Hua Thi Phan to be prosecuted in phase 2 of notorious VNCB caseRelated to the notorious VNCB case, the investigation agency under the Ministry of Public Security (MoPS) proposed to prosecute Hua Thi Phan, former senior advisor of the Board of Management of Trust Bank and former chairwoman of the Board of Management of Phu My Investment and Development JSC. Hua Thi PhanOn January 12, 2018, the investigation agency proposed to prosecute Hua Thi Phan and 27 suspects for "intentionally violating state regulations on economic management and causing serious consequences," "abusing trust to appropriate property," and "violating regulations on credit institutions' lending activities" at Trust Bank (now Vietnam Construction Bank–VNCB). According to the investigation conclusion, in June 2010, Hua Thi Phan and Phu My Investment and Development JSC and 14 other people bought over 254 million shares of Trust Bank for over VND2.5 trillion ($110 million). Bui Thi Kim Loan helped Phan to account and embezzle a total amount of VND5,256 billion ($231.6 million). The agency has concluded that the violations of Hua Thi Phan and others caused serious financial damage to Trust Bank, totaling at VND6.362 trillion ($280.3 million), excluding the VND5.643 trillion in damages in three other violations which will be investigated in the second phase of the case.

Source: VietNamNet News January 15, 2018 06:33 UTC