Vietnam tries dozens of bankers for graft, mismanagement

Vietnam tries dozens of bankers for graft, mismanagement

The High People's Court is seen in Hanoi, Vietnam, Sept 22, 2016. (Reuters photo)
The High People's Court is seen in Hanoi, Vietnam, Sept 22, 2016. (Reuters photo)

HANOI -- Nearly 50 bankers are on trial in Vietnam for alleged graft and mismanagement causing $69 million in losses to a joint stock bank.

The case is part of communist authorities' efforts to tackle corruption.

Among those accused are Ocean Bank's former chairman Ha Van Tham and general manager Nguyen Xuan Son, who are accused of embezzling $2.2 million and abuse of power in appropriating another $8.8 million.

At the time the bank was 20% owned by state oil-and-gas giant PetroVietnam, where Mr Son had previously served as chairman.

Another 44 senior Ocean Bank executives are accused of abuse of power or economic mismanagement. Another five executives from different companies are also named in the case.

The losses led to the bank being taken over by the State Bank of Vietnam.


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