Seven people involved in a bank loan fraud were sentenced to prison by a court in Hà Nội on Thursday.
Bùi Kiên Dũng, former director of Minh Phương Joint Stock Company, was sentenced to 18 years in prison.
Others accused were sentenced to 13-17 years in prison, including An Thị Hương Giang, former director of Quyết Chiến Ltd,. Co; Vũ Văn Diện, former director of Toàn Diện agricultural product processing and trade Ltd,.Co; Lê Quốc Huy, former chairman of member council and Vũ Quang, former director of Sông Đà Đông Đô-Đồng Nai Ltd,.Co; and Trần Nam Phương, former director of Nhật Phương Company.
They were all sentenced for the same charge of fraudulent appropriation of assets.
The accused Nguyễn Thị Nguyên, former director of Á Châu Pharmaceutical Trading Joint Stock Company, was given a 36-month suspended sentence for forging seals and documents.
In 2014, ANZ and HSBC bank denounced 13 businesses that showed signs of fraud.
According to the indictment, from 2010 to the end of 2013, the defendants used legal entities of many companies to forge loan and disbursement records at ANZ and HSBC banks.
The total money the accused owed the two banks was over VNĐ380 billion (US$16.5 million).
At the hearing, the defendants claimed the appropriated money was used for personal spending and debt repayment.