Vietnam | Dozens of bankers tried for graft

Some 50 bankers were on trial yesterday in Vietnam’s capital of Hanoi for alleged graft and mismanagement causing USD69 million in losses.

The case is part of communist authorities’ efforts to tackle corruption.

Among those accused were Ocean Bank’s former chairman Ha Van Tham and general manager Nguyen Xuan Son, who were accused of embezzling $2.2 million and abuse of power in appropriating another $8.8 million. They were also accused of economic mismanagement.

Being convicted of embezzlement carries the possibility of a death sentence.

At the time the bank was 20 percent owned by state oil-and-gas giant PetroVietnam, where Son had previously served as chairman.

Another 44 senior Ocean Bank executives were accused of abuse of power or economic mismanagement. Five executives from different companies were also named in the case.

The case was first brought to trial in February, but judges asked police to investigate further and prosecutors pressed for embezzlement charges to be added against the bank’s two former leaders.

The trial is expected to last more than three weeks. MDT/AP