND9 trillion ($401.79 million) at VNCB. During the trial just beginning in Ho Chi Minh City, the 53-year-old ex-chairman is being tried on charges of “deliberately acting against state regulations on economic management, with serious consequences” for causing a further VND6 trillion (US$264.32 million) loss for VNCB. Pham Cong Danh, former chairman of the erstwhile Vietnam Construction Joint Stock Commercial Bank, is seen at a court in Ho Chi Minh City on January 8, 2018. Photo: Tuoi Tre VNCB was founded following the acquisition of the loss-making TrustBank in May 2013. According to court documents,… [Read full story]
A court in Ho Chi Minh City will be hearing a case involving 46 banking execs and staff on January 8 for alleged violations of economic regulations that resulted in VND9 trillion ($400 million) going missing from the banking sector. Ho Chi Minh City's People's Court said on Monday that Tram Be, former deputy chairman of Sacombank, and Pham Cong Danh, a former chairman of Vietnam Construction Bank (VNCB), will be among 46 defendants to stand trial. The scheduled date of the trial highlights how Vietnam is looking to swiftly punish high-profile individuals as part of its ongoing anti-graft move. At a yet-to-be…... [read more]
The trial of 46 banking execs and staff accused of violating economic regulations that resulted in VND9 trillion ($400 million) going missing opened in Ho Chi Minh City on Monday. Tram Be, 58, a former deputy chairman of Sacombank, and Pham Cong Danh, 52, a former chairman of Vietnam Construction Bank (VNCB), are among those in the dock. Danh and 35 other bank employees have already been convicted of stealing more than $400 million, the largest sum ever scammed out of Vietnam's scandal-hit banking sector. The investigation found that Danh and other bankers from VNCB secretly withdrew money from clients'…... [read more]
Dinh La Thang to stand trial on Jan 8 The Saigon Times Daily HCMC – Dinh La Thang, Trinh Xuan Thanh and 20 accomplices will stand trial on January 8 on charges of intentionally violating State regulations on economic management causing serious consequences. The People’s Court in Hanoi City on December 27 decided to begin hearing the case on January 8, and the first-instance hearing is expected to end on January 21, Vietnamnet news site reports. The jury consists of five people, including two judges named Truong Viet Toan and Nguyen Ngoc Huan, and three jurors. The three prosecutors are…... [read more]
Twelve out of 22 defendants in the case have been charged with “deliberatly violating State regulations on economic management, causing severe consequences” in line with clause 3 of article 165 of the 1999 Penal Code. They are Dinh La Thang, former Chairman of the Member Council of PetroVietnam; Phung Dinh Thuc, former General Director of PetroVietnam; Nguyen Quoc Khanh, former Deputy General Director of PetroVietnam; Nguyen Xuan Son, former Deputy General Director of PetroVietnam; Ninh Van Quynh, former chief accountant and former head of the department of finance, accounting and auditing of PetroVietnam; Le Dinh Mau, former deputy head of…... [read more]
Nineteen officials of the state-owned Vietnam National Coal-Mineral Industries Group (Vinacomin) are standing trial for the fraudulent in export of low-quality coal for private profit. Offenders standing trial at court The People’s Court in the northern province of Quang Ninh is presiding over the court on coal export fraud in the locality.The case involves 19 people who are former officials of Vinacomin subsidiaries, including the Vinacomin Quacontrol Joint Stock Company Company, Hon Gai Forwarding Company, Nui Beo Coal Company, Tan Thanh One-liability Limited Company and Tung Bach Joint Stock Company. Two additional accomplices also stand trial who had not worked…... [read more]
