The BBC is reporting that the former head of a major Vietnamese bank has been sentenced TO DEATH for embezzlement, abuse of power and economic mismanagement that led to losses of 1.5 trillion Dong ($69 million USD).
Nguyen Xuan Son, president of OceanBank received the harshest sentence in a massive case which has led to dozens of employees receiving lengthy prison sentences in the major corruption trial. In all 51 officials and bankers stood trial in the case.
Earlier in the day, Vietnamese tycoon Ha Van Tham – founder of Ocean Group’s banking unit, was sentenced to life in prison for charges ranging from abuse of power to embezzlement.
OceanBank is partially-state owned, so Son’s crime of mishandling state money was thought to be particularly serious. After leaving the bank, he rose to be head of state oil giant PetroVietnam.
Judge Truong Viet Toan said: “Tham and Son’s behaviour is very serious, infringing on the management of state assets and causing public grievances, which requires strict punishment.”
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