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« Acting DOJ criminal division boss knows cross-border cases | Main | China Corruption Blotter (April 4, 2014) »
Friday
Apr042014

Two Vietnam execs sentenced to death in bank fraud

A Vietnam court imposed the death sentence on two former executives found guilty of embezzling 531 billion dong ($25 million) from state-owned Vietnam Agribank.

The People's Court of Ho Chi Minh City sentenced Vu Quoc Hao, the former general director of Agribank, and Dang Van Hai, the former chairman of a construction company.

Prosecutors alleged that Hao and Hai created ten fake financial leasing contracts and used them to embezzle the money. Their co-conspirators received decade-plus prison sentences.

Last month, a former regional boss from the Vietnam Development Bank was sentenced to death for stealing over $93 million from the state.

In July 2013, Le Quang Khai, a teller at Agribank, was sentenced to death for embezzling 46 billion dong ($2.16 million) to gamble, Voice of Vietnam reported.

And in November 2012, the former CEO of state-owned Hoang Anh Shipping Industry was sentenced 20 years in jail for embezzling 4.5 billion dong ($211,500).

Amnesty International has reported that death sentences in Vietnam have been imposed on defendants for running shady investment schemes, counterfeiting, and defaulting on loans.

An op-ed late last year in a prominent Vietnamese newspaper, Thanh Nien, compared the death penalty for corruption as "fighting fire with fire." The op-ed writers said: "It is better to prevent corruption than deal with it after the fact."

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Julie DiMauro is the executive editor of FCPA Blog and can be reached here.