The People’s Court of Hanoi on Thursday postponed announcing a verdict on an alleged fraud involving former deputy general director of the Bank for Investment and Development of Vietnam.

BIDV former deputy general director Doan Tien Dung.

The People’s Court of Ha Noi on Thursday postponed announcing a verdict on an alleged fraud involving former deputy general director of the Bank for Investment and Development of Viet Nam (BIDV) Doan Tien Dung.

The case has been returned to the People’s Procuracy for further investigation.

In July, the People’s Procuracy charged Dung and his accomplice, Tran Thi Thanh Binh, former deputy director of BIDV’s Hai Phong branch, with fraud.

While working as director of the Hai Phong Branch in 2008, Dung allegedly approved VND45 billion (US$2.3 million) in loans to Hai Phong Garment Export Company and V K Hai Phong Company. The loans were made against the mortgage value of a container depot in Hai Phong City’s Hai An District.

In early 2009, the two companies fell into financial difficulties and Hoang Van Khanh, director of the two companies, was forced to sell the container depot, mortgaged to BIDV, to pay off debts.

It is alleged that Dung and Binh helped Khanh sell the container depot to Anpha Hai Phong Oil and Gas Company for VND57 billion ($3 million).

The parties allegedly agreed to make an initial payment of VND32 billion ($1.68 million) against V K company’s debt to allow the company to make a further withdrawal of VND25 billion ($1.32 million) to remain afloat.

It is further alleged that Dung only let Khanh withdraw money from BIDV if he received a bribe of VND5 billion ($263,000). In February, Dung was caught red-handed receiving VND1 billion (US$52,000) from Khanh.

However, during the trial, which took place on Wednesday and Thursday, Dung denied that he asked Khanh for money. Instead, he said Khanh offered to pay him the alleged bribe amount if he was successful in mediating the sale of the container depot.

Khanh, however, said Dung demanded the money if he wanted to withdraw money from the bank.

It has yet also to be established whether Binh was aware of Dung’s abuse of power.

Source: Vietnam News