The court of appeals of the People’s Supreme Court started reviewing theappeals submitted by Nguyen Duc Kien, former vice chairman of thefounding council of the Asia Commercial Bank (ACB), and other ACB formerexecutives, in Hanoi on November 28.
Kien, whowas born in 1964 and resides in Quang An ward, Tay Ho district, Hanoi,was indicted for four offences – intentional violations of the State’seconomic management regulations causing serious consequences, illegaltrading, tax evasion, and swindling to appropriate assets.
According to the verdict issued by the Hanoi People’s Court during thefirst hearing on June 9, 2014, Kien was sentenced to 30 years’imprisonment and ordered to pay a fine of over 75 billion VND (3.57million USD).
Kien then lodged his appeal againstthe entire verdict, proposing the appeal court review the evidence usedto accuse him and those that vindicate him.
Four lawyers will join in defending Kien during this court, which is planned to run for 10 days.
The court will also re-evaluate the verdicts given to former ACB ViceChairpersons Le Vu Ky and Trinh Kim Quang, who were sentenced to fiveyears and four years in jail, respectively, for intentionally violatingthe State’s economic management regulations causing seriousconsequences.
The appeals lodged by ACB formerGeneral Director Ly Xuan Hai, former Vice Chairman of the ACB’s Board ofDirectors Pham Trung Cang, and former standing member of the ACB’sBoard of Directors Huynh Quang Tuan, who received eight years, threeyears and two years in prison, respectively, will also be examined.
During the first hearing of the case, the judging council ruled thatKien used six of his own companies between May 2007 and August 2012 toconduct financial and gold trading valued at more than 21.4 trillion VND(over 1 billion USD) without the proper licences.
The businesses involved are Thien Nam Production and Import-ExportJSC, B&B Trade and Investment JSC, Asia Financial Group JSC, AsiaCommercial Bank (ACB) Hanoi Investment JSC, Asia Hanoi InvestmentFinancial JSC, and Asia Investment JSC.
Regarding tax fraud, according to the council, between 2009 and 2010,the B&B company’s activities, including gold trading, saw profits,but Kien did not declare them. The Ministry of Finance concluded thatthe income tax B&B had to pay was over 25 billion VND. Up to now,Kien has yet to pay this sum. Therefore, he must pay a fine of 75billion VND, triple the figure.
Inaddition, Kien swindled to appropriate assets in a mortgage of 20million shares of the Hoa Phat Steel JSC worth 264 billion VND (12.4million USD) at the bank in May 2012.
Thecourt found sufficient evidence that Kien and his accomplices - Ky,Cang, Quang, Hai and Tuan – intentionally violated the State’s economicmanagement regulations causing serious consequences when on March 22,2010 they issued a decision mandating individuals to deposit ACB’s cashand foreign currencies at credit organisations.
Between June and September 9, 2011, Hai empowered the chief accountantto deposit 720 billion VND (33.8 million USD) at Vietinbank’s Nha Beand Ho Chi Minh City branches. However, the money was embezzled byHuynh Thi Huyen Nhu, former Deputy Chief of the Risk ManagementDepartment of the Vietnam Joint Stock Commercial Bank for Industry andTrade (Vietinbank). She was sentenced to life behind bars at a trial inHo Chi Minh City in January, 2014 for swindling to take over assetsand counterfeiting seals and materials of agencies and organisations.
The civil liability related to the sum was already handled in the case of Huyen Nhu.
The judging council held that in this case, Huynh Thi Bao Ngoc, an ACBofficial, directly contacted Huyen Nhu on the deposit and createdconditions for her to appropriate the money. Therefore, the courtlaunched legal proceedings for “illegally trading at ACB and Vietinbank”and against Ngoc for co-swindling to appropriate assets.-VNA
Kien, whowas born in 1964 and resides in Quang An ward, Tay Ho district, Hanoi,was indicted for four offences – intentional violations of the State’seconomic management regulations causing serious consequences, illegaltrading, tax evasion, and swindling to appropriate assets.
According to the verdict issued by the Hanoi People’s Court during thefirst hearing on June 9, 2014, Kien was sentenced to 30 years’imprisonment and ordered to pay a fine of over 75 billion VND (3.57million USD).
Kien then lodged his appeal againstthe entire verdict, proposing the appeal court review the evidence usedto accuse him and those that vindicate him.
Four lawyers will join in defending Kien during this court, which is planned to run for 10 days.
The court will also re-evaluate the verdicts given to former ACB ViceChairpersons Le Vu Ky and Trinh Kim Quang, who were sentenced to fiveyears and four years in jail, respectively, for intentionally violatingthe State’s economic management regulations causing seriousconsequences.
The appeals lodged by ACB formerGeneral Director Ly Xuan Hai, former Vice Chairman of the ACB’s Board ofDirectors Pham Trung Cang, and former standing member of the ACB’sBoard of Directors Huynh Quang Tuan, who received eight years, threeyears and two years in prison, respectively, will also be examined.
During the first hearing of the case, the judging council ruled thatKien used six of his own companies between May 2007 and August 2012 toconduct financial and gold trading valued at more than 21.4 trillion VND(over 1 billion USD) without the proper licences.
The businesses involved are Thien Nam Production and Import-ExportJSC, B&B Trade and Investment JSC, Asia Financial Group JSC, AsiaCommercial Bank (ACB) Hanoi Investment JSC, Asia Hanoi InvestmentFinancial JSC, and Asia Investment JSC.
Regarding tax fraud, according to the council, between 2009 and 2010,the B&B company’s activities, including gold trading, saw profits,but Kien did not declare them. The Ministry of Finance concluded thatthe income tax B&B had to pay was over 25 billion VND. Up to now,Kien has yet to pay this sum. Therefore, he must pay a fine of 75billion VND, triple the figure.
Inaddition, Kien swindled to appropriate assets in a mortgage of 20million shares of the Hoa Phat Steel JSC worth 264 billion VND (12.4million USD) at the bank in May 2012.
Thecourt found sufficient evidence that Kien and his accomplices - Ky,Cang, Quang, Hai and Tuan – intentionally violated the State’s economicmanagement regulations causing serious consequences when on March 22,2010 they issued a decision mandating individuals to deposit ACB’s cashand foreign currencies at credit organisations.
Between June and September 9, 2011, Hai empowered the chief accountantto deposit 720 billion VND (33.8 million USD) at Vietinbank’s Nha Beand Ho Chi Minh City branches. However, the money was embezzled byHuynh Thi Huyen Nhu, former Deputy Chief of the Risk ManagementDepartment of the Vietnam Joint Stock Commercial Bank for Industry andTrade (Vietinbank). She was sentenced to life behind bars at a trial inHo Chi Minh City in January, 2014 for swindling to take over assetsand counterfeiting seals and materials of agencies and organisations.
The civil liability related to the sum was already handled in the case of Huyen Nhu.
The judging council held that in this case, Huynh Thi Bao Ngoc, an ACBofficial, directly contacted Huyen Nhu on the deposit and createdconditions for her to appropriate the money. Therefore, the courtlaunched legal proceedings for “illegally trading at ACB and Vietinbank”and against Ngoc for co-swindling to appropriate assets.-VNA
