Home Business News Here’s why: Vietnam banker slapped with $700m fine

Here’s why: Vietnam banker slapped with $700m fine

by LLB Reporter
1st Jun 18 1:20 pm

Also gets 30-year jail term

A court in Vietnam has sentenced a former banking executive to 30 years in prison and ordered that she pay more than $700m in damages, according to Reuters.

71-year-old Hua Thi Phan had reportedly embezzled $278m from the Vietnam Construction Bank where she had been a senior board advisor. With the help of 27 accomplices, Phan abused her position at the bank to embezzle cash, with which she bought property in Vietnam’s business hub, that she later sold back to the bank at artificially higher prices, state media reported.

Yesterday, the court had ordered Phan to return the money and pay additional interest, compensation and fines totaling over $700m.

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