Phan Van Anh Vu (second row, centre), Chairman of the Board of Directors of the Bac Nam 79 Construction JSC, at the trial on November 27 (Photo: VNA)HCM City (VNA) – Twenty-six defendants werebrought to trial in Ho Chi Minh City on November 27 for their accusedinvolvement in the loss of over 3.6 trillion VND (153.47 million USD) at theDongA Joint Stock Commercial Bank (DAB).
Both Tran Phuong Binh (born in 1959, formerGeneral Director, Vice Chairman of the Board of Directors, and Chairman of thecredit council of the DAB) and Tran Kim Xuyen (born in 1958, former GeneralDirector of the DAB) were prosecuted for “abusing position and power toappropriate assets” and “deliberately violating the State’s regulations oneconomic management, causing serious consequences”.
Phan Van Anh Vu (also known as Vu “nhom”, bornin 1975, Chairman of the Board of Directors of the Bac Nam 79 Construction JSC)and Pham Van Phuoc (born in 1962, former Director of the Nam Dinh Food JSC)were charged with “abusing position and power to appropriate assets”.
At the trial, held by the HCM City People’sCourt, Phan Van Anh Vu confessed that aside from this name, he also had twoother names and held a foreign nationality.
According to the indictment, Binh ordered otherdefendants to abuse position and power to appropriate nearly 2.06 trillion VND,and intentionally violate the State’s regulations on economic management,causing a loss of over 1.55 trillion VND.
The total loss surpassed 3.6 trillion VND, whichwas the main cause of the DAB’s accumulated loss of over 31 trillion VND onDecember 31, 2015, the indictment read.
In particular, Binh was accused of orderingother defendants to make false receipts under the name of him and his relativesto buy nearly 74.28 million shares of the DAB between 2007 and 2014. To make upfor the money in these false receipts, he directed his subordinates to sellgold from the bank’s fund and falsify lending dossiers.
He and his accomplices also violated regulationswhen paying interests higher than the permitted level to mobilise capital anddo business in gold accounts, resulting in over 1.55 trillion VND in loss tothe DAB.
Additionally, Binh and Vu discussed and agreedto let the latter purchase 60 million shares worth over 600 billion VND of theDAB so that Vu could become a dominating shareholder at this bank.
To do that, Vu put 220 land lots in Da Nang cityas collateral to borrow 400 billion VND from the DAB. Binh ordered hissubordinates to give Vu the remaining 200 billion VND after Vu signed adocument recording his fake payment of 200 billion VND to the DAB.
The indictment said Vu appropriated 200 billionVND by signing this false paper and nearly 3.2 billion VND in interest on thissum of money.
So far, Vu has paid back more than 173 billionVND, while Binh has returned 4 billion VND.
This first-instance trial is scheduled to lastuntil December 25.
This is the second trial Vu has had to stand.Earlier, he was sentenced to nine years in prison for “deliberately disclosingstate secrets” by the Hanoi People’s Court, but the penalty was then reduced toeight years in an appeal trial on October 31.-VNA
VNA
