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For customers to mortgage their empty rice warehouses to borrow millions of dollars, the General Director of An Binh Commercial Joint Stock Bank (ABBank) and many leaders of this bank received prison sentences.
After 2 days of trial, on the evening of July 11, Ho Chi Minh City People's Court sentenced defendant Phan Cong Binh (56 years old, Director of Cong Binh Company Limited) to life in prison; defendant Pham Minh Quan (former accountant of Cong Binh Company Limited) to 12 years in prison for the crime of "Fraudulent appropriation of property".
Defendant Cao Van Anh (former Deputy Director of ABBank - Saigon branch) was sentenced to 10 years in prison; Tran The Luc (former Director of ABBank - Saigon branch) was sentenced to 12 years in prison for the crime of "Violating regulations on banking activities and other activities related to banking activities".
Defendants Cu Anh Tuan (former General Director of ABBank) and Nguyen Manh Quan (former Deputy General Director of ABBank) were each sentenced to 3 years in prison but given a suspended sentence for the crime of "Lack of responsibility causing serious consequences".
Four defendants, former officers and employees of ABBank, were also sentenced for the crimes of "Violating regulations on banking activities and other activities related to banking activities" and "Lack of responsibility causing serious consequences". Of these, three defendants were sentenced to three years in prison but given a suspended sentence, and one defendant was sentenced to six years in prison.
According to the accusation, due to needing money, around July 2016, Phan Cong Binh made a request and a financial report to ABBank, proposing to borrow 470 billion VND to supplement working capital for business and export financing.
With the approval of the Bank Credit Council, defendant Binh and ABBank leaders signed a credit contract with a limit of 405 billion VND for a term of 6 months to one year. The collateral was dry rice and finished rice.
After that, ABBank representative went to Cong Binh Company Limited warehouse to check the collateral. According to the company's report, the rice was packed into bags, removing each bag of rice to count would take a lot of time, so the representatives of the parties agreed on a plan to measure the height and width of each tree to calculate the weight. After that, the amount of rice in each tree would be randomly checked.
After counting by this method, the parties recorded that there were nearly 9,800 tons of rice in the warehouse.
In November 2016, defendant Binh and defendant Tran The Luc signed a contract to mortgage the above amount of rice. ABBank - Saigon branch disbursed to Cong Binh Company Limited more than 3.7 million USD (equivalent to nearly 85 billion VND).
After that, defendant Binh repeatedly asked to add more rice as collateral to borrow more money.
However, during the process of adding rice, defendant Binh directed the staff to stack and stack the rice in the wrong quantity and the rice was hollow inside.
The prosecution agency determined that, up to now, Cong Binh Company Limited still owes ABBank 61 billion VND, has no collateral, and is unable to pay.
University (according to Vietnamnet)
