'Silver-haired tycoon' Tran Phuong Binh appears in court again for causing a loss of nearly 200 billion VND

Also on trial with the "silver-haired tycoon" Tran Phuong Binh were defendants Nguyen Thi Kim Xuyen (former Deputy General Director of DAB); Tran Dao Vu (former Deputy General Director of DAB, concurrently Director of Hanoi branch); Luong Ngoc Quy (former Director of DAB, Hanoi branch); Nguyen Thi Kim Duong (former Deputy Director of DAB, Hanoi branch);

Nguyen Thi Ngoc Anh, Vo Thi Bach Huong, Nguyen Minh Hoang, Nguyen Thi Phuong (all employees of DAB Hanoi branch) and Phan Thuy Mai (former Director of An Phat Investment and Tourism Company).

According to the accusation, from 2007 to 2014, a number of officials and leaders of Dong A Commercial Joint Stock Bank violated regulations in approving credit applications for An Phat Company, Star Hair Company Limited, and Trang An Investment, Construction and Trade Joint Stock Company to borrow money with extremely large amounts of money, causing extremely serious damage to ADB Bank.

Mr. Tran Phuong Binh.

Ms. Phan Thuy Mai - Director of An Phat Company took advantage of her close relationship with ADB General Director Tran Phuong Binh and Deputy General Director Nguyen Thi Kim Xuyen (owning 5% of shares in An Phat Company), lobbying Mr. Binh and Ms. Xuyen to direct the ADB branch to disburse and prepare documents quickly, bypassing appraisal processes, not properly implementing procedures for registering secured transactions, so that An Phat Company could disburse large loans.

Ms. Mai herself used assets that were not legally valid as collateral to secure loans.

Ms. Mai also used fake minutes of the Board of Directors meeting (with content agreeing to mortgage the company's land use rights and appointing Ms. Mai as the company's representative) to transact bank loans.

The accusation is that the defendants' actions caused damage to Dong A Bank of more than 184 billion VND.

In this case, Mr. Tran Phuong Binh and 4 other defendants must be held responsible for violations causing damage in the performance of the contract (in 2009 and early 2010) with a total disbursement amount of more than 124 billion VND.

In addition, Mr. Binh and defendant Luong Ngoc Quy must also be responsible for the violations that caused damage to the contract implementation with a total disbursement amount of 18 billion VND.

Mr. Binh, along with defendants Quy and Tran Vu Dao, must be held responsible for the violations that caused damage in the implementation of the loan contract to lend An Phat Company 35.5 billion VND.

Previously, in November 2020, the Ho Chi Minh City People's Court sentenced Mr. Tran Phuong Binh to life in prison for "Abuse of position and power to appropriate property"; 20 years in prison for "Violating regulations on lending in credit institutions". The total sentence that Mr. Binh must serve is life in prison.

Female tycoon Phan Thuy Mai was also sentenced to 16 years in prison for "Abuse of trust to appropriate property".

Before this trial, Ms. Nguyen Thi Kim Xuyen received a total of 30 years in prison for the crimes of "Abusing position and power to appropriate property" and "Intentionally violating State regulations on economic management causing serious consequences".