Huyen Nhu VietinBank case: 4 companies do not want this defendant to compensate nearly 900 billion VND

On the morning of May 28, the High-Level People's Court in Ho Chi Minh City held an appeal hearing in the case of Huynh Thi Huyen Nhu (40 years old, former Deputy Head of Risk Management Department of VietinBank - Ho Chi Minh City Branch) and Vo Anh Tuan (46 years old, former Deputy Director of Vietinbank Nha Be) who appropriated more than VND 1,085 billion from 5 companies.

Sentenced to life in prison and forced to pay full compensation to the companies, Huyen Nhu accepted the sentence. However, 4 out of 5civil plaintiffs includeSaigonbank - Berjaya Securities Joint Stock Company (SBBS), Phuong Dong Securities Joint Stock Company, Global Insurance Joint Stock Company, An Loc Investment and Trading Joint Stock Company appealed.request Vietinbank to pay the amount of money Nhu had embezzled in his capacity as an officer of the bank.PrivateHung Yen Investment Joint Stock Company did not appeal.

Summoned by the court as witnesses, people with related rights and obligations, but the leaders and former leaders of VietinBank Ho Chi Minh City branch, including: Mr. Nguyen Van Se (former director), Mr. Truong Minh Hoang, Ms. Nguyen Thi Minh Huong (deputy director) were all absent.

The lawyers defending the four companies requested the panel of judges to summon these people and review their legal status. After deliberating, the court concluded that, after two levels of trial, the authorities had clarified their roles. Regarding the legal status of the companies, the court will consider it during the trial.

Previously, at the first instance trial, although Mr. Se was also summoned, he left for the US, while Ms. Huong asked to be absent because she was receiving medical treatment.

The first instance judgment determined,From 2009 to 2012, Nhu, in the name of the Head of Dien Bien Phu Transaction Office, met with many organizations and individuals to mobilize deposits for Vietinbank and then embezzled them.

Nhu used his own money to pay interest outside the contract, brokerage fees to lure them to deposit money. When the money entered the account opened at Vietinbank, Nhu created documents, forged the account holder's signature, and used his authority on the system to directly transfer this money to pay his debts.

In total, Nhu appropriated nearly 4,000 billion VND. Of which, 5 companies with valid accounts approved by Vietinbank leaders had 1,085 billion VND appropriated.

Depositor attraction scenario

In May 2011, through the introduction of Nguyen Thi Nga (an employee of another bank, a collaborator of Hung Yen Company), Nhu knew that some companies in Hanoi wanted to deposit money, so he invited Vo Anh Tuan to Hanoi to meet them.

Working with the representative of Hung Yen Company, Huyen Nhu introduced herself as Quyen - an employee of Vo Anh Tuan, who was in need of raising capital for Vietinbank Nha Be. She proactively contacted Nga to negotiate the deposit amount and interest rate of 18-22% per year.

Nhu then forged 8 deposit contracts and contract appendices with Hung Yen Company. She forged the signatures of Ha Tuan Anh (director) and Vo Anh Tuan to mobilize 537 billion VND from this company. After the company transferred money to an account opened at Vietinbank, Huyen Nhu forged 14 payment orders, with the signature of Mr. Ta Duy Hung (Director of Hung Yen Company) on those payment orders to transfer 537 billion VND to her account. In the end, Nhu only paid this company more than 336 billion VND.

Using similar tricks, Nhu appropriated more than 170 billion from An Loc Company; 380 billion from Phuong Dong Company; nearly 125 billion from Global Insurance Company and nearly 210 billion from Saigonbank – Berjaya Securities Joint Stock Company.

Huyen Nhu has signs of property embezzlement

In 2015, the Supreme People's Court in Ho Chi Minh City heard the appeal and sentenced Huyen Nhu to life in prison for the crime ofFraudulent appropriation of propertyandForging seals and documents of organizations.The panel of judges also accepted the appeal of 5 companies to partially annul the previous verdict of the Ho Chi Minh City People's Court, requesting a re-investigation and trial to clarify their actions.Embezzlement of propertyNhu's (not fraud) and Tuan's role in appropriating 1,085 billion VND ofthese companies.

According to the Supreme People’s Court, the first instance court needs to re-determine Vietinbank’s participation in the case. Forcing Huyen Nhu to be responsible for paying the misappropriated money to these companies affects the rights and interests of the companies.

In addition, the Supreme People's Court also recommended reviewing the responsibility of the leaders of Vietinbank's Ho Chi Minh City branch, including Mr. Nguyen Van Se, Truong Minh Hoang and Nguyen Thi Minh Huong, for their involvement in allowing Nhu to embezzle money from the companies.

After two years of reinvestigation, the Supreme People's Procuracy still maintains its view of prosecuting Huyen Nhu for the crime of Fraudulent appropriation of property - meaning Vietinbank is not responsible for paying the debt to the 5 companies.

In February, the Ho Chi Minh City People's Court held the second trial and sentenced Nhu to life in prison for the crime.Fraudulent appropriation of property,compensate 5 companies more than 1,085 billion VND. Nhu accepted this sentence, while Tuan appealed to reduce the sentence of 7 years in prison for his role as an accomplice.