Banking tycoon Hua Thi Phan must pay more than 16,000 billion in compensation
Ms. Hua Thi Phan was sentenced to 30 years in prison for two crimes, forced to compensate the Construction Bank a total of more than 16,000 billion VND, and pay court fees of nearly 17 billion.
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| Mrs. Hua Thi Phan |
After more than 5 hours of sentencing, on the evening of May 31, the Ho Chi Minh City People's Court announced the verdict against Ms. Hua Thi Phan in the case of damages of more than 6,300 billion VND at the Construction Bank. In addition to having to pay compensation of more than 16,000 billion VND, Ms. Phan also had to pay court fees of nearly 17 billion VND.
Ms. Phan had to pay nearly 17 billion VND in court fees.
Specifically, the Ho Chi Minh City People's Court's panel of judges sentenced Ms. Hua Thi Phan (Senior Advisor of Dai Tin Bank) to 30 years in prison for two crimes: abuse of trust to appropriate property and intentionally violating State regulations on economic management causing serious consequences.
In addition to the 30-year prison sentence, Ms. Hua Thi Phan is also obliged to compensate 1,105 billion VND to the Construction Bank related to the act of inflating the value of the house at 5 Pham Ngoc Thach and compensate more than 15,691 billion VND to the Construction Bank related to the act of intentionally violating the law.
Thus, the total amount that Ms. Hua Thi Phan must compensate to Construction Bank in the two above-mentioned acts is more than 16,000 billion.
In addition, the first instance judgment also declared that Ms. Phan is obligated to pay the first instance criminal court fee of 200,000 VND and the first instance civil court fee of nearly 17 billion VND.
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Proposal to handle violations at District 3 tax office
In addition to the sentences for the defendants, the panel of judges also recommended a number of issues to the authorities:
- Recommend that the Ministry of Public Security's Investigation Police Agency consider the responsibility of Mr. Ngo Tri Duc (former deputy general director of Dai Tin Bank, director of Dai Tin Bank Saigon branch) related to the criminal acts of defendant Hua Thi Phan in the process of managing and operating activities, causing damage to Dai Tin Bank.
- Recommend the State Bank of Vietnam to direct Vietnam Construction Commercial Joint Stock Bank to re-account its business results in 2010 and 2011, and re-determine its profits based on the trial of the case determining the fraudulent revenue and expenditure to falsely settle the principal and interest, and loans of the Phu My group and Phuong Trang company.
From there, consider recovering the dividends that Dai Tin Bank has distributed to shareholders during this period to reduce losses to the state if the bank's profits decrease after accounting.
- Recommend that the State Bank take measures to monitor and handle the case of shareholders of credit institutions using the names of other individuals and related organizations to illegally increase their controlling stakes in credit institutions.
- Recommend that the Ho Chi Minh City Tax Department inspect and take necessary measures against individuals under the District 3 Tax Department in calculating income tax for Hua Thi Phan when transferring real estate at 5 Pham Ngoc Thach.
