Hanoi's People's Procuracy recently issued an indictment against Nguyen Thi Huong Giang, 53, former director of SeaBank Hai Ba Trung, calling for her surrender. Giang faces charges of violating lending regulations in the operations of credit institutions.
Also implicated is Le Anh Tam, former director of An Viet Uc Construction Co. Ltd., who faces charges of property fraud. Like Giang, Tam departed Vietnam between 2012 and 2013 and has not returned. He is currently a fugitive, facing prosecution and trial in absentia.
The indictment outlines a scheme orchestrated by Nguyen Hoang Long, Chairman and General Director of Vina Megastar Company. Long's company had an outstanding debt of 400 billion dong at SeaBank Hai Ba Trung between 2010 and 2011. To secure additional funds for debt repayment and business operations, Long conspired with Giang.
Their method involved creating fraudulent credit files. They instructed directors of Vina Megastar Group member companies to sign fictitious purchase and sale contracts, warehouse rental agreements, and inventory reports for non-existent goods. These fake documents primarily listed steel as collateral, despite no actual merchandise being stored.
Tam, as director of An Viet Uc Company and Long's brother-in-law, played a role in the misappropriation. In July 2011, Tam signed a credit agreement for 7 billion dong with SeaBank Hai Ba Trung. To legitimize the loan, Tam signed a fictitious contract for over 737 tons of steel coils, valued at nearly 13 billion dong, with Megastar Mechanical Company. Under Giang's direction, SeaBank employees then prepared fraudulent asset valuation and inventory verification reports to complete the loan files. Long subsequently received and misappropriated the disbursed amount.
The indictment further confirms similar activities at other companies, all under Long's direction. Through these schemes, Long secured loans totaling 30 billion dong from SeaBank, with over 14 billion dong ultimately misappropriated.
Regarding civil liabilities, SeaBank has confirmed that Long and other involved individuals fully compensated the bank for the misappropriated funds. Long himself was sentenced to 10 years in prison in 2017 for his role in the fraud.
Hai Thu
