The procuracy side has demanded capital punishment for the formerdirector general of Agribank Financial Leasing Company No 2 (ALCII) inone of the biggest corruption cases to ever go to trial.
During the trial which began on November 6 in Ho Chi Minh City, therepresentative from the People’s Procuracy of HCM City proposed thehighest punishment for former ALCII director general Vu Quoc Hao forembezzlement, 15 years in prison for abusing his position and powerwhile on duty and 20 years in prison for deliberately violating Stateregulations on economic management, causing serious outcomes. Thecombined punishment would be the death penalty.
Theprosecutor also proposed the death penalty for Dang Van Hai, former headof Quang Vinh Construction and Trade Co Ltd, on the same charges.
Prison sentences ranging from 6-20 years were proposed for nine other defendants.
Under the alleged violations which occurred from April 2008 to March2009, Vu Quoc Hao and Nguyen Van Tai, the former deputy general directorof ALCII, signed 10 contracts for financial leasing and assetpurchasing and granted loans of hundreds of billions of VND to a numberof companies for asset investment despite ALCII not being allowed togrant credit loans.
The companies, Quang VinhConstruction and Trade Co Ltd, Ham Rong JSC, Xuan Viet Trading andService Co Ltd, and Dai Phu Gia Company, spent the loans on non-fixedassets, so retrieving the money is expected to be difficult, if notimpossible.
The court heard that Hao used his power andposition to sign financial leasing contracts to take 75 billion VND(3.5 million USD) for his personal use. Hao was also accused ofappropriating 4.9 billion VND from a contract signed with Anh PhuongCompany in southern Dong Nai province.
ALCII is amember of the State-run Vietnam Bank for Agriculture and RuralDevelopment located in District 5 of HCM City. Vu Quoc Hao is listed as amember of the board of directors and the general director.
The trial is expected to run until November 20.-VNA
During the trial which began on November 6 in Ho Chi Minh City, therepresentative from the People’s Procuracy of HCM City proposed thehighest punishment for former ALCII director general Vu Quoc Hao forembezzlement, 15 years in prison for abusing his position and powerwhile on duty and 20 years in prison for deliberately violating Stateregulations on economic management, causing serious outcomes. Thecombined punishment would be the death penalty.
Theprosecutor also proposed the death penalty for Dang Van Hai, former headof Quang Vinh Construction and Trade Co Ltd, on the same charges.
Prison sentences ranging from 6-20 years were proposed for nine other defendants.
Under the alleged violations which occurred from April 2008 to March2009, Vu Quoc Hao and Nguyen Van Tai, the former deputy general directorof ALCII, signed 10 contracts for financial leasing and assetpurchasing and granted loans of hundreds of billions of VND to a numberof companies for asset investment despite ALCII not being allowed togrant credit loans.
The companies, Quang VinhConstruction and Trade Co Ltd, Ham Rong JSC, Xuan Viet Trading andService Co Ltd, and Dai Phu Gia Company, spent the loans on non-fixedassets, so retrieving the money is expected to be difficult, if notimpossible.
The court heard that Hao used his power andposition to sign financial leasing contracts to take 75 billion VND(3.5 million USD) for his personal use. Hao was also accused ofappropriating 4.9 billion VND from a contract signed with Anh PhuongCompany in southern Dong Nai province.
ALCII is amember of the State-run Vietnam Bank for Agriculture and RuralDevelopment located in District 5 of HCM City. Vu Quoc Hao is listed as amember of the board of directors and the general director.
The trial is expected to run until November 20.-VNA
