VietNamNet Bridge – The People’s Court of HCM City on February 8 began its trial of Huynh Thi Huyen Nhu, former deputy chief of the Risk Management Department of the HCM City branch of VietinBank, and Vo Anh Tuan, deputy director of VietinBank’s Nha Be branch, on charges of "swindling to appropriate assets" worth VND1.085 trillion (US$51 million) from five companies.

The People’s Court of HCM City on February 8 began its trial of Huynh Thi Huyen Nhu, former deputy chief of the Risk Management Department of the HCM City branch of VietinBank. — VNA/VNS Photo Hoang Hai

On January 7, 2015, at the appellate trial of Như and her defendants, the judicial council rejected some of the accusations related to swindling of five companies, which included ORS Securities, SaigonBank - Berjara, Global Insurance Corporation, An Loc, and Hung Yen, as well as some of the charges related to Vo Anh Tuan’s "swindling to appropriate assets" of Hung Yen company.

The judicial council at that time said further investigation was needed to clarify if the charge should be “assets embezzlement” rather than "swindling to appropriate assets".

The role of Vo Anh Tuan in taking VND1.085 trillion from these five companies should also be made clear, the judicial council said.

After two years of investigation, the Supreme People’s Procuracy ruled that Như should be tried for "swindling to appropriate assets".

The Procuracy also prosecuted 10 former senior officials of Nam Viet Bank (Navibank) for “deliberately violating State regulations on economic management, causing severe consequences” for allowing their staff to send VND1.5 trillion ($68 million) to Vietinbank through Huyen Nhu, and for permitting Nhu to illegally take VND200 billion ($9.43 million). The 10 people will appear later at a different trial.

The judicial council summoned Nguyen Van Se, former director of VietinBank’s HCM City branch, and Nguyen Thi Minh Huong and Truong Minh Hoang, two former deputy branch directors of VietinBank in HCM City, as people “who had rights and responsibilities” related to Như’s offence. However, only Hoang showed up at the trial, while Se is in the US and Huong is ill.

According to the earlier verdict, in 2007 Nhu used her position at the bank to raise over VND200 billion ($9.43 million) from banks, organisations, and individuals at high interest rates to invest in the property market. In 2010, when the market collapsed, she went bankrupt.

Then, to repay loans, in 2008 she began borrowing from a loan shark at interest rates of 0.5-0.6 per cent per day. Two years later, Nhu turned to swindling to repay her debts.

Between March 2010 and September 2011, on the pretext of mobilising deposits, Như took VND3.9 trillion ($176 million) from three individuals, nine companies and three banks by paying interest rates which were higher than those offered by other banks.

She counterfeited seals and documents of agencies and organisations related to the VND1.085 trillion ($51 million) deposited in VietinBank by five companies.

She stole VND718 billion ($32.5 million) from Asia Commercial Joint Stock Bank, VND200 billion from the Nam Viet Commercial Joint Stock Bank ($9.43 million), and VND180 billion ($8.5 million) from Viet Nam International Bank, according to the court.

Law enforcement authorities discovered and seized many properties owned by Nhu, but their total value only added up to VND230 billion ($10.85 million).

Vo Anh Tuan brought Nhu to Hanoi and helped Nhu to mobilise money from Hung Yen company. Tuan knew about Nhu’s swindling, but agreed that Nhu could counterfeit deposit contracts between VietinBank’s Nha Be branch and Hung Yen company.

Tuấn benefited by receiving VND10 billion ($450,000) from the activity.

The court trial is scheduled to end on February 12. 

Source: VNS