Ho Chi Minh City People’s High Court on January 24 upheld the lower court’s 30-year imprisonment sentence given to former Chairman of the Vietnam Construction Bank (VNCB) Board of Directors Pham Cong Danh.

Danh, who is also ex-Chairman of the Member Board and General Director of Thien Thanh Group, along with his accomplices were charged of “deliberately violating State regulations on economic management causing severe consequences” and “violating lending regulations of credit institutions”.

According to the jury, Danh played the key role in directing other defendants to conduct illegal behaviors in the long run, causing serious total economic losses of over 9 trillion VND (396 million USD) for the VNCB.

The panel dismissed the appeals of penalty reduction and sentence suspension lodged by 25 defendants and maintained the first instance trial’s verdict of 3-22 years in jail for Phan Thanh Mai, former VNCB General Director, Hoang Dinh Quyet, former Deputy Director of the VNCB’s Sai Gon branch, and Mai Huu Khuong, former Director of the VNCB’s Sai Gon branch, and other defendants.

The VNCB was established by Trust Bank in May 2013. Trust Bank was operational for 23 years, with chartered capital of 3 trillion VND (142.85 million USD). In mid-2014, the SBV appointed new officials to the VNCB after some former top executives at the bank were arrested for allegedly violating state regulations.

VNA