The Ho Chi Minh City People’s Court on May 2 opened the first trial for Hoang Van Toan, former chairman of the board of directors of Dai Tin (Trust) Bank – predecessor of the Vietnam Construction Bank (VNCB), Tran Son Nam, former general director of the bank and their accomplices.
At the trial for former leaders of Dai Tin (Trust) Bank (Photo: VNA)
HCM City (VNA) – The Ho Chi Minh City People’s Court on May 2 opened thefirst trial for Hoang Van Toan, former chairman of the board of directors of DaiTin (Trust) Bank – predecessor of the Vietnam Construction Bank (VNCB), TranSon Nam, former general director of the bank and their accomplices.
Toan, Nam and other former officials of Dai Tin Bank, including Lam Hong Trinh(former vice general director), Ho Trong Thang (former head of the creditmanagement department), Ngo Duc Tri (former vice general director), Tran ThiHong Phuong (former accounting director), and Pham Thi Quynh Ngan (former headof the legal department), are charged with “violations of regulations onlending in the operation of credit organisations”.
Earlier, in September 2016, the court held a hearing on the Pham Cong Danh,former chairman of the board of the VNCB and his accomplices for causing lossesto the tune of more than 9 trillion VND (400 million USD) for the bank. At thesame time, the court commenced criminal proceedings against the members of DaiTin Bank’s board of directors for violating lending regulations in theoperation of credit institutions.
On the outset of 2017, Toan was arrested and then relevant officials were inturn prosecuted.
Earlier, Dai Tin Bank was called Rach Kien Agriculture Joint Stock Bank. InJune 2010, the bank was allowed to increase its charter capital to 3 trillionVND (132 million USD), 85 percent of which was held by Hua Thi Phan - representativeof Phu My shareholders. Phan was also a senior consultant for the bank. Danhwas the representative of Thien Thanh shareholders, who bought Dai Tin Bankfrom Phu My shareholders and then changed the bank’s name into the VNCB.
According to the indictment, before transferring the management right to Danh,Toan and his staff approved the credits of 650 billion VND (28.9 million USD)for Dai Hoang Phuong company and Thinh Quoc company, owned by Danh.
The loans were used to buy a land lot of over 5,000 square metres near Chi Langstadium in Da Nang city. The lot, which was under the ownership of Danh’sanother company, was used as the collateral for the loans.
The bank incurred a loss of more than 470 billion VND (20.9 million USD)because of the two loans. Danh was responsible for compensating for theeconomic loss, which was announced at the first instance on September 9, 2016and the second instance on January 24, 2017.-VNA
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At the trial for former leaders of Dai Tin (Trust) Bank (Photo: VNA) 
