Oceanbank’s 48 former leaders go on trial in big economic case

Former chairman of Oceanbank's board of directors Ha Van Tham
The People’s Court of Hanoi today opens the first court of instance to hear the big economic case at Oceanbank involving 48 former leaders and employees of the bank for breaking loan regulations in activities of credit institutions, abusing their positions and power while being on duty and deliberately breaking state regulations on economic management causing serious consequences.
Of them are former senior leaders of Oceanbank including former chairman Ha Van Tham; former director general Nguyen Xuan Son and Nguyen Minh Thu; former deputies Nguyen Van Hoan, Le Thi Thu Thuy, Nguyen Minh Phuong and former directors of Oceanbank branches and transaction offices.
 
The jury board has summoned nearly 600 persons concerned for making clear wrongdoings by the above offenders. Over 50 lawyers attend in defending the accused to protect legitimate rights and benefits of them and other relevant people.
 

According to indictment, Ha Van Tham commanded the case together with accomplices who are his former inferiors at Oceanbank. They have been charged of deliberately violating state regulations on economic management causing serious consequences, committing many violations in credit activities causing Oceanbank heavy damage and seriously affecting the state’s monetary policy.
 
Since 2010, Ha Van Tham and Nguyen Xuan Son had discussed and given a policy to spend bonus rate out from contracts for depositors of Oceanbank system. From their instructions, Nguyen Minh Thu, Le Thi Thu Thuy and Nguyen Minh Phuong urged relevant units at the bank to practice the policy damaging Oceanbank nearly VND1,600 billion ($70.22 million).
 
Former directors of branches and transaction offices also implemented the policy in accordance with instructions by the bank leaders breaking the State Bank of Vietnam’s regulation on deposit ceiling rate.
 
The indictment clarifies that violations by the above offenders resulted in a total damage of VND2 trillion (US$87.78 million) for Oceanbank. The bank had the chartered capital of VND4 trillion but its loss topped 10,000 trillion meaning owners’ equity was minus 2.5folds on March 31, 2014.
 
The fist instance court is expected to last until March 21.

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By Khanh Nguyen – Translated by Hai Mien

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