Vietnamese bankers stand trial in $264mn fraud case

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]

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