Jailed ex-vice chairman of Vietnam bank rejects charges, again

>> Trial of former ACB bank official reopens

Kien, 50, who was once one of the richest men in Vietnam, made the above statement at a trial re-opened yesterday by the Hanoi People’s Court for him and his seven accomplices in a serious financial fraud case that occurred at Asia Commercial Bank (ACB) and some related companies in 2012.

Kien has been charged with four counts: illegal trading, tax evasion, swindling to appropriate assets, and intentionally acting against state regulations on economic management, causing serious consequences.

The case was earlier tried on April 16 for Kien and his seven accomplices, but was delayed as one of the defendants, Tran Xuan Gia, the former chairman of ACB’s Management Board, could not attend the court due to serious health problems.

Recently, as the 75-year-old defendant was still in a critical condition at the Huu Nghi Hospital in Hanoi, the court issued a decision to suspend hearing on Gia and resumed the trial.

Yesterday, the prosecutor at court announced an indictment for the case, affirming that Kien and his accomplices have been found of causing a total loss of VND718.9 billion (US$34 million) to ACB.

Kien has also been indicted for appropriating VND264 billion ($12.5 million) by selling shares that had been used as mortgages, for conducting illegal trade of shares and gold worth VND21.49 trillion ($1.016 billion), and for evading VND25 billion ($1.18 million) worth of tax.

The jury then asked Kien for his opinions on the indictment, and the ex-tycoon said, “The whole indictment is unlawful and incorrect.”

He also asked the court to summon representatives of the Ministry of Justice, the Ministry of Industry and Trade, the State Security Committee, and the Vietnam Chamber of Commerce and Industry.

The presence of such representatives was necessary to help clarify the charges against him, Kien said, explaining that the case involved not only him but also hundreds of other businesspeople and companies. 

“I reiterate that I have not committed lawbreaking acts,” Kien told the jury.

Earlier, in the hearing session of April 16 (which had been delayed until yesterday), Kien said, “I have been charged with four offenses, but I have affirmed in my testimonies and petitions that I’m innocent.”

Like Kien, all the other seven defendants yesterday also rejected the charges against them, insisting that they had been indicted wrongfully.

Two of these defendants are Tran Ngoc Thanh, 62, former CEO of ACB Hanoi Investment Joint Stock Company, and Nguyen Thi Hai Yen, 45, chief accountant of this company, who have been charged with swindling to appropriate assets.

The five other defendants have been indicted for intentionally acting against state economic management regulations and causing serious consequences.

They include Le Vu Ky, 58, Trinh Kim Quang, 60, and Pham Trung Cang, 60, the former deputy chairmen of ACB’s Management Board; Huynh Quang Tuan, 56, ex-standing member of the Board; and Ly Xuan Hai, 49, ex-CEO of ACB.

The hearing continued today and is expected to last until June 5, 2014.