Hung’s accomplices are 51-year-old Tran Kim Hoa, vice director of Hanoi-based Dong Anh branch of VietinBank, 32-year-old Dinh Cong Khanh, a credit officer of the same branch, and Phan Duc Manh, 41, director of Phu Quy General Trading Co. Ltd.
Hoa and Khanh have been charged with “violating lending regulations” while Hung and Manh were charged with “swindling to appropriate assets” and “counterfeiting seals and documents of agencies and organizations”.
According to an initial investigation, after setting up 16 companies in 2011, Hung directly managed one of these firms, Thuy Tien Construction Co. Ltd., and hired his relatives and acquaintances, including Manh, to act as nominal directors of the remaining companies.
Hung ordered his directors to apply for bank loans and re-lend these loans at higher interest rates to pocket the differences.
Hung and Manh used fake papers and documents to obtain loans worth more than VND300 billion (US$14.4 million) from VietinBank.
Khanh, as a credit officer, helped Hung and Manh go through lending procedures using fake papers.
Hoa, as the VietinBank branch’s vice director, signed many documents, including counterfeit papers to facilitate Hung’s companies in getting the loans.
Hung and his accomplices were discovered after his companies failed to repay their loans to the bank.