Ocean Bank to pay $18 mln to 27 clients in embezzlement case
Ocean Bank’s Hai Phong city branch must pay VND414 billion ($18 million) to 27 clients affected in an embezzlement case, according to an appeal court ruling on Tuesday.
The Supreme People’s Court in Hanoi also upheld the death penalty previously handed down to Tran Thi Kim Chi, former director of the branch.
Logo of private lender Ocean Bank. Photo courtesy of the bank.
The higher-level court rejected the appeal of all four accused, namely Chi, financial controllers Le Vuong Hoang and Nguyen Thi Minh Hue, and treasurer Chu Van Nha. The three worked at the branch under Chi. Both financial controllers received a life sentence, while the treasurer was sentenced to a 20-year prison term – all for embezzlement.
According to the indictment, from 2012 to August 2017, Chi demanded the other three set up 109 fake savings books, fake account settlements, and false loan applications to embezzle almost $18 million from bank deposits.
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