Former CEO of Navibank sentenced to 13 years in prison.

After nearly three weeks of trial and deliberation, on the afternoon of March 19, the Ho Chi Minh City People's Court sentenced Le Quang Tri (former General Director of Navibank) to 13 years in prison for the crime of...Deliberately violating state regulations in economic management resulting in serious consequences..

As accomplices, defendants Nguyen Giang Nam, Nguyen Hong Son, Huynh Vinh Phat, and Doan Dang Luat (former deputy general director, head of capital resources department, head of accounting department, and corporate customer relations department) received 11-12 years in prison; four other defendants received 7-10 years in prison.

The court ordered Navibank to return over 24 billion VND of illegally obtained profits (interest received from Huyen Nhu) to the state treasury.

In addition, the court recommended that the Ministry of Public Security and the Supreme People's Procuratorate continue to consider the responsibility of individuals and Vietinbank employees who showed signs of assisting Huyen Nhu in embezzling 200 billion VND from Navibank.

According to the court, in 2010-2011, defendant Tri and the credit committee approved the policy of using over 1,500 billion VND of Navibank's funds deposited at VietinBank's Ho Chi Minh City branch with interest rates exceeding the ceiling of up to 22.5%, creating conditions for Huyen Nhu to embezzle 200 billion VND from Navibank. Of the more than 95 billion VND in interest, Navibank received over 24 billion VND in off-contract interest from Nhu.

The defendants disregarded the prohibitions stipulated in Circular No. 2/2011 of the State Bank of Vietnam.Regarding the granting of interest rate caps,Regulations on lending and credit approval for customers under the Law on Credit Institutions;They executed fictitious contracts, using employees to transfer Navibank's money to Vietinbank in order to earn high interest rates.

Through Vo Anh Tuan (Deputy Director of Vietinbank Nha Be branch), Doan Dang Luat negotiated the deposit interest rate and then informed Tri.The Navibank Credit Council, headed by the defendant Tri, subsequently met and unanimously voted to approve the policy of transferring funds to Vietinbank.

During questioning, the defendants all admitted to wrongdoing but did not plead guilty to the charges.The statements of Navibank employees all confirmed that they had no need to borrow money from Navibank and did not receive any interest. They were only helping the bank transfer money to Vietinbank to earn a higher interest rate.

"The money deposited essentially belonged to Navibank, not to the bank employees, so the defendants' actions violated Circular 02 and the Law on Credit Institutions. Therefore, there is sufficient basis to conclude that the defendants committed the crimes as charged," the verdict stated.

The civil liability for compensation amounting to 200 billion VND has been settled.In the appellate judgment of the Supreme People's Court during the first phase of the trial of the Huyen Nhu case, the judgment has taken effect.Therefore, it does not fall within the scope of this case.