Society

Higher court upholds 30-year jail term for former bank executive

Ho Chi Minh City People’s High Court on January 24 upheld the lower court’s 30-year imprisonment sentence given to former Chairman of the Vietnam Construction Bank (VNCB) Board of Directors Pham Cong Danh.
Higher court upholds 30-year jail term for former bank executive ảnh 1Former Chairman of the Vietnam Construction Bank (VNCB) Board of Directors Pham Cong Danh (C) (Photo: VNA)
HCM City (VNA) – Ho Chi Minh City People’s High Court on January 24 upheldthe lower court’s 30-year imprisonment sentence given to former Chairman of theVietnam Construction Bank (VNCB) Board of Directors Pham Cong Danh.

Danh, who is also ex-Chairman of the Member Board and General Director of ThienThanh Group, along with his accomplices were charged of “deliberately violatingState regulations on economic management causing severe consequences” and“violating lending regulations of credit institutions”.

According tothe jury, Danh played the key role in directing other defendants to conductillegal behaviors in the long run, causing serious total economic losses ofover 9 trillion VND (396 million USD) for the VNCB.

The paneldismissed the appeals of penalty reduction and sentence suspension lodged by 25defendants and maintained the first instance trial’s verdict of 3-22 years injail for Phan Thanh Mai, former VNCB General Director, Hoang Dinh Quyet, formerDeputy Director of the VNCB’s Sai Gon branch, and Mai Huu Khuong, formerDirector of the VNCB’s Sai Gon branch, and other defendants.

The VNCB wasestablished by Trust Bank in May 2013. Trust Bank was operational for 23 years,with chartered capital of 3 trillion VND (142.85 million USD). In mid-2014, theSBV appointed new officials to the VNCB after some former top executives at thebank were arrested for allegedly violating state regulations.-VNA


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