Society

Three given death penalty for fraud

The People's Court of Ho Chi Minh City on September 26 sentenced three men to death in a corruption case involving the Agribank Financial Leasing Company No 2 (ALCII) after 10 days of trial.
The People's Court of Ho Chi Minh City on September 26 sentencedthree men to death in a corruption case involving the Agribank FinancialLeasing Company No 2 (ALCII) after 10 days of trial.

Thedeath penalties were handed down to Vu Quoc Hao, 59, ex-general directorof ALCII; Pham Minh Tuan, 57, former director of Xuan Viet Co. Ltd.;and Hoang Loc, 49, ex-general director of the Vietnam Assessment JSC.All were charged with embezzlement.

Nguyen Van Tai, 55,ex-general director of ALCII; Vu Duc Hoa, 35, ex-director of Cat LongHai JSC; Le Thi Minh Hue, 45; and Le Phuc Duc, 38, ex-chief of theassessment division under Vietnam Assessment JSC, were sentenced to lifein prison.

According to the verdict from the SupremeProcuracy, in 2003, Hao colluded with Tuan, Hoa and Hue to buy a Tinro 2vessel from Hai Phong Customs Bureau for 100 million VND (4,700 USD)and later raised the value of the vessel to 130 billion VND (6.13million USD) and offered it as a capital contribution to Cat Long HaiJSC.

In December 2007 Hao colluded with other accomplices tosign a leasing contract between Cat Long Hai JSC and ALCII to disburse130 billion VND from the ALCII.

Hao spent over 78 billion VNDof that amount to buy nearly 90,000 sq.m of land in Cai Be district inMekong delta Tien Giang province.

In another trial involvingALCII, a court in HCM City on November 11, 2011 sentenced Hao to deathfor "embezzlement", "abusing of position and power when in activeservice", and "intentionally violating state regulations on economicmanagement, causing serious consequences".

Hao and 10 otherdefendants indicted on charges of misappropriating property were accusedof taking more than 80 billion VND (3.8 million USD) for personal gain.

Under the violations which occurred from April 2008 to March2009, Hao and Nguyen Van Tai, the former deputy general director of ALCII signed 10 contracts for financial leasing and asset purchasing, andgranted loans of hundreds of billions of dong to a number of companiesfor asset investment.

These companies include Quang VinhConstruction and Trade Co Ltd, Ham Rong JSC, Xuan Viet Trading andService Co Ltd, and Dai Phu Gia company.

ALCII is member of theState-run Vietnam Bank for Agriculture and Rural Development (Agribank)located in District 5 of HCM City, and Hao is listed as a member of theboard of directors and as the general director.-VNA
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