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Vietnam banking tycoon given 30-year jail term

Published on Jun 9, 2014 6:36 PM
 
Former Vietnamese banking tycoon Nguyen Duc Kien (C), 50, stands listening to the verdict read at the Hanoi People's Court on June 9, 2014. 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. -- PHOTO: AFP

HANOI (AFP) - 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.

Kien - a shareholder in some of Vietnam's largest financial institutions and a founder of Asia Commercial Bank (ACB) - and his accomplices were accused of causing losses of US$67 million (S$ 83 million) through illegal cross-bank deposits and investments.

He denied the charges against him, but was imprisoned for three decades and handed a 75 billion dong (S$ 4.3 million) fine.

 
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