Two Vietnam execs sentenced to death in bank fraud
Friday, April 4, 2014 at 7:08AM
Julie DiMauro in Dang Van Hai, Hoang Anh Shipping Industry, Le Quang Khai, Prior to these verdicts, Thanh Nien, The People's Court of Ho Chi Minh City, Vietnam, Vietnam Agribank, Vietnam Development Bank, Vu Quoc Hao, a former regional boss from Vietnam Development Bank

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."

_____________

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

Article originally appeared on The FCPA Blog (https://www.fcpablog.com/).
See website for complete article licensing information.