October 6, 2017
By Bob Coleman
Editor, Fraud Friday
Fraud Friday — Vietnam Banker Sentenced to Death for Fraud
Former Chairman of Vietnam’s state-run bank, PetroVietnam, Nguyen Xuan Son, was sentenced to death for embezzlement, abuse of power and economic mismanagement.
Bank founder Ha Van Tham, once one of Vietnam’s richest men, was jailed for life on the same charges, as well as for violating lending rules.
Losses exceed $US69 million for the state-run bank.
“Tham and Son’s behaviour is very serious, infringing on the management of state and causing public grievances, which requires strict punishment,”’ said judge Truong Viet Toan.
“These harsh sentences are mainly for public effect,” said Carl Thayer, a Vietnam expert at the Australian Defense Force Academy. But they would have little effect without improving governance in the one-party state.”