Skip to main content

Photo: Vietnam former banking and oil executive sentenced to death for fraud



Photo: Vietnam former banking and oil executive sentenced to death for fraud
A Vietnamese former banking executive, Nguyen Xuan Son was sentenced to death on Friday for fraud.
The sentences were delivered at the end of a month-long trial as Vietnam's leadership wages an anti-corruption sweep, targeting ex-officials, bankers and executives accused of graft and mismanagement.
Nguyen Xuan Son, former Ocean Bank general director, who later became chairman of the powerful state oil firm PetroVietnam, was sentenced to death for embezzlement, abuse of power and economic mismanagement.
His co-accused and ex-Ocean Bank chairman Ha Van Tham, once one of Vietnam's richest men, was jailed for life on the same charges, as well as violating lending rules.
Both men left the courthouse stone-faced after the verdict was handed down. The trial targeting high-flying executives accused of losses worth millions of dollars has captivated Vietnam.
The charges cascaded down the ranks, targeting accountants, branch managers and scores of others in one of the country's largest-ever banking trials.
The other sentences announced ranged from 22 years in prison to 18-month suspended sentences and re-education outside of prison.
"Tham and Son's behaviour is very serious, infringing on the management of state property and causing public grievances, which requires strict punishment," said judge Truong Viet Toan.
Tham, Ocean Bank's founder, was convicted of illegally approving a $23 million loan in 2012 and economic mismanagement causing major losses.
Also included in the indictment was PetroVietnam's acquisition of a $35-million stake in the bank in 2009. It was later written off.
The scandal sparked the demise of Ocean Bank.
It had been part of Ocean Group, which takes in real estate and hotel subsidiaries and enjoyed a meteoric rise after its founding in 2007. It was valued at $500 million in 2013 under Tham's stewardship.
Ocean Group is still active in real estate, hotels and services and was valued at $3.5 million in 2016, according to its website.
Photo: Ocean Bank founder Ha Van Tham (right) and co-accused Nguyen Xuan Son (left) face court in Hanoi.
-AFP

Comments

Post a Comment

Popular posts from this blog

13yr old gang leader and his crew murdered for making threats towards an older gang (graphic video and photo)

A young boy and his fellow gang members were murdered in a gruesome manner after they recorded a video threatening an older gang in Brazil. In videos shared online, a group of young boys with their faces covered are seen making threats, one after the other. They were later caught by the older gang members who then tortured them then blew their heads out. The bodies of the young boys were then left on the street with their brains scattered all over the floor. The older group went on to share videos of them torturing the 13-year-old leader of the gang before killing him and the rest of his crew. A video of their corpse was also shared. The video of the 13-year-old gang leader being tortured is really pathetic because the boy looks so innocent and still has the face of a child. Here is a video of them making the threats. Here is one of the young gang leader being tortured. And here is a grisly video of the aftermath.
Post a Comment
Read more

Kendall Jenner finally breaks her silence over Pepsi controversial Ad

Back in April, Kendall Jenner's debut advert for Pepsi generated serious backlash for her and the soda company. Pepsi was criticized for the 'insensitive' commercial, with people accusing them of exploiting the Black Lives Matter movement and for casting a white model in the role of a peacemaker between protesters and the police The Soda company apologized for the infamous advert and for putting Kendal, who was also called out on social media for accepting the ad, in such a controversial position. The model has spoken put for the first time in an episode of Keeping Up With the Kardashians which aired on Sunday night. She said; "I just feel really, really bad. I feel really bad that anyone was ever offended. I feel really bad that this was taken such a wrong way and I genuinely feel like s--t. I have no idea how I'm gonna bounce back from it." "I would never purposely hurt someone ever. I would, obviously, if I knew this ...
Post a Comment
Read more

Nigerians Pay Homage To Nollywood’s Baddest Boy, Hanks Anuku

dailyadvent.com Mar 5, 2019 11:37 AM Twitter was in a lull until a user asked who the baddest boy of Nollywood was. View image on Twitter Abuja Minister - LLB, B.L,BBM, MG @Sir_BiolaPr Who was Nollywood's baddest guy? 1- Gentle Jack 2- Hanks Anuku 3- Segun Arinze 1,178 6:00 PM - Mar 3, 2019 966 people are talking about this Twitter Ads info and privacy Is this even a fair competition? This is like comparing Annalise Keating to Omotola Jolade’s character in Alter Ego. No one comes close to Hanks Anuku and his ‘broad’ voice and utterly incredible American+British+Australian accent. Whenever he’s robbing someone on a movie scene, you have no choice but to reduce the volume before the neighbours will run away. Segun Arinze was quite bad in Black Arrow. Gentle Jack rarely spoke. And I think the only person who came close to Hanks was late JT Tom West. Abuja Minister - LLB, B.L,BBM,...
Post a Comment
Read more