Society

Death sentence to former Ocean Bank Director General Nguyen Xuan Son

The People’s Court of Hanoi on September 29 sentenced Nguyen Xuan Son, former Director General of Ocean Bank, to death and Ha Van Tham, former Chairman of the Board of Directors of the bank, to life imprisonment for wrongdoings in State management, property appropriation, credit operation, and power abuse.
Death sentence to former Ocean Bank Director General Nguyen Xuan Son ảnh 1The People’s Court of Hanoi on September 29 sentenced Nguyen Xuan Son, former Director General of Ocean Bank, to death (Photo: VNA)

Hanoi (VNA) – The People’s Courtof Hanoi on September 29 sentenced Nguyen Xuan Son, former Director General ofOcean Bank, to death and Ha Van Tham, former Chairman of the Board of Directorsof the bank, to life imprisonment for wrongdoings in State management, propertyappropriation, credit operation, and power abuse.

Son was given 17 years in prisons for“deliberately violating State regulations on economic management causing severeconsequences”, life sentence for “abusing position and power to appropriateproperty”, and death penalty for “embezzlement”. The overall punishment for Sonis death penalty.

Whereas, Tham was sentenced 19 years inprison on charges of “deliberately violating State regulations on economicmanagement causing severe consequences”, 18 years in prison for “violatinglending regulations of credit institutions”, life imprisonment for“embezzlement”, and 20 years in prison for “abusing position and power toappropriate property”. The overall sentence for Tham is life in prison.

Both Nguyen Minh Thu and Nguyen Van Hoan, formerDeputy Director Generals of the bank, were sentenced to 22 years in prison for“deliberately violating State regulations on economic management causing severeconsequences” and “abusing position and power to appropriate property”. 

Dozens of other banking officials were given suspensionsentences ranging from 18 months to 36 months while others in the mass trial of51 officials and bankers got sentences from 3 years to 17 years in jail,including Pham Cong Danh (14 years) and Hua Thi Phan (17 years).

According to the court’s verdict, when workingas Ocean Bank’s Chairman of the Board of Directors, Tham and his accomplices,who are other former leaders and employees of the bank, committed a series ofviolations of credit regulations, causing losses for the bank and seriouslyaffecting the State’s monetary policies. Their violations resulted in losses ofnearly 2 trillion VND (88 million USD) for Ocean Bank.

Son was found to coordinate with Tham to chargecustomers additional fees, triggering a loss of nearly 69 billion VND (3.02million USD) for the bank and customers. Meanwhile, Thu instructed the bank’sbranches to pay interest rates outside the mobilising deposit contracts,causing losses of 1.576 trillion VND (69 million USD).-VNA
VNA
#People’s Court of Hanoi #Nguyen Xuan Son #former Director General of Ocean Bank #death sentence #life imprisonment #Ha Van Tham #former Chairman of the Board of Directors of Ocean Bank #wrongdoings in State management #property appropriation #credit operation #and power abuse #deliberately violating State regulations on economic management causing severe consequences #abusing position and power to appropriate property #embezzlement Ha Noi
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