HCM City begins trial on intentional violation of rules at Navibank

HCM City (VNA) – The Ho Chi Minh City People’s Court on February 28 opened the first-instance trial on the case of deliberately violating State regulations on economic management causing serious consequences at Navibank, now National Citizen Commercial Joint Stock Bank (NCB).

The 10 defendants brought to trial are former General Director Le Quang Tri, former Deputy General Directors Cao Kim Son Cuong, Nguyen Giang Nam and Nguyen Hung Son, and six others who are former heads of different divisions at Navibank.

They are charged with deliberately violating State regulations on economic management causing serious consequences.

This case is related to the swindle involving Huynh Thi Huyen Nhu, former deputy chief of the risk management department of the HCM City branch of VietinBank.

Earlier, the appeal judging council of the Huyen Nhu case had overturned part of the verdict issued at the first-instance trial, requesting more investigation into Huyen Nhu’s acts in the misappropriation of 1.285 trillion VND (56.1 million USD) of some companies, persons and banks. 

The appeal verdict also requested the investigation agency clarify the responsibility of some competent persons at Navibank who had allegedly mandated the bank’s employees to deposit money in the Nha Be branch of Vietinbank to profit from an interest rate that exceeded the ceiling rate, through which Huyen Nhu appropriated Navibank’s money.

Huyen Nhu, Vo Anh Tuan – former Deputy Director of the Nha Be branch of Vietinbank, and 11 other persons relevant to the case were summoned to the court on February 28.

According to the indictment of the Supreme People’s Procuracy, from November 19, 2010 to May 27, 2011, the credit council of Navibank, which comprised Le Quang Tri, Cao Kim Son Cuong, Nguyen Hung Son, Nguyen Giang Nam, Tran Thanh Binh (former chief of the division for relations with client businesses), Dinh Thi Doan Trang (former chief of the client services division), Pham Thi Thu Hien (former chief of the legal division), and Nguyen Ngoc Oanh (former chief of the risk management division), signed a document giving credit of 1.543 trillion VND (67.4 million USD) to 14 employees who later deposited the money in the Nha Be branch of Vietinbank to gain the extra interest that was not shown in contracts.

The extra interest that Huyen Nhu paid was more than 24 billion VND (1 million USD), of which over 15 billion VND was transferred to the account of Huynh Vinh Phat (former chief of the accounting division) and over 9 billion VND in cash given to Doan Dang Luat (former chief of the capital source division).

Huyen Nhu took advantage of the defendants’ acts to appropriate 200 billion VND (8.7 million USD) of Navibank, the indictment read.

The first-instance trial is scheduled to last until March 16.-VNA