Hanoi court suggests 30-year jail sentence for disgraced banker

The Hanoi People’s Procuracy on May 27 proposed imposing a 30-year jail charge on one of Vietnam’s top banking tycoons, Nguyen Duc Kien, for his role in a multi-million dollar scandal uncovered last year.
The Hanoi People’s Procuracy on May 27 proposed imposing a 30-yearjail charge on one of Vietnam’s top banking tycoons, Nguyen Duc Kien,for his role in a multi-million dollar scandal uncovered last year.

As co-founder of the Asia Commercial Bank (ACB) and ashareholder in some of Vietnam's largest financial institutions, Kien,50, was charged with fraud, tax evasion, illegal trade and deliberatewrongdoing causing serious consequence.

The procuracy suggestthat besides being fined for illegal trade and tax evasion, Kien shouldbe banned from holding positions in finance for 3-5 years.

Tran Ngoc Thanh, former Director of the Hanoi ACB Investment JSC, faces9-10 years in jail, while its former Chief Accountant Nguyen Thi Hai Yenwill likely to receive a 7-8 year sentence, both for swindling toappropriate assets.

Among defendants indicted on charges ofState economic mismanagement causing serious consequences, it has beensuggested that ACB former General Director Ly Xuan Hai should sit behindbars for 12-14 years and former Vice Chairmen Le Vu Ky and Trinh KimQuang for 6-8 years.

The procuracy also asked for a three-yearsuspended sentence and five year’s probation for former ACB ChairmanPham Trung Cang and board member Huynh Quang Tuan.

Tran XuanGia, former ABC Chairman, was temporarily suspended from indictmentbecause he is suffering from a serious illness.

According tothe indictments, from 1993, Kien owned nearly 3.8 percent of ACB’sshares. He served as ACB Vice Chairman during 1994-2008 and was Chairmanof the bank’s investment council for nine years from 2003.

Hewas found to have used six of his own companies between May 2007 andAugust 2012 to conduct illegal financial and gold trading valued at morethan 21 trillion VND (1 billion USD) without the proper licenses.

The businesses involved are Thien Nam Production and Import-ExportJSC, B&B Trade and Investment JSC, Asia Financial Group JSC, AsiaCommercial Bank (ACB) Hanoi Investment JSC, Asia Hanoi InvestmentFinancial JSC, and Asia Investment JSC.

In addition, Kienswindled to appropriate assets in a mortgage of 20 million shares of theHoa Phat Steel JSC worth 264 billion VND (12.4 million USD) at the bankin May 2012. The prosecution argued that he instructed Thanh and Yen tomake a fake document from a management board meeting to defraud themortgage.

Kien and his accomplices - Gia, Ky, Cang, Quang, Hai,and Tuan – on March 22, 2010 also issued a decision mandatingindividuals to deposit cash and foreign currencies at creditorganisations.

Between June and September 9, 2011, Haiempowered the chief accountant to deposit 720 billion VND (33.8 millionUSD) at Vietinbank’s Nha Be and Ho Chi Minh City branches. However, theamount was embezzled by Huynh Thi Huyen Nhu, former Deputy Chief of theRisk Management Department of the Vietnam Joint Stock Commercial Bankfor Industry and Trade (Vietinbank).

Moreover, Kien and theformer ACB officials also issued policies to buy stocks and invest inACB shares, causing losses worth nearly 690 billion VND (32.4 millionUSD).-VNA

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