Former ALCII General Director Receives Second Death Sentence
Previously, defendant Vu Quoc Hao was sentenced to death for embezzlement in the case at ALCII Company and Cat Long Hai Joint Stock Company.
On October 18, the High-Level People's Court in Ho Chi Minh City held an appeal trial of the case of embezzlement and intentional violation of state regulations on economic management causing serious consequences at the Finance Leasing Company II (ALCII) under the Vietnam Bank for Agriculture and Rural Development, committed by Vu Quoc Hao (former general director of ALCII) and Dang Van Hai (former chairman of the Board of Members of Quang Vinh Construction & Trading Company Limited).
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| Defendant Hao received two death sentences. |
According to the content of the case, from 2007 to early 2009, Hao directed the organization to carry out financial leasing operations in the form of signing contracts to disburse investment in leased assets, which in fact was illegal lending, violating state regulations on financial leasing, leading to insolvency.
With the aim of reducing bad debt and avoiding inspection, Hao proposed a policy of discussing and agreeing with businesses having financial leasing relationships at ALCII to sign and execute financial leasing contracts and asset purchase and sale contracts under financial leasing operations contrary to regulations on financial leasing activities, using ALCII's money to handle bad debt at ALCII.
To implement the above policy, Hao proactively convened a meeting with leaders and subordinates at ALCII to agree on a plan to sign financial leasing contracts that were against regulations.
The actual disbursed amount is not used to purchase assets to form leased assets under the contract but is intended to roll over debt and handle bad debt at ALCII.
Specifically, in 2008, Hao borrowed 60 billion VND from Le Doan Tam (director of Dai Duong Shipbuilding Company, Hai Phong) and transferred it to Le Van Phong to invest in the Truong An apartment project (Binh Duong) and buy land in District 7.
After that, Tam repeatedly asked Hao and Phong to pay but they refused. In early 2009, Tam, Hao and Phong agreed to let Phong sign a debt note for Tam for 75 billion VND (including principal and interest). In March 2009, Tam and Hao made a debt reconciliation table showing that Hao owed Tam 75 billion VND.
To have money to pay Tam, Hao discussed with Hai to sign a financial lease contract and a short sale contract to withdraw money from ALCII company.
From the fake contract, Hao approved the payment and transferred money to Quang Vinh company 5 times, withdrawing 120 billion VND from ALCII. Of which, Hao appropriated 75 billion VND.
In addition to assisting Hao, Hai appropriated more than 42 billion VND including loans and personal use. In total, Hao and Hai appropriated more than 117 billion VND from the State from this contract.
In addition, Hao directly embezzled 4.9 billion VND in the liquidation of leased assets of Anh Phuong enterprise.
In addition, with the aim of clearing bad debts and speeding up the equitization process, Hao directed employees to negotiate with financial leasing enterprises at ALCII to sign financial leasing contracts and purchase and sell assets with the aim of generating revenue from financial leasing activities at ALCII, using ALCII's money to pay off bad debts of enterprises at ALCII.
Hao discussed with Hai and executed 7 contracts for ALCII to disburse 501 billion VND, causing a loss of more than 329 billion VND. In total, the two defendants caused a loss of more than 450 billion VND to the State.
Previously, the Ho Chi Minh City People's Court held a first-instance trial and sentenced defendant Hao and defendant Hai to death for embezzlement and 20 years in prison for intentionally violating state regulations on economic management causing serious consequences. The total sentence that both defendants must serve is the death penalty.
After the first instance trial, the defendants Hao and Hai appealed for a reduction in their sentences, and the Ho Chi Minh City People's Procuracy appealed to continue maintaining the seizure order for the Truong An apartment complex.
At the appeal court, considering that the defendants had partially remedied the consequences, but the damage caused was too great, defendant Hao played the role of mastermind in the case, so there was no basis to reduce the sentence for the defendants, and the death sentence was upheld for both defendants.
Regarding civil matters, Hao was forced to compensate 4.9 billion VND and Hai was forced to compensate 64 billion VND to ALCII company.
In addition, the court partially amended the first instance judgment, accepting the appeal of the Ho Chi Minh City People's Procuracy to maintain the seizure order for the Truong An apartment complex.
Previously, defendant Vu Quoc Hao was sentenced to death for embezzlement in the case at ALCII Company and Cat Long Hai Joint Stock Company. Thus, up to now, defendant Hao has received 2 death sentences.
According to Tuoi Tre
