Former bank director sentenced to death

March 14, 2014 | 10:42

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The People’s Court of the Central Highlands province of Dak Nong handed down a death penalty to a former bank director at a trial on March 13.

Vu Viet Hung at the court

Vu Viet Hung, former director of the Bank for Investment and Development of Vietnam (BIDV) branch in Dak Lak and Dak Nong provinces, got the death sentence on charges of taking bribes, swindling to misappropriate assets and violating credit lending regulations.

His accomplices including Cao Bach Mai, Nguyen Thi Van and Tran Thi Xuan were sentenced to life imprisonment for committing frauds to appropriate money and giving bribes.

In addition, five former officials of the bank were also sentenced to between five to 10 years in prison for violating credit lending regulations, and another was given to three years’ probation.

According to the indictment, between 2008 and 2010, Hung, as Director of the BIDV Dak Lak-Dak Nong, approved credit loans of 350 billion VND for Cao Bach Mai, former Director of the Minh Nhat Co. Ltd and Tran Thi Xuan, former Director of the Nhat Tan Co. Ltd.

He permitted the transactions despite being aware of their insolvency, and in return was presented with a car worth 3.2 billion VND.

Hung allegedly signed fake deposit contracts at his bank to help Mai and Xuan, along with Nguyen Thi Van, former head of the Song Cau Cooperative and Dang Thi Ngan, former Director of the Thuy Ngan Co. Ltd. to appropriate 580 billion VND from the Nam A Joint Stock Commercial Bank – Hanoi branch and the Phuong Dong Joint Stock Commercial Bank – Ho Chi Minh City exchange.

Mai faked 75 export contracts with foreign partners to borrow over 1 trillion VND from BIDV Dak Lak-Dak Nong and then appropriated 155 billion VND from the bank.

VNA / VIR

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