The People's Court of HCM City on September 26 sentenced three men to death in a corruption case involving the Agribank Financial Leasing Company No 2 (ALCII) after 10 days of trial.

The indictees stand at the People's Court of HCM City on September 26. — Photo cafef

The death penalties were handed down to Vu Quoc Hao, 59, ex-general director of ALCII; Pham Minh Tuan, 57, former director of Xuan Viet Co. Ltd.; and Hoang Loc, 49, ex-general director of the Viet Nam Assessment JSC. All were charged with embezzlement.

Nguyen Van Tai, 55, ex-general director of ALCII; Vu Duc Hoa, 35, ex-director of Cat Long Hai JSC; Le Thi Minh Hue, 45; and Le Phuc Duc, 38, ex-chief of the assessment division under Viet Nam Assessment JSC, were sentenced to life in prison.

According to the verdict from the Supreme Procuracy, in 2003 Hao colluded with Tuan, Hoa and Hue to buy a Tinro 2 vessel from Hai Phong Customs Bureau for VND100 million (US$4,716) and later raised the value of the vessel to VND130 billion ($6.13 million) and offered it as a capital contribution to Cat Long Hai JSC.

In December 2007 Hao colluded with other accomplices to sign a leasing contract between Cat Long Hai JSC and ALCII to disburse VND130 billion from the ALCII.

Hao spent over VND78 billion of that amount to buy nearly 90,000 sq.m of land in Cai Be District in Tien Giang Province.

In another trial involving ALCII, a court in HCM City on November 11, 2011 sentenced Hao to death for "embezzlement", "abusing of position and power when in active service", and "intentionally violating state regulations on economic management, causing serious consequences".

Hao and 10 other defendants indicted on charges of misappropriating property were accused of taking more than VND80 billion ($3.8 million) for personal gain.

Under the violations which occurred from April 2008 to March 2009, Hao and Nguyen Van Tai, the former deputy general director of ALC II signed 10 contracts for financial leasing and asset purchasing, and granted loans of hundreds of billions of dong to a number of companies for asset investment.

These companies include Quang Vinh Construction and Trade Co Ltd, Ham Rong JSC, Xuan Viet Trading and Service Co Ltd, and Dai Phu Gia company.

ALCII is member of the State-run Viet Nam Bank for Agriculture and Rural Development located in District 5 of HCM City, and Hao is listed as a member of the board of directors and as the general director.

VNS/VNN