A former Vietnamese banking bigwig, once one of Viet Nam’s richest men, was sentenced Monday to 30 years in prison on fraud and tax evasion charges.
VIETNAMESE BANK BIG GETS 30 YEARS FOR FRAUD!
Nguyen Duc Kien, 50, a co-founder of Asia Commercial Bank, was convicted in an Hanoi court in late May of “engaging in illegal business,” and “deliberately violating state regulations on economic management,” according to a report in Thanhniennews.com.
Mr. Kien was also ordered to pay $75 billion Dong ($3.49 million U.S.), in court fines and tax evasion penalties.
Kien, along with three accomplices inside the bank, were found guilty of illegally approving a deposit of nearly $719 billion Dong (US$34 million) in ACB funds at another large Vietnamese Bank, Vietinbank between June and November, 2011.
The purpose of the deposit was to reap illegal interest rates from the principal. Kien’s bank was promised a 14 percent annual return, plus an additional amount of between 3.7% and 13%.
It is against the law in Viet Nam for banks to deposit money in other banks primarily to accrue interest. It is also illegal for banks to pay more than 14% in annual interest. to the Thanh Nien news report.