Vietnam: Death penalty for executive fraudsters considered

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Vu Quoc HaoA Vietnamese court will consider the death penalty for two former executives if they’re convicted in a $25 million fraud scheme, signaling an aggressive stance as leaders seek to clean up the banking system.

The People’s Court of Ho Chi Minh City may hand down the death penalty for Vu Quoc Hao, the former general director of Agribank Financial Leasing Co. No. 2, who is charged with embezzling $25 million of state property, the official Vietnam News reported. Dang Van Hai, the former chairman of a construction company, also faces the death penalty in the case, the newspaper said.

The trial comes as the government seeks to shore up Vietnamese banks saddled with Southeast Asia’s highest rate of bad debt and turn around an economy that grew last year at the slowest pace since 1999. The central bank governor vowed to crack down on violations by groups of shareholders working against banking reforms last year.

Vietnamese courts held 278 corruption trials this year while the state inspectorate has uncovered 80 new fraud cases involving state funds, according to a government report released yesterday that did not give comparable figures for previous years.

Eleven defendants, including Hao, 58, and Hai, are charged with embezzlement, mismanagement, abuse of power and fraud, according to a statement on the court’s website. Prosecutors allege that Hao and Hai formed 10 fake financial leasing contracts to disperse almost 800 billion dong.

Under Vietnam law, those convicted of embezzling property valued at 500 million dong (around $24,000) or more, or creating “other particularly serious consequences,” can be sentenced to life imprisonment or death.

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Reading Time: 1 minute

A Vietnamese court will consider the death penalty for two former executives if they’re convicted in a $25 million fraud scheme, signaling an aggressive stance as leaders seek to clean up the banking system.

Reading Time: 1 minute

Vu Quoc HaoA Vietnamese court will consider the death penalty for two former executives if they’re convicted in a $25 million fraud scheme, signaling an aggressive stance as leaders seek to clean up the banking system.

The People’s Court of Ho Chi Minh City may hand down the death penalty for Vu Quoc Hao, the former general director of Agribank Financial Leasing Co. No. 2, who is charged with embezzling $25 million of state property, the official Vietnam News reported. Dang Van Hai, the former chairman of a construction company, also faces the death penalty in the case, the newspaper said.

The trial comes as the government seeks to shore up Vietnamese banks saddled with Southeast Asia’s highest rate of bad debt and turn around an economy that grew last year at the slowest pace since 1999. The central bank governor vowed to crack down on violations by groups of shareholders working against banking reforms last year.

Vietnamese courts held 278 corruption trials this year while the state inspectorate has uncovered 80 new fraud cases involving state funds, according to a government report released yesterday that did not give comparable figures for previous years.

Eleven defendants, including Hao, 58, and Hai, are charged with embezzlement, mismanagement, abuse of power and fraud, according to a statement on the court’s website. Prosecutors allege that Hao and Hai formed 10 fake financial leasing contracts to disperse almost 800 billion dong.

Under Vietnam law, those convicted of embezzling property valued at 500 million dong (around $24,000) or more, or creating “other particularly serious consequences,” can be sentenced to life imprisonment or death.

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