The People’s Supreme Procuracy has decided to prosecute Nguyen Duc Kien, the founder of ACB bank, along with eight accomplices, on several charges.
Kien prosecuted
The agency issued the second indictment on Nguyen Duc Kien and his accomplices on February 9 after additional investigation. In January the Hanoi People’s Court decided to return Kien’s dossier for further investigation.
In the follow-up investigation the court focused on Pham Trung Cang, 60, ACB’s former Vice Chairman, who allegedly intentionally violated state regulations on economic management. Huynh Quang Tuan, former standing member of ACB’s Board of Directors was accused of the same charge.
The investigative agency said Cang and Tuan were involved in a scam by which ACB staff members made into deposit money at Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) to benefit from interest rates of between 17.8% and 27% per year. This would be considered misconduct as it violates the Law on Credit Institutions.
Both Cang and Tuan were added to the list of those to be prosecuted, bringing the number of offenders in the case to nine.
In the second indictment, the People’s Supreme Procuracy stood firm on prosecuting Kien on four charges, including illegal business, extortion and asset appropriation, tax evasion and intentional breach of state regulations on economic management.
Meanwhile, Tran Ngoc Thanh, the former director of ACB Hanoi Investment JSC and Nguyen Thi Hai Yen, the company's former chief account were also both prosecuted for extortion and asset appropriation.
Others accused included Tran Xuan Gia, former Chairman of ACB’s Board of Director, Le Vu Ky and Trinh Kim Quang, former ACB Vice Chairmen, Ly Xuan Hai, former ACB General Director, Pham Trung Cang, ACB’s former Vice Chairman and Huynh Quang Tuan, former standing member of ACB’s Board of Directors, who were prosecuted for intentional breach of state regulations on economic management.
If the allegations are true, the crimes will have caused a total loss of over VND1.695 trillion (USD80.2 million).
Less than a month ago, January 27, Huynh Thi Huyen Nhu, a former VietinBank employee, was sentenced to life in prison for embezzling VND4 trillion (USD189.25 million) and falsifying documents.
