High-profile banker Nguyen Duc Kien, former Vice Chairman of the AsiaCommercial Bank (ACB) Founding Council still faced a sentence of 30-yearimprisonment as declared by the Hanoi Court of Appeals on December 15.
InJune 2014, Kien, 50, was sentenced to 30-year imprisonment by the HanoiPeople's Court on four counts of illegal trading, fraud forappropriation of assets, tax evasion, intentional violations of theState’s economic management regulations causing serious consequences.
In addition to being jailed, Kien was fined over 75 billion Vietnamese dong (3.55 million U.S. dollars) for tax evasion.
Duringthe first hearing of the case, the judging council ruled that Kien usedsix of his own companies between May 2007 and August 2012 to conductfinancial and gold trading valued at more than 21.4 trillion VND (over 1billion USD) without the proper licences.
The businessesinvolved are Thien Nam Production and Import-Export JSC, B&B Tradeand Investment JSC, Asia Financial Group JSC, Asia Commercial Bank (ACB)Hanoi Investment JSC, Asia Hanoi Investment Financial JSC, and AsiaInvestment JSC.
Regarding tax fraud, according to thecouncil, between 2009 and 2010, the B&B company’s activities,including gold trading, saw profits, but Kien did not declare them. TheMinistry of Finance concluded that the income tax B&B had to pay wasover 25 billion VND. Up to now, Kien has yet to pay this sum.
Inaddition, Kien swindled to appropriate assets in a mortgage of 20million shares of the Hoa Phat Steel JSC worth 264 billion VND (12.4million USD) at the bank in May 2012.
The court foundsufficient evidence that Kien and his accomplices, including former ACBGeneral Director Ly Xuan Hai, former Vice Chairpersons Le Vu Ky andTrinh Kim Quang, former Vice Chairman of the ACB Board of Directors PhamTrung Cang, and former standing member of the ACB Board of DirectorsHuynh Quang Tuan – intentionally violated the State’s economicmanagement regulations causing serious consequences when on March 22,2010 they issued a decision mandating individuals to deposit ACB’s cashand foreign currencies at credit organisations.
BetweenJune and September 9, 2011, Hai empowered the chief accountant todeposit 720 billion VND (33.8 million USD) at Vietinbank’s Nha Be and HoChi Minh City branches. However, the money was embezzled by Huynh ThiHuyen Nhu, former Deputy Chief of the Risk Management Department of theVietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank).
Moreover, Kien and the former ACB officials also issuedpolicies to buy stocks and invest in ACB shares, causing losses worthnearly 690 billion VND (32.4 million USD).
Chargedwith intentional violations of the State economic management regulationscausing serious consequences, Hai was sentenced to 8 years in prisonwhile Quang and Ky received 4 years behind bar. Cang and Tuan wassentenced to a jail term of three and two years, respectively.
Kien will face adjusted fine on charge of tax evasion./.
InJune 2014, Kien, 50, was sentenced to 30-year imprisonment by the HanoiPeople's Court on four counts of illegal trading, fraud forappropriation of assets, tax evasion, intentional violations of theState’s economic management regulations causing serious consequences.
In addition to being jailed, Kien was fined over 75 billion Vietnamese dong (3.55 million U.S. dollars) for tax evasion.
Duringthe first hearing of the case, the judging council ruled that Kien usedsix of his own companies between May 2007 and August 2012 to conductfinancial and gold trading valued at more than 21.4 trillion VND (over 1billion USD) without the proper licences.
The businessesinvolved are Thien Nam Production and Import-Export JSC, B&B Tradeand Investment JSC, Asia Financial Group JSC, Asia Commercial Bank (ACB)Hanoi Investment JSC, Asia Hanoi Investment Financial JSC, and AsiaInvestment JSC.
Regarding tax fraud, according to thecouncil, between 2009 and 2010, the B&B company’s activities,including gold trading, saw profits, but Kien did not declare them. TheMinistry of Finance concluded that the income tax B&B had to pay wasover 25 billion VND. Up to now, Kien has yet to pay this sum.
Inaddition, Kien swindled to appropriate assets in a mortgage of 20million shares of the Hoa Phat Steel JSC worth 264 billion VND (12.4million USD) at the bank in May 2012.
The court foundsufficient evidence that Kien and his accomplices, including former ACBGeneral Director Ly Xuan Hai, former Vice Chairpersons Le Vu Ky andTrinh Kim Quang, former Vice Chairman of the ACB Board of Directors PhamTrung Cang, and former standing member of the ACB Board of DirectorsHuynh Quang Tuan – intentionally violated the State’s economicmanagement regulations causing serious consequences when on March 22,2010 they issued a decision mandating individuals to deposit ACB’s cashand foreign currencies at credit organisations.
BetweenJune and September 9, 2011, Hai empowered the chief accountant todeposit 720 billion VND (33.8 million USD) at Vietinbank’s Nha Be and HoChi Minh City branches. However, the money was embezzled by Huynh ThiHuyen Nhu, former Deputy Chief of the Risk Management Department of theVietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank).
Moreover, Kien and the former ACB officials also issuedpolicies to buy stocks and invest in ACB shares, causing losses worthnearly 690 billion VND (32.4 million USD).
Chargedwith intentional violations of the State economic management regulationscausing serious consequences, Hai was sentenced to 8 years in prisonwhile Quang and Ky received 4 years behind bar. Cang and Tuan wassentenced to a jail term of three and two years, respectively.
Kien will face adjusted fine on charge of tax evasion./.
