The appeal trial of Nguyen Duc Kien and accomplices begins

This morning (November 28), the Court of Appeal - Supreme People's Court in Hanoi, conducted an appeal trial of the case of Nguyen Duc Kien and his accomplices.

According to information from the Court of Appeal, the judge presiding over the appeal hearing is Dang Bao Vinh. The trial proceeded with the appeal of 6 out of 8 defendants in the case. The defendants who appealed include: Nguyen Duc Kien, Ly Xuan Hai, Trinh Kim Quang, Huynh Quang Tuan, Le Vu Ky and Pham Trung Cang.

The general assessment of the nature, extent of the role and criminal methods of the defendants in the case in the Criminal Judgment No. 219/2014/HSST dated June 9, 2014 of the Hanoi People's Court clearly stated: The defendants' acts caused turmoil and disruption in the domestic financial and monetary markets. The defendants' criminal acts in the case were particularly serious, causing very negative impacts on the development of the domestic economy and creating negative public opinion.

Defendant Nguyen Duc Kien at the first instance trial

By very sophisticated and cunning tricks, taking advantage of loopholes in the law in general and the law on banking activities in particular, the defendants conducted business activities that were not in accordance with the provisions of the law on fair competition;

Creating virtual cash flow and assets, money flows from one Bank to another, increasing virtual credit growth, virtual profits and virtual stock value growth. Cash mobilized by the Bank from the people is given to employees to deposit in other Banks to benefit from the interest rate difference.

Unhealthy competition and not based on normal rules, market rules have been distorted to serve group and individual interests.

In the act of investing in stocks, the defendants increased the value of the stocks by investing directly in their own stocks. On the other hand, taking advantage of being major shareholders, the defendants, especially Nguyen Duc Kien, withdrew money from the bank to invest in backyard companies of which he was the Chairman of the Board of Directors and Board of Members, thereby carrying out illegal business activities (by using companies to issue bonds to sell to the Bank).

The defendants' actions caused turmoil and disruption in the domestic financial and monetary markets, negatively affecting financial policies and domestic monetary market management policies. Without the timely intervention of the Government and law enforcement agencies, the consequences for the credit and banking markets would be much more serious, so a very severe penalty is needed to ensure education, deterrence and general prevention.

Previously, on June 9, the first instance court sentenced defendant Nguyen Duc Kien to 30 years in prison.

Defendant Nguyen Duc Kien was prosecuted by the Supreme People's Procuracy on four charges: Fraudulent appropriation of property, Intentionally violating State regulations on economic management causing serious consequences, Tax evasion and Illegal business.

The defendants: Le Vu Ky, Trinh Kim Quang (both former Vice Presidents of ACB Bank), Ly Xuan Hai (former General Director of ACB Bank), Pham Trung Cang (former Vice Chairman of ACB Board of Directors), Huynh Quang Tuan (former standing member of ACB Bank Board of Directors) were all prosecuted for the crime of "Intentionally violating State regulations on economic management causing serious consequences".

The defendants Nguyen Duc Kien, Tran Ngoc Thanh, and Nguyen Thi Hai Yen committed the crime of Fraudulent Appropriation of Property in a particularly serious case due to the appropriation of property of particularly great value. Therefore, the defendants were subject to aggravating circumstances. Because the property has been recovered and the damage has been remedied, mitigating circumstances should be applied to the defendants when deciding on the penalty.

After the first instance trial, Nguyen Duc Kien and other defendants filed an appeal./.The appeal trial of the case of Nguyen Duc Kien and accomplices begins.

Friday, 06:10, November 28, 2014

VOV.VN - This morning (November 28), the Court of Appeal - Supreme People's Court in Hanoi, conducted an appeal trial of the case of Nguyen Duc Kien and his accomplices.

According to information from the Court of Appeal, the judge presiding over the appeal hearing is Dang Bao Vinh. The trial proceeded with the appeal of 6 out of 8 defendants in the case. The defendants who appealed include: Nguyen Duc Kien, Ly Xuan Hai, Trinh Kim Quang, Huynh Quang Tuan, Le Vu Ky and Pham Trung Cang.

The general assessment of the nature, extent of the role and criminal methods of the defendants in the case in the Criminal Judgment No. 219/2014/HSST dated June 9, 2014 of the Hanoi People's Court clearly stated: The defendants' acts caused turmoil and disruption in the domestic financial and monetary markets. The defendants' criminal acts in the case were particularly serious, causing very negative impacts on the development of the domestic economy and creating negative public opinion.

By very sophisticated and cunning tricks, taking advantage of loopholes in the law in general and the law on banking activities in particular, the defendants conducted business activities that were not in accordance with the provisions of the law on fair competition;

Creating virtual cash flow and assets, money flows from one Bank to another, increasing virtual credit growth, virtual profits and virtual stock value growth. Cash mobilized by the Bank from the people is given to employees to deposit in other Banks to benefit from the interest rate difference.

Unhealthy competition and not based on normal rules, market rules have been distorted to serve group and individual interests.

In the act of investing in stocks, the defendants increased the value of the stocks by investing directly in their own stocks. On the other hand, taking advantage of being major shareholders, the defendants, especially Nguyen Duc Kien, withdrew money from the bank to invest in backyard companies of which he was the Chairman of the Board of Directors and Board of Members, thereby carrying out illegal business activities (by using companies to issue bonds to sell to the Bank).

The defendants' actions caused turmoil and disruption in the domestic financial and monetary markets, negatively affecting financial policies and domestic monetary market management policies. Without the timely intervention of the Government and law enforcement agencies, the consequences for the credit and banking markets would be much more serious, so a very severe penalty is needed to ensure education, deterrence and general prevention.

Previously, on June 9, the first instance court sentenced defendant Nguyen Duc Kien to 30 years in prison.

Defendant Nguyen Duc Kien was prosecuted by the Supreme People's Procuracy on four charges: Fraudulent appropriation of property, Intentionally violating State regulations on economic management causing serious consequences, Tax evasion and Illegal business.

The defendants: Le Vu Ky, Trinh Kim Quang (both former Vice Presidents of ACB Bank), Ly Xuan Hai (former General Director of ACB Bank), Pham Trung Cang (former Vice Chairman of ACB Board of Directors), Huynh Quang Tuan (former standing member of ACB Bank Board of Directors) were all prosecuted for the crime of "Intentionally violating State regulations on economic management causing serious consequences".

The defendants Nguyen Duc Kien, Tran Ngoc Thanh, and Nguyen Thi Hai Yen committed the crime of Fraudulent Appropriation of Property in a particularly serious case due to the appropriation of property of particularly great value. Therefore, the defendants were subject to aggravating circumstances. Because the property has been recovered and the damage has been remedied, mitigating circumstances should be applied to the defendants when deciding on the penalty.

After the first instance trial, Nguyen Duc Kien and other defendants filed an appeal./.

According to VOV