The Ho Chi Minh City People’s Procuracy has proposed that death sentences be given to two former officials who are among the 11 defendants in a serious corruption case involving the Agribank Finance Leasing Company II (ALC II). These defendants have caused a total loss of over US$25 million to the State budget.

>> Six serious corruption cases to be tried in November Meanwhile, it was proposed that the other nine defendants be given 6 to 10 years in prison. The proposals were made on Monday at the ongoing hearing opened by the HCMC People’s Court for the case that occurred in 2008 at the company, which is under the Vietnam Bank for Agriculture and Rural Development (Agribank).  One of the two ex-officials facing death is Vu Quoc Hao, the former ALC II general director, who was indicted with three charges: embezzlement; abusing his position and power while on duty; and intentionally isolating State regulations on economic management and causing serious consequences. Hao and his accomplice caused a total loss of VND531 billion ($25.3 million) to the State budget. The other is Dang Van Hai, 56, ex-chairman of the Board of Members of Quang Vinh Co Ltd, who is prosecuted for three offenses: swindling to appropriate assets; abusing his position and power while on duty; and intentionally isolating State regulations on economic management and causing serious consequences. Meanwhile, it was proposed that the 10 other defendants, who are former officials at ALC II and other companies, be sentenced to 6 to 20 years in prison. According to the indictment, from April 2008 to March 2009, Vu Quoc Hao and Nguyen Van Tai, the former deputy general director of ALC II, signed 10 contracts for financial leasing and asset purchasing and granted loans of hundreds of billions of dong to a number of companies for asset investment. Despite ALC II not being allowed to grant credit loans, it transpires the companies spent the loan money on non-fixed assets, thus retrieving the money is expected to be difficult, if not impossible. These companies include Quang Vinh Construction and Trade Co Ltd, Xuan Viet Trading and Service Co Ltd, Dai Phu Gia company, and Ham Rong JSC.

Hao then used his power and position to sign a number of  financial leasing contracts to draw out as much as VND79.9 billion ($3.77 million) for his personal use. He was also alledged to appropriate VND3.9 billion from a contract signed with Anh Phuong Company in the southern province of  Dong Nai.

Meanwhile, Hai was found to have stolen 72.1 billion out of the VND373.6 billion granted by ALVC II through eight credit contracts. He also extorted VND60.9 billion.  The Procuary asked the court to order Hao to repay VND83.8 billion to ALCII. In addition, Hao, Hai and eight other defendants must be jointly responsible for returning VND386.99 billion to ALCII.  Two other defendants, Hoang Ngoc Tuan and Tran Van Khanh, were also forced to repay VND284.6 billion to the company. The Procuracy also asked the court to repay to ALCII the amount of VND5.8 billion related to the case that is being kept by the investigation agency of the Ministry of Public Security. After the Procuracy completed their proposals, the court asked lawyers to defend the defendants. The hearing continues today and is scheduled to last until November 20.