VietNamNet Bridge – A HCM City court on November 27 handed down sentences of seven to 30 years to five defendants involved in embezzlement of funds at the Viet Nam Food Industries Joint-Stock Company (Vifon) from 2002 to 2006.

Five defendants involved in embezzlement of funds at the Viet Nam Food Industries Joint-Stock Company (Vifon) from 2002 to 2006. — Photo dantri.com.vn

The court sentenced Nguyen Thanh Huyen, 58, former deputy general director of Vifon, to 30 years for embezzling funds and abusing confidence by misappropriating assets.

Nguyen Bi, 64, former chairman of the management board and general director of Vifon, was sentenced to 22 years for abusing confidence by misappropriating assets.

Dam Tu Lien, 52, ex-chief account of Vifon, was sentenced to eight years in jail, while Duong Thi Man, 64, ex-accountant; and Ka Thi Thu Hong, 54, ex-cashier of Vifon, were sentenced to seven years in prison.

Nguyen Thanh Huyen was ordered to pay the Ministry of Industry and Trade VND9.8 billion and VND1.3 billion to Vifon.

Nguyen Bi was told to pay VND2.283 billion to Vifon.

The case involving Vifon caused losses of VND16.4 billion to State coffers and another loss of VND3.6 billion to shareholders of Vifon.

Between 2002 and 2006, when the company was being privatised, the five men allegedly faked documents, misappropriating more than VND20 billion.

Source: VNS