VietNamNet Bridge – The Hanoi People’s Court has chosen April 17 as the start date for a hearing of a notorious case against Nguyen Duc Kien, who was former vice chairman and a former founding member of Asia Commercial Bank (ACB), and others on alleged charges of fraud.

Nguyen Duc Kien, who will stand trial next month.

Kien has been charged with four offenses – appropriation of assets, intentional violations of the State’s economic management regulations causing serious consequences, tax evasion and illegal trading.

Kien may face a life sentence in jail.

He and eight others are alleged to have caused a total loss of VND1.7 trillion.

The other defendants are ACB former chairman Tran Xuan Gia, ACB former general director Ly Xuan Hai, former vice chairpersons Le Vu Ky, Trinh Kim Quang and Pham Trung Cang, and the bank’s former board member Huynh Quang Tuan. They are charged with acting against the State’s economic management regulations, which caused serious consequences.

Kien set up six businesses to conduct illegal gold trading and financial investments and evade taxes through these firms where he served as chairman.

Gia, Cang, Quang, Ky, Hai, Kien and Tuan are alleged to have directed ACB staff to deposit money at VietinBank, causing losses of nearly VND719 billion, and invest in ACB shares with losses of nearly VND688 billion.

The hearing, chaired by Nguyen Huu Chinh, deputy head of the Hanoi People’s Court, will last until April 29. The scam is considered one of the 10 biggest fraud cases since 2012.

Source: SGT