The court sentenced Nguyen Duc Kien to 30 years in prison.

After several days of deliberation, on the morning of June 9th, the panel of judges will announce the verdict for Nguyen Duc Kien and eight accomplices in the case of illegal business activities, tax evasion, fraud, and intentionally violating state regulations on economic management causing serious consequences.

Overview of the trial of bầu Kiên

Specifically, the proposed sentence is 18-24 months imprisonment for illegal business activities, a fine of 25-30 million VND, and confiscation of all illegally obtained profits. 4-5 years imprisonment for tax evasion, recovery of over 24 billion VND, and a fine 2-3 times the amount of evaded taxes. The proposed sentence for fraud is 16-18 years imprisonment. 14-15 years imprisonment for intentional wrongdoing is 14-15 years imprisonment, and a ban from holding positions in finance or banking. The total sentence for all four charges against Mr. Nguyen Duc Kien is 30 years imprisonment.

The other defendants were recommended sentences ranging from 3 to 14 years in prison. As for Mr. Tran Xuan Gia, his case was separated, so no recommendation was made.

8:00 AM:From around 7:30 this morning, defendant Nguyen Duc Kien and his accomplices were escorted to the court, awaiting sentencing.

At the court, the police unlocked handcuffs for Kien, the defendant, who was wearing a white shirt.

8:15 AM:Presiding judge Nguyen Huu Chinh, on behalf of the panel of judges, began reading the summary and conclusion of the case.

8:30 AM:The defendants stood listening as the court delivered its verdict.

In the opening section of the case conclusion, presiding judge Nguyen Huu Chinh, on behalf of the panel of judges, clearly stated the four charges brought against defendant Nguyen Duc Kien by the Procuracy: illegal business activities, tax evasion, fraud, and intentionally violating state regulations on economic management causing serious consequences.

In addition, the presiding judge also presented strong arguments to clarify each of the aforementioned charges.

Court documents in the Kien case.

Kien's accomplices, including defendant Tran Ngoc Thanh, director of ACB Hanoi Investment Joint Stock Company, received a 19-year prison sentence; and Nguyen Thi Hai Yen, chief accountant of ACB Hanoi Investment Joint Stock Company, received a 7-8 year prison sentence for the crime of "fraudulent appropriation of property".

Defendant Le Vu Ky, former Vice Chairman of ACB, sentenced to 7-8 years in prison;

Trinh Kim Quang, former Vice Chairman of ACB, sentenced to 6-7 years in prison;

Ly Xuan Hai, former General Director of ACB, sentenced to 12-14 years in prison;

Pham Trung Cang, former Vice Chairman of ACB, received a 3-year suspended sentence.

Huynh Quang Tuan, former Deputy General Director of ACB Bank, received a 3-year suspended sentence for the crime of "intentionally violating state regulations on economic management causing serious consequences".

8:45 AM: The panel of judges concluded that, through directing six companies – Asia Hanoi Financial Investment Company Limited; Thien Nam Production and Import-Export Development Joint Stock Company; ACB Investment Joint Stock Company; Asia Investment Joint Stock Company; Asia Financial Group Joint Stock Company; and B&B Investment and Trading Joint Stock Company – Nguyen Duc Kien committed the crime of illegal business activities under Article 159 of the Penal Code.

9:00 AM:Regarding the prosecution of Nguyen Duc Kien for tax evasion (Article 161 of the Penal Code), the court concluded that Nguyen Duc Kien directly instructed his subordinates to sign mortgage contracts and payment orders to settle debts.

9:11 AM:Because the verdict was so lengthy, the presiding judge had to ask a member of the panel to continue reading it. Essentially, the court agreed with the charges presented in the indictment against Nguyen Duc Kien and his accomplices.

9:15 AM:Regarding the prosecution for intentionally violating state regulations on economic management causing serious consequences, the first-instance court concluded: Defendant Nguyen Duc Kien and his accomplices conspired to have employees deposit domestic and foreign currencies (including VND and USD) at several credit institutions.

The defendants' actions violated Article 106 of the 2010 Law on Credit Institutions and caused ACB Bank a loss of 718 billion VND. The entire amount of 718 billion VND was embezzled by Huynh Thi Huyen Nhu.

Furthermore, the court concluded that the defendants had conspired and issued decisions to purchase shares on the stock exchange. This act, along with investing in ACB bank shares, violated the regulations stipulated in Article 29 of Decision 27/2007/QD-BTC dated April 24, 2007, of the Ministry of Finance.

The criminal acts of Nguyen Duc Kien and his accomplices caused ACB Bank a loss of nearly 687 billion VND.

Mr. Kien's tense face awaits the court's verdict.

9:35 AM:Based on the summary of the entire case and its conclusions, the panel of judges determined that the defendant Nguyen Duc Kien violated all four charges brought against him by the Procuratorate.

9:40 AM:According to the panel of judges, the defendants essentially did not admit to the contents of the indictment. Defendants Thanh and Yen argued that they were merely employees receiving salaries, and therefore did not commit any crime. Defendant Huynh Quang Tuan confirmed his participation in the meetings, but only as a guest, not as a member of the board of directors.

In the case of Mr. Tran Xuan Gia, the court stated that his medical condition had been confirmed by a specialized agency; therefore, the panel of judges decided to temporarily suspend the case.

9:42 AM:Based on the evidence gathered and the public questioning and debate in court, the panel of judges concluded that there was sufficient basis to convict the defendant Kien of illegal business activities as charged in the indictment. Furthermore, the charges of tax evasion, fraud, and intentional wrongdoing were also substantiated.

The court confirmed that defendants Thanh and Yến were accomplices who assisted defendant Kiên in the fraudulent appropriation of property.

9:53 AMThe first-instance judgment reviews the content of the accusations, as well as the sentences proposed by the prosecution before the court. It also takes into account the opinions of the lawyers during the defense of the defendant.

For example, in the case of defendants Thanh and Yến, the lawyer argued that they were merely employees and therefore did not commit a crime.

10:00 AM:Based on the examined documents and a comprehensive review of the case, the trial panel concluded that there was sufficient evidence to affirm that Nguyen Duc Kien had illegally conducted business involving more than 21 trillion VND.

10:15 AM:The appellate court ruled that the defendant's actions fully satisfied the crime of illegal business operations as affirmed in the first-instance judgment.

10:20 AM:The appellate court changed its stance regarding the sentence compared to the charges brought by the Supreme People's Procuracy. "The prosecution under Point a is not sufficiently substantiated; therefore, it is adjusted to Point c of the crime of illegal business activities, as stipulated in Article 159 of the Penal Code," the first-instance judgment stated.

The panel of judges is reading the conclusion of the case against bầu Kiên.

Thus, compared to the indictment and the charges from the prosecution, Mr. Kien was granted a reduction in one detail defining his crime under Clause 2, Article 159 of the Penal Code (point a, Clause 2 of this crime stipulates the circumstance of "Abusing the name of an agency or organization").

10:30 AM:Regarding the charge of tax evasion, the panel of judges concluded: The prosecution's indictment of Nguyen Duc Kien for tax evasion was well-founded and correctly identified the perpetrator. Specifically, Nguyen Duc Kien was the person who directly directed the execution of this act.

Notably, in concluding the investigation into the tax evasion charge, the first-instance court recommended that the investigative police agency consider investigating the actions of Ms. Dang Ngoc Lan (the defendant Kien's wife) and Ms. Nguyen Thuy Huong (the defendant Kien's sister). The court believed that these two individuals actively assisted Nguyen Duc Kien in the tax evasion scheme.

10:45 AM:The panel of judges concluded that, at the first-instance trial, defendant Nguyen Duc Kien did not honestly admit his guilt of fraud and appropriation of property. Therefore, an additional penalty is necessary, fining defendant Kien 100 million VND to be deposited into the state treasury.

Although defendants Thanh and Yen actively assisted in the criminal activities of Mr. Kien, they confessed honestly in court; moreover, they were merely employees working under Mr. Kien's direction. Therefore, a partial reduction in their sentences should be considered.

11:06 AM:The court ruled that, in terms of civil matters, B&B Company was ordered to pay over 25 billion VND. As an additional penalty, the defendant Kien was ordered to pay over 75 billion VND (three times the amount of tax).

Regarding the charge of fraud and misappropriation of property, the first-instance judgment affirmed that there was sufficient evidence to conclude that Nguyen Duc Kien committed the crime. Because the defendant Kien did not honestly confess during the trial, a severe prison sentence is deemed necessary.

11:10 AM:In conclusion, at the trial, the defendants admitted to a meeting regarding the policy of entrusting employees to deposit money. The defendants also affirmed that this was an annual practice.

11:12 AM:Regarding ACB Bank's authorization of 19 employees to deposit money, the first-instance judgment stated that this was a violation of the law. Concerning the amount exceeding 718 billion VND, the panel of judges noted that this matter had already been addressed in another case and therefore would not be considered.

11:15 AMAccording to the panel of judges, Huyen Nhu received active assistance from Huynh Thi Bao Ngoc; therefore, it is necessary to request the Ministry of Public Security to initiate criminal proceedings against Huynh Thi Bao Ngoc. Ms. Ngoc is the Deputy Head of the Fund Management Department at ACB Bank, and is believed to have directly contacted Huyen Nhu regarding the transfer of over 718 billion VND from ACB to Huyen Nhu's branch at Vietinbank.

11:40 AM:The appellate court ruled that, although he did not hold a crucial role at ACB Bank, according to the assessment of the first-instance judgment, Nguyen Duc Kien had an extremely significant influence.

11:45 AM:The court affirmed that this was a case with particularly serious consequences for the economy, aimed at "serving the interests of a select group." The defendants' actions disrupted the domestic financial market. Therefore, a very strict sentence is necessary to educate and deter others.

11:46 AM:Defendant Nguyen Duc Kien faces the highest possible criminal sentence. Due to his lack of sincerity in his testimony, no mitigating circumstances as stipulated by law will be applied.

11:47 AM:The court decided to separate the 667 billion VND amount resulting from intentional wrongdoing at ACB Bank into a separate case for handling if ACB requests it. The court also decided to continue seizing "Chairman" Kien's house to ensure the enforcement of the judgment.

11:53 AMThe Hanoi People's Court suggested that the State Bank of Vietnam should review its system of legal documents, revoking and supplementing those related to banking operations to ensure their suitability. The capacity of banking staff needs to be improved. Regarding the Ministry of Planning and Investment: It needs to review its legal framework and continuously improve its professional skills and knowledge to reduce difficulties and inconveniences.

12:00 PM:After announcing the conclusion of the entire case, presiding judge Nguyen Huu Chinh, on behalf of the panel of judges, declared that defendant Nguyen Duc Kien violated all four charges brought against him by the Procuratorate.

Accordingly, the court declared defendant Nguyen Duc Kien guilty of four charges (Fraud, Tax Evasion, Illegal Business Activities, and Deliberately Acting Against Regulations), sentencing him to 30 years in prison for all four charges. He was also ordered to pay over 75 billion VND in compensation to the State budget and banned from holding any banking positions for five years.

12:10 PM:The court handed down the sentences for the defendants:

1. Nguyen Duc Kien (born 1964): 30 years in prison for 4 charges (Illegal business activities; Tax evasion; Deliberate violations of the law; Fraudulent appropriation of property).

2. Le Vu Ky (born 1956): 5 years (previously recommended 7 to 8 years in prison)

3. Trinh Kim Quang (born 1954): 4 years in prison (previously recommended 6 to 7 years).

4. Pham Trung Cang (born 1954): 3 years imprisonment (previously recommended 3 years imprisonment but given a suspended sentence with a 5-year probation period)

5. Ly Xuan Hai (born 1965): 8 years in prison. Banned from holding banking positions for 5 years (previously recommended 12 to 14 years).

6. Huynh Quang Tuan (born 1958): 2 years imprisonment (previously recommended 3 years imprisonment but given a suspended sentence with a 5-year probation period).

7. Tran Ngoc Thanh (born 1952): 5 years and 6 months in prison (previously recommended 9 to 10 years).

8. Nguyen Thi Hai Yen (born 1969): 5 years in prison (previously recommended 7 to 8 years).

According to the Transport Newspaper