OceanBank’s former leaders face life imprisonment and death penalty

Thursday, 2017-09-14 17:38:44
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Ha Van Tham faces the sentence of life imprisonment.
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NDO - Prosecutors have recommended a sentence of life imprisonment for Ha Van Tham, the former chairman of OceanBank and the death penalty for Nguyen Xuan Son, its former general director.

The two are being tried in one of the largest corruption cases in recent years, which also involves dozens of other bankers.

Both are charged with embezzlement, an abuse of power to appropriate assets and intentional violation of State economic management leading to serious consequences. Tham faces one more charge of breaching lending regulations.

Other defendants face sentences ranging from 18 months to 27 years in prison.

Indictments show that, as OceanBank chairman, Tham committed a lot of violations under Son’s direction, such as paying interests higher than the ceiling rate and outside of contracts, causing serious losses to OceanBank and its shareholders, whilst also 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.