Four former Vietcombank employees face legal proceedings for causing $23.6 mln losses

Police in the Mekong Delta province of An Giang have launched legal proceedings against four former employees of state-controlled Vietcombank’s An Giang branch for causing losses of more than VND600 billion ($23.6 million).

They have been named as Nguyen Tan Trieu, 50, former head of the customer department at Vietcombank An Giang; Liet Lam, 52, former head; Quach Bao Nguyen, 46, former deputy head; and Vo Dan Van, 43, a department employee, the police said on Friday.

The four are charged with "showing a lack of responsibility, causing serious consequences". They are banned from leaving their places of residence to serve the investigations.

Investigation records said that from 2010 to 2014, the group did not check or collect documents related to loans issued to Viet An Joint Stock Company, Binh Minh Import-Export Co., Ltd, and Minh Giau Co., Ltd. Instead, they signed notices saying these companies were qualified to take out loans from the bank, resulting in losses of VND600 billion ($23.6 million).

Previously, police in An Giang province initiated legal proceedings against 19 individuals for "fraudulent appropriation of property".

They include former general director Luu Bach Thao and general director Ngo Van Thu of Viet An Joint Stock Company; Nguyen Thanh Hung, director of Binh Minh Import-Export Co., Ltd; Truong Minh Giau, director of Minh Giau Co., Ltd; Nguyen Viet Tuyen, director of Viet Hung An Giang Co., Ltd; Luu Ba Phuc, director of Bach Phuc Co., Ltd; and the companies’ accountants.

The investigation found that in 2010-2014, Viet An Joint Stock Company, Binh Minh Import-Export Co., Ltd and Minh Giau Co., Ltd had signed credit contracts to borrow capital from Vietcombank An Giang.

In order to qualify for the loans, Thao and Thu directed the preparation of false documents to submit to the bank.