Prosecution of former Chairman of Board of Directors of GPBank and 2 subordinates
Although the Saigon M&C Building project invested by Saigon One Company has not been allowed to be sold, the investor's shareholders have organized capital mobilization of hundreds of billions of VND and falsified documents, thereby appropriating hundreds of billions of VND from GPBank and customers.
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| Ta Ba Long - former Chairman of the Board of Directors of GPBank (left) and Do Trung Thanh - former Deputy General Director of GPBank. |
Three other defendants also prosecuted in this case are business leaders including: Phung Ngoc Khanh - Chairman of the Board of Directors, General Director of M&C Joint Stock Company (abbreviated as M&C Company); Nguyen Trong Hieu - Director of Viet Lao Energy Investment and Development Company, former Chairman of the Board of Directors of Saigon Power Development Joint Stock Company and Kim Van Bo - former Deputy Director of Saigon Power Company. These three defendants were prosecuted for the crime of "Fraudulent appropriation of property". The decisions to prosecute the defendants were approved by the Supreme People's Procuracy.
According to the initial investigation results, the Saigon M&C Building project, invested by Saigon One Company, has the function of building office buildings, commercial centers and apartments for rent; has not been permitted for sale and Saigon One Company has not fulfilled its financial obligations regarding land use rights to the State.
The Board of Directors of Saigon One Company has issued a policy to distribute to shareholders the right to purchase apartment floor area in this project in order to increase charter capital to repay bank loans and continue investing in the project; there has been no specific decision on the distribution.
Taking advantage of this policy, Phung Ngoc Khanh - Chairman of the Board of Directors, General Director of M&C Joint Stock Company, a shareholder of Saigon One Company, colluded with Nguyen Trong Hieu - Director of Vietnam - Laos Energy Investment and Development Company, former Chairman of the Board of Directors of Saigon Power Development Joint Stock Company, to authorize Kim Van Bo - former Deputy Director of Saigon Power Company, to sign and create fake documents for the purchase and payment of 6 apartments in the Saigon M&C Building project; at the same time, Khanh inflated the value of 255,000 shares of M&C Company to use as collateral for a loan of 305 billion VND from GPBank.
After receiving the loan from GPBank, Phung Ngoc Khanh's group used it for personal purposes. The investigation agency determined that in this case, Khanh and Hieu played the role of masterminds; the Ministry played the supporting role, directly carrying out the criminal acts under Hieu's direction. The defendants of GPBank signed the loan approval when the customers did not meet the conditions; causing GPBank to lose more than 674 billion VND including principal and interest.
