Former OceanBank CEO sentenced to death for embezzlement
Former CEO of the Ocean Commercial Joint Stock Bank (Ocean Bank), Nguyen Xuan Son has just been given the death sentence while the bank's former chairman, Ha Van Tham received a life sentence for appropriating state assets.
The sentences have just been announced by the Hanoi People’s Court at the end of a month-long trial on Friday which involved of 51 ex-staff of Ocean Bank and PetroVietnam in one of the largest corruption cases in recent years.
Ex-Ocean Bank chairman Ha Van Tham was jailed for life on the same charges, as well as violating lending regulations.
The other sentences announced this morning ranged from 22 years in prison to 18-month suspended sentences.
According to the court, Ha Van Tham during his chairmanship of the Oceanbank and his accomplices, who are other former leaders and employees of the bank, committed many violations including paying higher, off the record, interest than the ceiling rate, causing serious losses to the bank and its shareholders, and affecting the implementation of the central bank’s monetary policy. Their violations resulted in losses of over VND1.5 trillion (USD69.2 million) for Ocean Bank.
Tham had also actively assisted Nguyen Xuan Son to commit serious violations when Son was sent by PetroVietnam, OceanBank's large partner, to take the post as CEO here.
Following Son's suggestion, Tham gave Son VND 69 billion (USD3.05 million) to spend on presents for leaders of PetroVietnam. However, Son could not give evidence as to how he had spent the sum so he should be responsible for the financial losses, the court said.
Son was also requested to return VND 69 billion (USD3.05 million) which he took to spend on presents, repay OceanBank VND 197 billion (USD8.68 million) for paying interest higher than the ceiling rate, and compensate PetroVietnam VND 49 billion (2.16 million) which he appropriated from the group.
Meanwhile, Ha Van Tham and over 40 accomplices at OceanBank were requested to return over VND1.5 trillion (USD69.2 million) to the bank.
The court also gave imprisonment sentences of 22 years to Ocean Bank's former chairman Nguyen Minh Thu and former Deputy Director General Nguyen Van Hoan.
Prior to Tham’s arrest in 2014, OceanBank’s bad debt ratio had reached 50% and the owners’ equity was negative VND10 trillion (USD440 million), which the bank’s profits could not offset.
In May 2015, OceanBank was nationalised by the State Bank of Vietnam.
The sentences have just been announced by the Hanoi People’s Court at the end of a month-long trial on Friday which involved of 51 ex-staff of Ocean Bank and PetroVietnam in one of the largest corruption cases in recent years.
The defendants at a trial on September 29 in Hanoi.
Nguyen Xuan Son is taken to the court on September 29.
Ex-Ocean Bank chairman Ha Van Tham was jailed for life on the same charges, as well as violating lending regulations.
Ha Van Tham.
The other sentences announced this morning ranged from 22 years in prison to 18-month suspended sentences.
According to the court, Ha Van Tham during his chairmanship of the Oceanbank and his accomplices, who are other former leaders and employees of the bank, committed many violations including paying higher, off the record, interest than the ceiling rate, causing serious losses to the bank and its shareholders, and affecting the implementation of the central bank’s monetary policy. Their violations resulted in losses of over VND1.5 trillion (USD69.2 million) for Ocean Bank.
Tham had also actively assisted Nguyen Xuan Son to commit serious violations when Son was sent by PetroVietnam, OceanBank's large partner, to take the post as CEO here.
Following Son's suggestion, Tham gave Son VND 69 billion (USD3.05 million) to spend on presents for leaders of PetroVietnam. However, Son could not give evidence as to how he had spent the sum so he should be responsible for the financial losses, the court said.
Son was also requested to return VND 69 billion (USD3.05 million) which he took to spend on presents, repay OceanBank VND 197 billion (USD8.68 million) for paying interest higher than the ceiling rate, and compensate PetroVietnam VND 49 billion (2.16 million) which he appropriated from the group.
Meanwhile, Ha Van Tham and over 40 accomplices at OceanBank were requested to return over VND1.5 trillion (USD69.2 million) to the bank.
The court also gave imprisonment sentences of 22 years to Ocean Bank's former chairman Nguyen Minh Thu and former Deputy Director General Nguyen Van Hoan.
Prior to Tham’s arrest in 2014, OceanBank’s bad debt ratio had reached 50% and the owners’ equity was negative VND10 trillion (USD440 million), which the bank’s profits could not offset.
In May 2015, OceanBank was nationalised by the State Bank of Vietnam.
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