Former director of Agribank Can Tho continues to be accused of causing losses of more than 300 billion VND

Once declared innocent, Mr. Le Thanh Hai, former director of Agribank Can Tho, continues to be accused of being the mastermind behind the loss of 303 billion VND.

On July 5, the actions of Mr. Le Thanh Hai (59 years old); Nguyen Huynh Dat Nhan (41 years old, former director of Tay Nam Agricultural and Aquatic Products Company Limited) and 4 accomplices were stated in the investigation conclusion of Can Tho City Police transferred to the People's Procuracy to propose prosecution for the crime of Violating regulations on lending in the activities of credit institutions.

This move was made after nearly a year of reinvestigation following the verdict of the High People's Court in Ho Chi Minh City - annulling the January 7, 2022 verdict of the Can Tho City People's Court declaring Mr. Hai and his accomplices not guilty.

The defendants at the appeal hearing in August 2022. Photo: An Binh — The defendants at the appeal hearing in August 2022. Photo: *An Binh*

According to the investigation agency, from 2006 to 2013, Nguyen Huynh Dat Nhan established 7 companies registered in different industries but assigned employees to use their names to borrow capital from the Bank for Agriculture and Rural Development of Vietnam - Agribank Can Tho.

In 2012, Mr. Le Thanh Hai and his subordinates approved a loan of VND289 billion for Nhan's company under a preferential credit package (0% interest rate for the first two years, 50% interest rate for the third year onwards). With the consent of the bank's leaders, Nhan used the Citimart Can Tho supermarket building as collateral but inflated the value from VND104 billion to VND333 billion.

Nhan did not use the borrowed money for the purpose of "buying machinery and equipment" as stated in the contract, but instead deposited nearly 150 billion VND in this bank. The rest was used to buy land on Nguyen Trai Street, for personal use, and to pay off the principal and interest on loans... Nhan then lost the ability to repay the loan.

The investigation agency determined that Mr. Hai, Tran Huy Lieu and Bui Tuan Anh (former deputy director, head of credit department of Agribank Can Tho), Pham Tuong Thi and Nguyen Van Dat (former director, employee of Tan Tien Company Limited), Nguyen Huynh Dat Nhan had caused particularly serious consequences for Agribank Vietnam, with losses of more than 303 billion VND.

In which, Mr. Hai, as Director of Agribank Can Tho, colluded with Lieu and Nhan to intentionally commit crimes over a long period of time with many loans. After that, Hai, Lieu, and Nhan directed their employees and subordinates to commit illegal acts.

The defendants in the banking group (Hai, Lieu, Tuan Anh) all knew that the documents and papers provided by Nhan were not qualified, so they agreed to inflate the value of the mortgaged assets to lend.

Regarding Nhan's signs of fraud and appropriation of bank assets, the investigation agency determined that the defendant had committed fraud to obtain loans, created fake documents, inflated the value of mortgaged assets, and used the loan for the wrong purpose. However, Nhan discussed with Hai, Lieu, Tuan Anh, and then directed Thi, Dat, and their employees to carry out the actions, so there was not enough basis to constitute another crime.

The case dragged on for many years with many cases returned . Early last year, Can Tho City People's Court held a first-instance trial, and Mr. Hai, Lieu and Nhan denied any of their actions in discussing and inflating the value of the collateral. The defendants claimed that the value of the collateral was based on the valuation results from independent valuation companies.

A representative of Agribank Can Tho branch also provided documents confirming that the bank has not suffered any losses so far. The defense lawyers, protecting the rights of the defendant and the victim, all said that the collateral and assets formed from the loan capital "are capable of repaying the loan to the bank".

The panel of judges then declared the defendants not guilty because they could not determine the damage in the case and there was no basis for conviction. The People's Procuracy of Can Tho City later appealed, arguing that the damage in the case was determined from the time the crime was completed and prevented in June 2016.

On August 11, 2022, the High People's Court in Ho Chi Minh City, at the appeal hearing, annulled the entire first-instance judgment; transferred the case file to the Can Tho City People's Procuracy to continue prosecuting Mr. Hai and his accomplices for the crime of Violating regulations on lending in the operations of credit institutions . As for defendant Nhan, the court requested the Procuracy to reconsider other charges.

An Binh

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