Nhan (39 years old), former Director of Tay Nam Agricultural and Aquatic Products Company Limited (headquartered in Hau Giang province) was arrested to clarify the act of fraud and property appropriation.

Previously, the Investigation Security Agency also initiated a case of violations of regulations on lending in the operations of credit institutions occurring at the Bank for Agriculture and Rural Development, Can Tho Branch (referred to as the bank).

According to the Investigation Agency, in 2010 the Government issued Decision 63 on support policies to reduce post-harvest losses of agricultural and aquatic products. Accordingly, enterprises that sign and implement contracts for the consumption of agricultural products and agricultural mechanization services with farmers will receive 100% interest support from the State in the first 2 years and 50% from the 3rd year onwards.

Taking advantage of this policy, Nhan applied for a loan package with the above interest rate support. After borrowing hundreds of billions of dong, Nhan used the loan for the wrong purpose, causing the State to lose hundreds of billions of dong.

Specifically, to "access" the above loan source along with "support", Nhan mortgaged the Citimart supermarket that Tay Nam Company had just won an auction for 104 billion VND. After completing the loan procedures, an appraisal unit valued it at over 333 billion VND, so Nhan was given a loan in the preferential package with an amount of 289 billion VND (disbursed 259 billion VND with preferential interest rates according to Decision 63 of the Government).

Up to now, the Investigation Agency has determined that, out of the 259 billion disbursed by the bank, Nhan transferred hundreds of billions of dong into the account of Tan Tien Company Limited, represented by Mr. Pham Tuong Thi, according to the equipment supply contract signed between Tay Nam Company and a consortium including: Tan Tien Company, QBI Joint Stock Company (HCMC) and Huy Hoang Refrigeration and Electrical Engineering Company Limited (HCMC).

It is worth mentioning that after the money was transferred into the account to provide equipment for Nhan's "project", Tan Tien Company deposited the money back into the bank 14 times to enjoy an interest rate of 9% / year, earning a profit of nearly 1 billion VND.

Escorting Nhan to the Investigation Agency

In addition, the Investigation Agency also clarified that in addition to the money deposited back to earn interest, Tan Tien Company also used nearly 58 billion VND to buy the auctioned land on Nguyen Trai Street, Ninh Kieu District, Can Tho City; used 1.9 billion VND to build Mr. Nhan's personal projects such as: villa in residential area 91B, projects No. 51 and 78 Nguyen Trai Street, Ninh Kieu District, Can Tho. The remaining amount of over 33 billion VND was used by Tan Tien Company to pay employee salaries, buy vehicles to transport workers, road rollers, receive guests, etc.

According to the Investigation Agency, from January 2012, when Mr. Nhan received the preferential loan package from the bank until the loan package was discovered to be for the wrong purpose (in 2014), Mr. Nhan benefited from the preferential interest rate with an amount of over 60 billion VND. After the Headquarters of the Vietnam Bank for Agriculture and Rural Development discovered the violation, they requested the affiliated bank branch in Can Tho to organize the recovery of the above amount, and at the same time convert the 0% preferential loan package to a commercial loan package to remedy the consequences. However, up to now, Mr. Nhan has only "remedied" 2 billion VND.

According to the Investigation Agency, with the 259 billion VND that Mr. Nhan was lent by the bank to the wrong person, up to now, if calculating both the principal and interest according to the commercial interest rate from the direction of the Headquarters of the Bank for Agriculture and Rural Development (in 2014), the amount of money Mr. Nhan still owes in loan and interest has reached more than 359 billion VND.

According to Colonel Tran Ngoc Hanh, Director of Can Tho City Police, according to the spirit of Decision No. 63, 2010 of the Prime Minister, Tay Nam Company borrowed money and signed contracts with Tan Tien Company to use this money for the wrong purpose. The bank also issued loans to the wrong subjects because this enterprise did not sign and implement contracts for the consumption of agricultural products and agricultural mechanization services with farmers.

According to Thanh Nien