The head of the largest bank in Vietnam has been sentenced to death for embezzlement, abuse of power and economic mismanagement as the country begins to rise up against the corrupt elite.Nguyen Xuan Son, who served as general director of OceanBank received the death penalty in a Vietnamese court for his role in a fraud case involving millions of dollars of illegal loans.
Dozens of his former employers also received lengthy prison sentences for their roles in the same fraud case.The crooked banker received his sentencing in the People's Court in Hanoi with citizens now hoping to clean up the country's financial system that has been abused by powerful and wealthy elites for too long.
The ruling looks to set precedent for future cases as the people start to claim back their country by deleting the elite. © press Nguyen Xuan Son was sentenced to death at the People's Court in Hanoi BBC reports: 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.Vietnam is one of the world's biggest executioners, according to Amnesty International, but this is believed to be the first time in years that the death penalty has been given to such a high-flying former official.Earlier in the day, the bank's ex-chairman Ha Van Tham, once one of the richest people in Vietnam, was jailed for life on the same charges, and for violating lending rules.
Judge Truong Viet Toan said: "Tham and Son's behavior is very serious, infringing on the management of state assets and causing public grievances, which requires strict punishment." © Press The bank's ex-chairman Ha Van Tham was jailed for life In total, 51 officials and bankers stood trial, accused of mismanagement leading to losses of $69m (£50m).
The case comes amid a massive anti-corruption crackdown in Vietnam, which is ranked as one of the most corrupt countries in Asia. It is ranked 113th out of 176 countries on Transparency International's corruption perceptions index.The government has vowed to tackle the issue in order to boost the country's economic growth. In May, a top Vietnamese official was sacked for "serious violations" while running PetroVietnam.
Read more at: http://www.neonnettle.com/news/2843-vietnam-cleans-up-corrupt-banking-system-death-penalty-for-bankers
Dozens of his former employers also received lengthy prison sentences for their roles in the same fraud case.The crooked banker received his sentencing in the People's Court in Hanoi with citizens now hoping to clean up the country's financial system that has been abused by powerful and wealthy elites for too long.
The ruling looks to set precedent for future cases as the people start to claim back their country by deleting the elite. © press Nguyen Xuan Son was sentenced to death at the People's Court in Hanoi BBC reports: 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.Vietnam is one of the world's biggest executioners, according to Amnesty International, but this is believed to be the first time in years that the death penalty has been given to such a high-flying former official.Earlier in the day, the bank's ex-chairman Ha Van Tham, once one of the richest people in Vietnam, was jailed for life on the same charges, and for violating lending rules.
Judge Truong Viet Toan said: "Tham and Son's behavior is very serious, infringing on the management of state assets and causing public grievances, which requires strict punishment." © Press The bank's ex-chairman Ha Van Tham was jailed for life In total, 51 officials and bankers stood trial, accused of mismanagement leading to losses of $69m (£50m).
The case comes amid a massive anti-corruption crackdown in Vietnam, which is ranked as one of the most corrupt countries in Asia. It is ranked 113th out of 176 countries on Transparency International's corruption perceptions index.The government has vowed to tackle the issue in order to boost the country's economic growth. In May, a top Vietnamese official was sacked for "serious violations" while running PetroVietnam.
Read more at: http://www.neonnettle.com/news/2843-vietnam-cleans-up-corrupt-banking-system-death-penalty-for-bankers
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