Wednesday, August 16, 2017 - 22:32:49

Two sentenced to death for embezzlement

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The Ho Chi Minh City People’s Court on November 15 sentenced Vu Quoc Hao, former director general of Agribank Financial Leasing Company No 2 (ALC II) to death for his role in one of the biggest corruption cases ever to go to trial in Vietnam.

Hao, born in 1955, was charged with embezzlement and abusing his position and power, deliberately violating State regulations on economic management, causing particularly serious consequences.

The court also pronounced a death sentence on Dang Van Hai, born in 1957, former head of Quang Vinh Construction and Trade Co Ltd, on the same charges.

Nguyen Van Tai, born in 1959, a former deputy general director of ALCII was sentenced to 14 years’ imprisonment for deliberately violating State regulations on economic management, causing particularly serious consequences. Other defendants received between 3 and 14 years of imprisonment.

In addition, the defendants have been ordered to repay over 531 billion VND (25 million USD) to ALC II, of which Vu Quoc Hao must return nearly 80 billion VND (3.76 million USD) that he stole from the company.

The violations which occurred from April 2008 to March 2009 saw Vu Quoc Hao and Nguyen Van Tai sign 10 contracts for financial leasing and asset purchasing and grant loans worth hundreds of billions of VND to a number of companies for asset investment, despite ALC II not being allowed to grant credit loans.

The companies, Quang Vinh Construction and Trade Co Ltd, Ham Rong JSC, Xuan Viet Trading and Service Co Ltd, and Dai Phu Gia Company, spent the loans on non-fixed assets, so retrieving the money is expected to be difficult, if not impossible.

The court heard that Hao used his power and position to sign financial leasing contracts allowing him to take 75 billion VND (3.5 million USD) for his personal use. He was also accused of appropriating 4.9 billion VND from a contract signed with Anh Phuong Company in southern Dong Nai province.

ALCII is a member of the State-run Vietnam Bank for Agriculture and Rural Development located in District 5 of HCM City. Vu Quoc Hao was listed as a member of the board of directors and the general director.-VNA
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