The procuracy side has demanded capital punishment for the former director general of Agribank Financial Leasing Company No 2 (ALCII) in one of the biggest corruption cases to ever go to trial.
During the trial which began on November 6 in Ho Chi Minh City, the representative from the People’s Procuracy of HCM City proposed the highest punishment for former ALCII director general Vu Quoc Hao for embezzlement, 15 years in prison for abusing his position and power while on duty and 20 years in prison for deliberately violating State regulations on economic management, causing serious outcomes. The combined punishment would be the death penalty.
The prosecutor also proposed the death penalty for Dang Van Hai, former head of Quang Vinh Construction and Trade Co Ltd, on the same charges.
Prison sentences ranging from 6-20 years were proposed for nine other defendants.
Under the alleged violations which occurred from April 2008 to March 2009, Vu Quoc Hao and Nguyen Van Tai, the former deputy general director of ALCII, signed 10 contracts for financial leasing and asset purchasing and granted loans of hundreds of billions of VND to a number of companies for asset investment despite ALCII 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 to take 75 billion VND (3.5 million USD) for his personal use. Hao 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 is listed as a member of the board of directors and the general director.
The trial is expected to run until November 20.-VNA
During the trial which began on November 6 in Ho Chi Minh City, the representative from the People’s Procuracy of HCM City proposed the highest punishment for former ALCII director general Vu Quoc Hao for embezzlement, 15 years in prison for abusing his position and power while on duty and 20 years in prison for deliberately violating State regulations on economic management, causing serious outcomes. The combined punishment would be the death penalty.
The prosecutor also proposed the death penalty for Dang Van Hai, former head of Quang Vinh Construction and Trade Co Ltd, on the same charges.
Prison sentences ranging from 6-20 years were proposed for nine other defendants.
Under the alleged violations which occurred from April 2008 to March 2009, Vu Quoc Hao and Nguyen Van Tai, the former deputy general director of ALCII, signed 10 contracts for financial leasing and asset purchasing and granted loans of hundreds of billions of VND to a number of companies for asset investment despite ALCII 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 to take 75 billion VND (3.5 million USD) for his personal use. Hao 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 is listed as a member of the board of directors and the general director.
The trial is expected to run until November 20.-VNA
