A Vietnamese court jailed a former bank executive for 30 years on Friday for illegally withdrawing more than 9 trillion dong ($404 million), the biggest such loss brought to light in the country's banking sector, state-run newspapers reported. Pham Cong Danh, former chairman of the Construction Bank, was found guilty by the Ho Chi Minh City People's Court of intentional wrongdoings and violations of lending rules, the Thanh Nien (Young People) newspaper said. The former chief executive officer was jailed for 22 years. Danh and his bank staff had drawn up false lending papers to withdraw funds from the bank, even after it was placed under special supervision by the central bank because of its losses. The State Bank of Vietnam, the country's central bank, bought the Construction Bank in early 2015 and assigned Vietcombank, the country's biggest listed bank, to oversee the restructuring process.

Source: Thanhnien News September 10, 2016 05:37 UTC