Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

AFRICA NEWS

Search of Air Algerie crash site continues

Read more

MEDIAWATCH

Sarkozy, Hollande and the scooter wars

Read more

MEDIAWATCH

Confusion online over Air Algérie flight

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

REPORTERS

Halal tourism on the rise

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

FRANCE IN FOCUS

WWI Centenary: the battle for Verdun

Read more

THE BUSINESS INTERVIEW

When big companies want to do good

Read more

  • UN Security Council calls for immediate Gaza ceasefire

    Read more

  • France calls on its nationals to leave Libya as violence escalates

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • Nibali joins elite group with Tour de France win

    Read more

  • Boko Haram kidnap Cameroon minister's wife in deadly attack

    Read more

  • Muslims prepare for Eid al-Fitr festival

    Read more

  • ‘Irresponsible’ American dad tries to scale Mont Blanc with children

    Read more

  • Ukraine fighting prevents observers from accessing MH17 crash site

    Read more

  • In pictures: Crowds flock to enjoy the Tour de France show

    Read more

  • Netanyahu says Hamas 'violating its own ceasefire'

    Read more

  • Video: At the scene of the Air Algérie crash in Mali

    Read more

  • Costa Concordia arrives in port of Genoa to be scrapped

    Read more

  • In pictures: Youths clash with police at banned Gaza protest

    Read more

  • Russia lashes out at new EU sanctions over Ukraine

    Read more

  • Bodies of all Air Algérie crash victims to be brought to France

    Read more

  • Syrian army and ISIS both claim advances

    Read more

  • Briton kidnapped in Yemen freed after five months

    Read more

  • New round of Gaza ceasefire talks takes place in Paris

    Read more

Vietnam banking tycoon given 30-year jail term

AFP

Disgraced Vietnamese banking tycoon Nguyen Duc Kien, shown in Hanoi in 2012, has been sentenced to 30 years in jail over a multi-million dollar scandal that shocked the nation's already fragile financial marketsDisgraced Vietnamese banking tycoon Nguyen Duc Kien, shown in Hanoi in 2012, has been sentenced to 30 years in jail over a multi-million dollar scandal that shocked the nation's already fragile financial markets

Disgraced Vietnamese banking tycoon Nguyen Duc Kien, shown in Hanoi in 2012, has been sentenced to 30 years in jail over a multi-million dollar scandal that shocked the nation's already fragile financial marketsDisgraced Vietnamese banking tycoon Nguyen Duc Kien, shown in Hanoi in 2012, has been sentenced to 30 years in jail over a multi-million dollar scandal that shocked the nation's already fragile financial markets

A Vietnamese court on Monday sentenced a disgraced banking tycoon to 30 years in jail over a multi-million dollar scandal that shocked the nation's already fragile financial markets.

Nguyen Duc Kien, 50, was found guilty of fraud, tax evasion, illegal trade and "deliberate wrongdoing causing serious consequences", according to the verdict read at the Hanoi People's Court.

"The accused was not honest and so must be given serious punishment in line with his crime," court president Nguyen Huu Chinh said at the end of the two-week trial Monday.

Kien, who denied the charges against him, was given 30 years in jail and handed a 75 billion dong ($3.5 million) fine.

The flamboyant multi-millionaire went on trial alongside seven other defendants, all top bankers at Asia Commercial Bank (ACB), which counts global banking giant Standard Chartered as one of its "strategic partners".

The other defendants were given sentences of between two and eight years. The most senior of the other defendants, the former director of ACB, Ly Xuan Hai, was given eight years.

According to the verdict, Kien -- a shareholder in some of Vietnam's largest financial institutions and a founder of ACB -- and his accomplices caused losses of $67 million through illegal cross-bank deposits and investments.

Most of the cash vanished when Kien ordered his staff to make deposits at the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank).

An employee from that bank has already been sentenced to life imprisonment for fraud.

Prosecutors also accused Kien of forging documents to defraud the top steel firm Hoa Phat Group of $12.5 million.

The banker rose to public prominence as a vocal critic of corruption in Vietnamese football, using his role as chairman of Hanoi Football Club to sound off against Vietnam's Football Federation.

When Kien was arrested in August 2012 it sent "shockwaves across the country", state media reported at the time, and caused ACB's share price to plunge.

Experts interpreted the arrest of the high-profile banker as part of bitter infighting within the ruling Communist Party.

Kien had been seen as an ally of Prime Minister Nguyen Tan Dung and has become the subject of intense speculation on blogs over his business dealings with Dung's daughter.

Date created : 2014-06-09