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Former deputy governor of central bank gets 3-year jail term
The Saigon Times Daily
Tuesday,  Jul 3, 2018,17:16 (GMT+7)

Former deputy governor of central bank gets 3-year jail term

The Saigon Times Daily

Dang Thanh Binh, former deputy governor of the State Bank of Vietnam (R), and other defendants at the court on July 2 - PHOTO: VNA

HCMC - The HCMC People’s Court on July 2 sentenced Dang Thanh Binh, former deputy governor of the State Bank of Vietnam (SBV), to three years in prison for negligence leading to serious consequences at Vietnam Construction Bank (VNCB), local media reported.

Le Van Thanh, former general inspector of the SBV branch in Long An Province, was found guilty of the same charge and was given a sentence of two and a half years behind bars. Ha Tan Phuoc, former deputy director of the SBV branch in Long An, faced two years' imprisonment.

In addition, Ngo Van Thanh, former deputy head of Inspection and Surveillance Department of Bank for Foreign Trade of Vietnam (Vietcombank) Long An, and Pham The Tuan, former deputy director of the HCMC branch of Vietcombank, were sentenced to one and a half years and a year in prison, respectively.

The accused reportedly caused losses of more than VND15 trillion (US$654.2 million) for VNCB.

According to the court, Binh failed in his duty to properly apply SBV’s solutions to restructure VNCB.

He did not investigate the financial capability of Thien Thanh Group headed by Pham Cong Danh before allowing the group to take over TrustBank. Thien Thanh had rebranded TrustBank as VNCB, and Danh acted as its chairman. Under his leadership, the bank incurred heavy losses.

Although four former members of the central bank’s monitoring team at VNCB detected violations by Danh and his accomplices, they did not take adequate steps to reclaim the money for VNCB. Therefore, the court refused leniency for them to suspense sentences.

The court stressed that the violations by the defendants were extremely harmful to society.

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