Former bank official gets life imprisonment

Huynh thi Huyen Nhu, VietinBankThe Ho Chi Minh City People’s Court on January 27 sentenced Huynh Thi Huyen Nhu, former deputy chief of the Risk Management Department of the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), to life behind bars for “swindling to appropriate assets” and “counterfeiting seals and materials of agencies and organizations.” A number of others involved received sentences of between eight and 20 years. The defendants were also forced to refund the money they illegally appropriated , of which nearly four trillion VND (188 million USD) Nhu took over from nine companies, three banks and three individuals. According to the indictment, in 2007, Nhu took advantage of her position to mobilize over 200 billion VND (9.43 million USD) from many banks, organizations and individuals at high interest rates to invest in the local property market. In 2010, when the market stagnated, she suffered huge losses and fell into insolvency. From March 2010 until September 2011, under the pretext of mobilising capital for two Vietinbank branches, Nhu allegedly obtained loans totalling 3.9 trillion VND from three individuals, nine companies and three banks.

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