Society

Two sentenced to death for embezzlement

The Ho Chi Minh City People’s Court on November 15 sentenced Vu Quoc Hao, former director general of Agribank Financial Leasing Company No 2 (ALC II) to death for his role in one of the biggest corruption cases ever to go to trial in Vietnam.
The Ho Chi Minh City People’s Court on November 15 sentenced Vu QuocHao, former director general of Agribank Financial Leasing Company No 2(ALC II) to death for his role in one of the biggest corruption casesever to go to trial in Vietnam.

Hao, born in 1955,was charged with embezzlement and abusing his position and power,deliberately violating State regulations on economic management, causingparticularly serious consequences.

The court alsopronounced a death sentence on Dang Van Hai, born in 1957, former headof Quang Vinh Construction and Trade Co Ltd, on the same charges.

Nguyen Van Tai, born in 1959, a former deputygeneral director of ALCII was sentenced to 14 years’ imprisonment fordeliberately violating State regulations on economic management, causingparticularly serious consequences. Other defendants received between 3and 14 years of imprisonment.

In addition, thedefendants have been ordered to repay over 531 billion VND (25 millionUSD) to ALC II, of which Vu Quoc Hao must return nearly 80 billion VND(3.76 million USD) that he stole from the company.

Theviolations which occurred from April 2008 to March 2009 saw Vu Quoc Haoand Nguyen Van Tai sign 10 contracts for financial leasing and assetpurchasing and grant loans worth hundreds of billions of VND to a numberof companies for asset investment, despite ALC II not being allowed togrant credit loans.

The companies, Quang VinhConstruction and Trade Co Ltd, Ham Rong JSC, Xuan Viet Trading andService Co Ltd, and Dai Phu Gia Company, spent the loans on non-fixedassets, so retrieving the money is expected to be difficult, if notimpossible.

The court heard that Hao used hispower and position to sign financial leasing contracts allowing him totake 75 billion VND (3.5 million USD) for his personal use. He was alsoaccused of appropriating 4.9 billion VND from a contract signed with AnhPhuong Company in southern Dong Nai province.

ALCII is a member of the State-run Vietnam Bank for Agriculture andRural Development located in District 5 of HCM City. Vu Quoc Hao waslisted as a member of the board of directors and the general director.-VNA
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