Ex-banker gets death for fraud
Co-accused sentenced to life in prison as Vietnam wages anti-graft war
A Vietnamese former banking executive was sentenced to death in a massive fraud case, while his coaccused got life in a blockbuster trial involving 51 bankers and businessmen.
The sentences were delivered at the end of a monthlong trial as Vietnam’s communist leadership wages an anticorruption sweep, targeting exofficials, bankers and executives accused of graft and mismanagement.
Former Ocean Bank general director Nguyen Xuan Son was sentenced to death for embezzlement, abuse of power and economic mismanagement.
Fellow kingpin and exOcean Bank chairman Ha Van Tham, once one of Vietnam’s richest men, was jailed for life on the same charges, as well as violating lending rules.
The trial targeting highflying executives accused of losses worth millions of dollars has captivated Vietnam, which is ranked one of the most corrupt nations in Asia.
The charges cascaded down the ranks, targeting accountants, branch managers and scores of others in one of the country’s largestever banking trials.
The other sentences announced yesterday ranged from 22 years in prison to 18month suspended sentences and reeducation outside of prison.
“Tham and Son’s behaviour is very serious, infringing on the management of state property and causing public grievances, which requires strict punishment,” said judge Truong Viet Toan.
Tham, Ocean Bank’s founder, was convicted of illegally approving a US$23mil (RM97mil) loan in 2012 and economic mismanagement causing major losses.
Also included in the indictment was PetroVietnam’s acquisition of a US$35mil (RM147mil) stake in the bank in 2009. It was later written off.
Son, director of the bank at the time and who later became chairman of the powerful state oil firm PetroVietnam, was sentenced to death for embezzlement, abuse of power and wrongdoing.
The scandal sparked the demise of Ocean Bank.
It had been part of Ocean Group, which deals in real estate and hotel subsidiaries and enjoyed a meteoric rise after its founding in 2007. It was valued at US$500mil (RM2.1bil) in 2013 under Tham’s stewardship.
Vietnam’s scandalhit banking sector has long been plagued by dodgy loans and favouritism, which observers say risks hampering the country’s solid economic growth. — AFP