HÀ NỘI - The Hà Nội People's Court yesterday sent the Ocean Bank case back to the nation's main prosecuting agency, the People's Supreme Procuracy, for further investigation and reframing of charges. In one of the biggest economic crime cases in Việt Nam, former Chairman of the Board of Directors of the Ocean Commercial Joint Stock Bank (Ocean Bank) Hà Văn Thắm and 47 other former leaders and employees of the bank are being tried for charges including breaching loan regulations of credit institutions, abusing positions and power while on duty and intentionally acting against State laws on economic management, causing serious consequences. The panel of judges said the decision to hand back the case after an eight-day hearing was taken to clarify some of the defendant's statements and to carry out further investigation into some aspects of the case. For instance, the bank's former director general Nguyễn Xuân Sơn has been charged with intentionally acting against State laws on … [Read more...] about Ocean Bank case sent back for further investigation
VietNamNet Bridge - Three years have elapsed since the day Kien and many other bankers were charged with swindling. Some of them have fulfilled their judgment execution and returned to business. However, there still exist unsettled debts. Before undergoing restructuring, ACB (Asia Commercial Bank) in 2011 was considered the bank which had the largest total assets and biggest outstanding loans. It was also listed among the banks with good financial health, high profitability and low bad debt ratio. However, people’s thought about the bank changed after August 20, 2012, when Nguyen Duc Kien was arrested and accused of many charges. Nguyen Duc Kien, former vice president of ACB and former deputy chair of ACB’s founding council, has been sentenced to 30-years imprisonment. Besides illegal business activity, Nguyen Duc Kien, or ‘Mogul Kien’, has been prosecuted on two more counts of intentionally acting against state regulations causing serious … [Read more...] about How are the tycoons in mogul Kien’s bank case faring?
VietNamNet Bridge - Tran Xuan Gia was recognized by state management agencies as president of Asia Commercial Bank (ACB), but this was on paper only. The real influential figure was Nguyen Duc Kien, dubbed "Mogul Kien", who has been prosecuted for his economic crimes. Nguyen Duc Kien and several other senior executives of ACB were arrested two years ago did people realize that Gia had been serving only as a so-called "hired president". Analysts say there are more and more hired presidents at banks. Vietnamese laws allow a bank to have an "independent chair of board of directors", or someone who does not hold any shares of the bank. In most cases, the banks' real owners manage their banks' operations, but in other cases, the leading positions are granted to "hired workers" who are former officials of state agencies or ministries. After two years of working as chair of Sacombank's board of directors, Pham Huu Phu has resigned and been replaced by Kieu Huu Dung, a well-known name in … [Read more...] about “Mogul Kien” bank case: a lesson in conflict of interest
Siemens AG last week announced a $500,000 package for Vietnam's integrity and transparency in business initiative. The Vietnam Chamber of Commerce and Industry's (VCCI) Integrity and Transparency in Business Initiative for Vietnam (ITBI) is among more than 30 initiatives from over 20 countries that have been selected by Siemens in an initial tranche of $40 million out of an overall $100 million integrity initiative to promote clear markets committed by Siemens with the World Bank on July 2, 2009. The German firm and the World Bank agreed on a comprehensive settlement last year following the company's acknowledged past misconduct in its global business and a World Bank investigation into corruption in a Siemens subsidiary's project in Russia several years ago. Under the commitment made by Siemens, the German firm will pay $100 million over the next 15 years to support global efforts to fight fraud and corruption. Siemens will provide funds to organisations and projects aimed at … [Read more...] about World Bank case brings benefits
Tram Be, former Vice Chairman of Sacombank, was led to the court on January 8. (Photo: VNA)HCM City (VNA) – The second-phasetrial against Pham Cong Danh, ex-Chairman of Board of Directors of the VietnamConstruction Bank (VNCB) and his accomplices entered the third day on January10, when the Ho Chi Minh City court began questioning the defendants.Defendant Phan Thanh Mai, former DirectorGeneral of VNCB, asked the judging council to reconsider the over 6.1 trillionVND (267.8 million USD) that was defined as the consequence of the case.He said the 6.1 trillion VND included over 4trillion VND used to raise VNCB’s charter capital and this sum of money wasstill at VNCB. Mai said there are many assets which could bethe basis for settling the case’s consequences but haven’t been considered, andthat Pham Cong Danh had not been allowed to settle consequences before theinvestigation agency evaluated the losses in the case.The judging council said the use of … [Read more...] about Former Sacombank exec accepts responsibility in Construction Bank case