The multi-millionaire banker Nguyen Duc Kien, once one of the richest men in Vietnam and former deputy chairman of the Board of Management and ex-deputy chairman of the Founding Board of ACB made international news when he was arrested in August last year.
has now been charged with illegal trading, swindling to appropriate assets, intentionally acting against State's economic management regulations and causing serious consequences, and tax evasion.
Kien was the chairman of the Investment Board of ACB from 2003 to August 2012 and was deputy chairman of the Management Board of the bank from 1994 to 2008.
In 2007 Kien suggested that the Management Board of ACB set up the Founding Board of ACB and he took the post of deputy chairman of the board when it was established.
With such title, which was not recognized by the State Bank of Vietnam, and the other posts, Kien was the representative of the group of shareholders holding 9.03 percent of the bank's charter capital, and played important role in operating and managing the bank.
also set up and was the chairmen of management boards of six companies: Thien Nam Production Development and Import-Export JSC
, B&B Trading and Investment JSC (B&B), Asia Financial Group Co LTd (AFG), Hanoi ACB
Investment JSC (ACBI), A Chau Investment JSC
(ACI) and Hanoi Asia Financial Investment Co Ltd
According to the indictment, except Thien Nam, all the five above-mentioned companies were used by Kien
to conduct financial trade transactions totaling nearly VND10 trillion (US$471.7 million), although these company were not licensed to do so.
committed illegal trading deals totaling over VND1,433 billion ($67.6 million), the Supreme Prosecutor's Office said.
, the total amount of financial trading transactions that were carried out unlawfully under Kien's orders amounted to VND4,068 billion ($192 million).
Meanwhile, ACI bought 37.5 million shares at Nha Rong Investment Trading JSC and 6.375 million shares at Saigon Goods Services JSC.
also ordered ACI-HN
to issue debentures worth VND350 billion and sold them to VietBank.
In addition, Kien
and and Ky also granted credits to Kien's companies for them to buy shares at ACB
This move caused a loss of VND688 billion, which was the amount that could not be recovered from these companies.
Swindling VND264 billion
When being chairman of the Board of Directors at ACB Investment (ACBI), Kien requested Tran Ngoc Thanh, the firm's director, and its chief accountant, Nguyen Thi Hai Yen, to falsify documents to sell more than 22 million shares of the bank at Hoa Phat Steel JSC to Hoa Phat Steel One-member Limited Company.
By the deal, Kien
accomplices appropriated VND264 billion ($12.45 million) paid by the buyer, but in fact, all these shares had been used by ACBI
as security at ACB
for another deal.
Huge loss in illegal gold trading
Although Thien Nam Production Development and Import-Export JSC
was not licensed to trade in gold, Kien
ordered the company to conduct illegal gold trading.
Also related to gold trading, Kien
was charged with evading more than VND25 billion ($1.18 million) in 2009, said the Supreme Prosecutor's Office.
also took advantage of the government's policy to exempt taxpayers from personal income tax for first six months of 2009 and managed to evade corporate tax by transferring the company's profit into his
own personal income.