Phan Van Anh Vu, 25 others prosecuted for Dong A Bank’s huge loss

Phan Van Anh Vu at a court on July 30, 2018

Tran Phuong Binh, born in 1959, former general director and vice president of the DAB, and Nguyen Thi Kim Xuyen, the bank’s former deputy general director, were charged with “abusing position and power to appropriate assets” and “deliberately violating State regulations on economic management, causing serious consequences”. 

Phan Van Anh Vu and Pham Van Phuoc, former director of the Nam Dinh Food JSC, were accused of “abusing position and power to appropriate assets”

Nguyen Thi Cuc, former head of the DAB supervision board; Phan Thi To Loan and Nguyen Vinh Son, both member of the board, were prosecuted for “lacking responsibility to cause serious consequences”.

The remaining 19 prosecuted, including 15 high-level and senior officers of the DAB and four bank borrowers, were charged with “deliberately violating State regulations on economic management, causing serious consequences.”

According to the Supreme People’s Procuracy, their wrongdoings led to losses of more than VND3.6 trillion (US$160 million) to the DAB, pushing the bank on the verge of bankruptcy in late 2015 with accumulated losses of more than VND31 trillion.

Binh, Xuyen, Vu and Phuoc allegedly took more than VND2.05 trillion out of the total.

Binh and Xuyen were also said to be responsible for six wrongdoings in the bank’s business management that resulted in losses of more than VND1.55 trillion. 

This was the fourth criminal case involving Phan Van Anh Vu since he was captured on the run in Singapore this January. In July, he was sentenced to nine years behind bars for disclosing State secrets. 

Other investigations into tax evasion and his role in dubious public land management are ongoing.