Former senior banking advisor Hua Thi Phan sentenced to 30 years of imprisonment

June 03, 2018 | 10:30

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Hua Thi Phan was sentenced to 30 years of imprisonment on two charges, and has to repay VND16.796 trillion ($740 million) to Construction Bank (CB) as well as pay nearly VND17 billion ($0.75 million) for court fees.

Hua Thi Phan

The Ho Chi Minh City’s People’s Court has sentenced Hua Thi Phan (former senior advisor of Trust Bank) to 30 years of imprisonment for asset embezzlement and deliberately acting against state regulations on economic management and causing serious consequences.

Additionally, Hua Thi Phan has to pay back VND1.105 ($48.7 million) to CB for intentionally raising the value of the house at 5 Pham Ngoc Thach street and VND15.691 trillion ($691.2 million) to CB for deliberately acting against state regulations on economic management. Hua Thi Phan has to repay a total of VND16.796 trillion ($740 million) to CB.

The first instance verdict also ordered Phan to pay VND17 billion ($0.75 million) for court fees.

In addition to the sentences of all defendants, the court also recommended the Ministry of Public Security’s investigation agency to consider the liability of Ngo Tri Duc (former deputy general director of Trust Bank, director of Trust Bank’s Saigon branch) related to the violations of Hua Thi Phan in the management and operation of banking activities.

The court recommended the State Bank of Vietnam to direct CB to re-calculate business results in 2010 and 2011 based on the investigation conclusion related to Phu My Group and Phuong Trang company.

Thus, the bank will have to consider recapturing Trust Bank’s dividends distributed to shareholders during this period to reduce the losses of the state if the bank's profit decline after the new calculations.

Some issues related to shareholders of credit organisations and the treatment of officers of the District 3 Tax Department were also recommended by the court.

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