Three estates of former vice chair of ACB Bank, Nguyen Duc Kien, who was sentenced to 30 years in prison for fraud, tax evasion, illegal trade, will be auctioned by the state to recoup the losses.
Nguyen Duc Kien
Asides from the prison sentence, Kien was also ordered to pay VND100.146bn (USD4.5m). As of now, over VND21.1bn has been collected.
In order to collect the rest of the money, the value of three of Kien's houses will be evaluated in January and auctioned from May to August 2016.
Last year, the Supreme People's Procuracy filed the charges on Nguyen Duc Kien for evading taxes, estimated at a total of VND25 billion in a deal between B&B Company and ACB where he earned more than VND100 billion.
Four of the officials directed their ACB staff to illegally deposit the bank’s money in 29 other banks to enjoy a higher interest rate. However, VND719 billion of the deposits at VietinBank had been appropriated by Huynh Thi Huyen Nhu.
Nhu was ordered by the court to pay nearly VND14trn but her assets could only cover VND500bn.
Recently, land in HCM City was discovered to be owned by Nhu. Once confirmed that the land is legally owned by Nhu it will be auctioned off as part of the repayments.