Trial of former OceanBank chairman Ha Van Tham resumes

Monday, 2017-08-28 09:55:53
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Ha Van Tham was being escorted to the courtroom.
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NDO - The Hanoi People’s Court on August 28 resumed the trial of Ha Van Tham, former chairman of OceanBank, and 50 other defendants in one of the largest corruption cases in recent years.

The preliminary trial took place in February but had been adjourned pending further investigation.

Tham, aged 45, now faces charges of embezzlement, abuse of power to appropriate assets, breach of lending regulations and intentional violation of State economic management regulations leading to serious consequences.

Another key defendant, Nguyen Xuan Son, former chairman of PVN and general director of OceanBank is also charged with embezzlement, abuse of power and violating State economic management regulations.

The other 49 defendants are accused of infringing lending regulations and intentionally violating State economic management regulations.

According to documents provided by the court, during his chairmanship, Tham and his accomplices committed many violations, such as paying interests higher than the ceiling rate and outside of contracts, causing serious losses to OceanBank and its shareholders, and affecting the implementation of the central bank’s monetary policy.

Prior to Tham’s arrest in 2014, OceanBank’s bad debt ratio had reached 50% and the owners’ equity was negative VND10 trillion (US$440 million), which the bank’s profits could not offset.

In May 2015, OceanBank was acquired by the State Bank of Vietnam at zero Vietnamese dong.

The trial is expected to last for 20 day.