Death sentence to former Ocean Bank Director General Nguyen Xuan SonThe People’s Court of Hanoi on September 29 sentenced Nguyen Xuan Son, former Director General of Ocean Bank, to death and Ha Van Tham, former Chairman of the Board of Directors of the bank, to life imprisonment for wrongdoings in State management, property appropriation, credit operation, and power abuse. The People’s Court of Hanoi on September 29 sentenced Nguyen Xuan Son, former Director General of Ocean Bank, to deathSon was given 17 years in prisons for “deliberately violating State regulations on economic management causing severe consequences”, life sentence for “abusing position and power to appropriate property”, and death penalty for “embezzlement”. Both Nguyen Minh Thu and Nguyen Van Hoan, former Deputy Director Generals of the bank, were sentenced to 22 years in prison for “deliberately violating State regulations on economic management causing severe consequences” and “abusing position and power to appropriate property”. Their violations resulted in losses of nearly 2 trillion VND (88 million USD) for Ocean Bank. Son was found to coordinate with Tham to charge customers additional fees, triggering a loss of nearly 69 billion VND (3.02 million USD) for the bank and customers.

Source: VietNamNet News September 29, 2017 10:07 UTC