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Two more prosecuted over asset appropriation case at DongA Bank
The Saigon Times Daily
Wednesday,  Jun 13, 2018,17:06 (GMT+7)

Two more prosecuted over asset appropriation case at DongA Bank

The Saigon Times Daily

Two more individuals are charged with alleged involvement in an asset appropriation case at DongA Bank Commercial Joint Stock Bank - PHOTO: TL

HCMC - Ministry of Public Security investigators have filed charges against two more individuals for their alleged involvement in an asset appropriation case at DongA Bank Commercial Joint Stock Bank, according to a report in Nguoi Lao Dong newspaper.

Pham Van Phuoc, former director of Nam Dinh Food JSC, was accused of abusing his position and power to appropriate assets, while Nguyen Thi Cuc, former head of DongA Bank’s Supervisory Board, was charged with negligence leading to serious consequences.

In the case directed by the Central Steering Committee for Anti-Corruption, investigators have prosecuted 25 individuals and recovered assets valued at some VND2.8 trillion (US$122.4 million).

In early April, the Ministry of Public Security completed investigations and transferred the case to the Supreme People’s Procuracy for a conclusion and to prosecute Tran Phuong Binh, former general director and vice chairman of DongA Bank, and 20 others.

Binh was found to have directed DongA Bank’s investments and abused trust with the aim of asset misappropriation, causing losses of more than VND3.4 trillion, including VND1.16 trillion for the acquisition of more than 74,000 DongA Bank shares, VND437 billion and 650 taels of gold for interest payments and over US$24 million and 15,000 taels of gold for illegal remittances and gold trade. A tael is equivalent to 1.2 troy ounces.

Binh and his accomplices’ violations caused DongA Bank’s accumulated losses of VND31 trillion as of the end of 2015.

However, the Supreme People’s Procuracy later returned the case to the Ministry of Public Security for further investigation, asking the ministry to clarify Binh’s violations. Binh was found to have asked Nguyen Duc Vinh, former head of the treasury at DongA Bank’s headquarters, to transfer VND200 billion to Phan Van Anh Vu, alias Vu Nhom, who was arrested for allegedly disclosing State secrets.

Vinh had illicitly allocated VND1.16 trillion to buy DongA Bank shares, VND494 billion to buy US$13.9 million and VND359 billion to export gold illegally and had transferred VND200 billion to Vu Nhom, causing losses of VND3.18 trillion.

On April 18, investigators of the Ministry of Pubic Security commenced legal proceedings against Vu and Binh for abusing power and trust for asset appropriation.

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