Navibank officials get up to 13 years in jail for scam

VietNamNet Bridge – Ten former Nam Viet Commercial Joint Stock Bank (Navibank) officials, who were indicted for “deliberately violating State regulations on economic management, causing serious consequences”, were sentenced to seven to 13 years in jail by the HCM City People’s Court yesterday.

Navibank officials, jail, Vietnam economy, Vietnamnet bridge, English news about Vietnam, Vietnam news, news about Vietnam, English news, Vietnamnet news, latest news on Vietnam, Vietnam

Ten former Nam Viet Commercial Joint Stock Bank (Navibank) officials, who were indicted for “deliberately violating State regulations on economic management, causing serious consequences”, were sentenced to seven to 13 years in jail by the HCM City People’s Court yesterday. — Photo thanhnien.vn


General director Le Quang Tri got 13 years, three deputy general directors, Cao Kim Son Cuong, Nguyen Giang Nam and Nguyen Hung Son, got 12 years each.

Doan Dang Luat, former chief of the capital source division, and Huynh Vinh Phat, former chief of the accounting division, were jailed for 11 years.

Tran Thanh Binh, chief of the customer relations division, was sentenced to 10 years.

Dinh Thi Doan Trang, chief of the customer services division, Pham Thi Thu Hien, chief of the legal division, and Nguyen Ngoc Oanh, chief of the risk management, each received sentences of seven years. 

The judges also decided that Navibank’s illegal actions had fetched it a profit of VND24 billion ($1 million), which it had to pay the Government.

They ordered the police and People’s Procuracy to investigate some more employees at the bank’s HCM City branch and VietinBank’s Nha Be District branch.

According to the indictment, between November 2010 and May 2011, the credit council of Navibank, which comprised eight of the sentenced officials, sanctioned a loan of VND1.54 trillion (US$67.4 million) to 14 employees for depositing in Vietinbank’s Nha Be branch for extra interest that was not shown in the contract. 

The extra interest that Huynh Thi Huyen Nhu, deputy chief of the risk management department of VietinBank’s HCM City branch, paid was worth more than VND24 billion ($1 million), of which VND15 billion was transferred to the account of Phat and VND9 billion given in cash to Luat for paying back to Navibank.

Nhu appropriated VND200 billion ($8.7 million).

The act also harmed the prestige of State banking management agencies and affected the country’s financial and monetary market in 2010-11 period, the court ruled. 

Source: VNS

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