Bank tycoon gets 20 years in prison for lending violations
Tran Phuong Binh, former general director of Dong A Bank, was sentenced to 20 years in prison by the People's Court of Ho Chi Minh City on Friday for violating regulations on lending activities at credit institutions.
Binh, handed life imprisonment in 2018 for big losses at Dong A Bank, has been accused of holding the highest responsibility related to wrongdoings causing damages of VND5.5 trillion ($233 million) to the private bank, but does not have to pay compensation under the court's ruling.
With his previous three sentences, Binh, 64, will have to serve life in prison.

Tran Phuong Binh, former general director of Dong A Bank, is escorted to the court. Photo courtesy of Zing magazine.
Phung Ngoc Khanh, 60, chairman and general director of M&C JSC, received 19 years in prison for the same crime. Combining the punishment with the previous sentence, he will serve 30 years in prison, the highest level for a fixed-term prison sentence.
The remaining six defendants, former leaders and employees of Dong A Bank, were sentenced from one year, six months to seven years in prison, as accomplices. Combined with the previous sentence in another case, the defendants must serve a sentence of between five years, six months and 27 years in prison.
Regarding civil liability, the jury forced Phung Ngoc Khanh to compensate the entire amount of damage exceeding VND5.5 trillion ($233 million).
According to allegations, in the period 2007-2013, Tran Phuong Binh was general director and vice chairman of the bank and chairman of its credit council. At the end of 2012, Dong A Bank's transaction office lent five companies under the M&C JSC VND1.68 trillion ($71.2 million). Collateral for the above loans was a part of the value of the land use rights for an area of more than 62,000 square meters in An Phu ward, Ho Chi Minh City.
Binh was the one who signed and approved the loans. However, the loans were not used by the borrowers for the purpose declared, but to repay other loans of the M&C JSC.
According to the court, as a bank leader, Binh knew that the M&C group had no financial ability, but still agreed to let Khanh draw up loan documents and directed subordinates to carry out procedures without appraising dossiers as prescribed by law. He must therefore be held accountable as the mastermind.
Khanh had used legal entities that did not qualify to acquire seven Dong A Bank loans and used the entire amount for personal purposes, causing damage to the bank.
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