VietNamNet Bridge – Asia Commercial Bank (ACB) has persistently declined to act as a civil plaintiff in the case of the bank’s former vice chairman Nguyen Duc Kien and is taking legal action against Vietnam Commercial Bank for Industry and Trade (VietinBank) over deposits appropriated by a former VietinBank executive.

ACB's former vice chairman Nguyen Duc Kien -- Photo: VNN

ACB’s legal action against VietinBank was told by lawyer Truong Thanh Duc, who represents ACB.

According to the prosecution, Kien and his accomplices issued a decision assigning 19 individuals to deposit VND718 billion at VietinBank. However, the money was embezzled by Huynh Thi Huyen Nhu, former deputy chief of VietinBank’s risk management department.

At the trial of Huyen Nhu earlier this year, ACB asked VietinBank to pay the money back as the deposits had been placed in accordance with the contracts between VietinBank and its customers.

As VietinBank has not returned the money, ACB has yet to suffer damage. So, it is impossible to clarify the charge of ‘intentionally acting against State regulations on economic management causing serious consequences’ imposed on ACB’s board members, Duc argued.

ACB is not a civil plaintiff in this case and ACB has a foundation to prove that it has not suffered damage and it has not asked the 19 individuals to compensate. Therefore, it was illegal to determine ACB as a victim in this case, Duc said.

Meanwhile, during the trial last week, Kien continued denying the charges against him while other defendants also insisted that they had been indicted wrongfully.

Kien is charged with four offenses - illegal trading, swindling to appropriate assets, intentionally acting against state regulations on economic management and causing serious consequences, and tax evasion.

Before the court, Kien claimed his arrest was a big shock because all his business operations were legal.

Kien said he had run lawful businesses and not caused any impacts on the nation’s monetary market. His companies did not perform financial trading but making investments by buying shares at banks in accordance with the enterprise and investment laws.

ACB’s former CEO Ly Xuan Hai also claimed that he was innocent as a resolution of the board of directors had no principle for investments in ACB shares. Hai said he even strongly rejected the charge when the case was uncovered.

Hai also asked VietinBank to return ACB the VND718 billion appropriated by Nhu.

Source: SGT