VietNamNet Bridge – The Supreme People’s Procuracy on Tuesday has finalised charges against Huynh Nam Dung, former management board chairman of Mekong Housing Bank (MHB), and sixteen accomplices. They are accused of abuse of power and irresponsibility that wrought serious consequences.

Huynh Nam Dung, former management board chairman of Mekong Housing Bank.-- Photo doisongvietnam.vn

Dung’s accomplices include former director general Nguyen Phuoc Hoa, former vice director general Bui Thanh Hung and former chief accountant Nguyen Van Thanh. They caused about VND457 billion (US$20 million) of losses to the bank.

The date of the trial has not yet been announced.

According to the indictment, Dung and Hoa took advantage of their positions to transfer nearly VND5 trillion (US$220 million) from MHB to Mekong Housing Bank Securities Company for the stated purpose of investing in Government bonds. But instead of investing in Government bonds, the MHBS deposited over VND3.3 trillion ($145 million) into different branches of the bank to earn over VND45 billion ($2 million) in interest payments.

In addition, MHBS used more than VND1.5 trillion ($66 million) to invest in bonds, of which nearly VND1 trillion (US$44 million) was used to trade MHB’s own bond investment via a middle company. This action resulted in a loss of nearly VND350 billion ($15 million) to the MHB.

According to investigation results, Dung earned VND460 million ($20 million) while other defendants also benefited to the tune of hundred of millions of Vietnamese dong.

VNS