Multi-million USD corruption case brought to trial
The HCM City People’s Court on October 22 convened the first instance trial on a corruption case which involves a branch manager at the State-owned Agribank and causes damage of 43.34 million USD.
The defendants at the trial on October 22 (Photo: VNA)
The People’s Court of Ho Chi Minh City on October 22 convened the first instance trial on a corruption case which involves a branch manager at the State-owned Agribank and causes damage of over 966 billion VND (43.34 million USD).
It is one of the eight major coruuption cases that must be brought to trial before the 12th National Party Congress, slated for early 2016, as per instruction of the Central Steering Committee for Anti-Corruption.
According to the indictment of the Supreme People’s Procuracy, Ho Dang Trung (former Director of Branch 6 of the Vietnam Bank for Agriculture and Rural Development - Agribank), Ho Van Long (former head of the branch’s credit division), and the branch’s credit officers Truong Quoc Bao, Truong Nhat Quang and Nguyen Hoang Quoc Thuy are charged with violating regulations on lending activities of credit institutions.
Le Thanh Cong (former General Director of the Dong Phuong Knitting Company) and Do Trong Nhan (former Director of the Sieu mau Viet Company) are prosecuted for abusing position and power while on duty.
Meanwhile, Duong Thanh Cuong (former General Director of the Tan Phat Investment and Construction Company), Thai Cuong (former Director of the Tan Phat company), Le Son Hung and Pham Hoang Tho (both former Deputy Directors of Thanh Phat company) are accused of swindling and appropriating property, and abusing trust to appropriate property.
The indictment said the Dong Phuong Knitting Company contracted the Phuong Nam Company to build a trade centre at No. 10 on Au Co Street. The Phuong Nam Company then notified Dong Phuong that it transferred 80 percent of the stakes in the project construction to the Binh Phat Company.
From October 2010, Duong Thanh Cuong, who did not have sufficient financial strength, set up the Binh Phat, Tan Phat and Thanh Phat companies, hired other people to act as these companies’ directors, and ordered his employees to apply for loans at Agribank’s Branch 6.
The employees and officers of Agribank’s Branch 6 still approved the applications though they knew that Cuong’s companies had just been established and not had sufficient financial strength, and mortgage documents related to the No. 10 Au Co project were invalid, the indictment said.
Ho Dang Trung, former Director of Agribank’s Branch 6, approved credits to the Tan Phat Company worth a total 170 billion VND (nearly 7.63 million USD), which was beyond his authority. He signed mortgage contracts for ineligible properties, along with a series of rule violations.
He also committed the same violations when approving 628 billion VND (28.18 million USD) in loans to the Thanh Phat Company.
The other indicted persons joined Trung in those acts.
The abovementioned companies and Branch 6’s employees and officers caused damages worth more than 966 billion VND by September 2012, when the case was prosecuted.
The trial is scheduled to run through October 30.-VNA
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Party General Secretary Nguyen Phu Trong has asked for strengthened coordination to ensure the strict implementation of laws related to corruption prevention.
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The defendants at the trial on October 22 (Photo: VNA)
