Notorious ex-banker guilty of 666 million USD loss
Police have concluded that ex-banker Pham Cong Danh caused additional losses of more than 6 trillion VND in the second stage investigation into his case.
Pham Cong Danh, ex-Chairman of the VNCB Board of Directors, Chairman of the Members Board and General Director of Thien Thanh Group (2nd R) (Source: VNA)
Hanoi (VNA) - Police have concluded that ex-banker Pham CongDanh caused additional losses of more than 6 trillion VND (around 266 millionUSD) in the second stage investigation into his case, solidifying theinvestigation’s record as the biggest economic probe in Vietnam’s history.
With the previous indictment of causing 9 trillion VND of lossesto the Vietnam Construction Bank (VNCB), where Danh was the former chairman ofthe board, the 63-year-old man is now allegedly responsible for a stunningtotal of 15 trillion VND (some 666 million USD) in bank losses.
Following the first trial on the VNCB case, in which Danh wassentenced for 30 years in prison, the police initiated another investigationinto the trillion-loans made since 2012 between the VNCB and another threebanks: the Sai Gon Thuong Tin (Sacombank), the Tien Phong (TPBank) and the VietnamInvestment and Development (BIDV).
The police on July 11 announced that it finished itsinvestigation, asking the Supreme People’s Procuracy to prosecute Danh and his23 partners in crime for deliberate breach of law.
According to the police, the ex-banker ordered his underlings tomake up blank documents to turn more than 1.8 trillion VND of the VNCB into thecollateral for an equivalent loan from the Sacombank. Danh spent the money topay off some 1.7 trillion VND of debts for his six companies, while the restwas for personal use.
Using the same trick, Danh transited another 1.7 trillion VND ofthe VNCB to the TPBank for a loan to clear off debts of his Thien Thanhcorporation and other activities.
He also ordered 12 companies he established by him to make loans fromthe BIDV using more than 3 trillion VND of the VNCB as collateral assets.
The police found that Danh and his underlings caused a total lossof more than 6 trillion VND to the VNCB.
HCM City’s Civil Judgment Enforcement Department Head Vu QuocDoanh on July 10 said that the amount of money needed to be retrieved in the PhamCong Danh’s case reached nearly 12 trillion VND. Of which, the department sofar collected more than 5 trillion VND, accounting for about 40 percent of thetarget.
Doanh said that the police managed to seize a large amount ofassets during its investigation into the case. At least 95 percent of thelosses are likely to be retrievable.-VNA
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.
The People’s Court of Hanoi on February 27 opened the first instance hearing for former Chairman of the Board of Directors of the Ocean Commercial Joint Stock Bank (Ocean Bank) Ha Van Tham and other former executives of the bank for serious violations of State laws.
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The police department for combating corruption and economic crime started criminal proceeding against Hua Thi Phan, a former shareholder of the Dai Tin bank, now the Vietnam Construction Bank (VNCB), and searched her house and office on March 24.
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Pham Cong Danh, ex-Chairman of the VNCB Board of Directors, Chairman of the Members Board and General Director of Thien Thanh Group (2nd R) (Source: VNA) 
