11 face charges for appropriating $37.34 mln in loan scam

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Vietnamese investigators proposed Tuesday that 11 people be charged with "abuse of power" for pocketing VND785 billion (US$37.34 million) in a loan scam at the Vietnam Bank for Agriculture and Rural Development (Agribank).

Among the suspects were seven former officials of the Ho Chi Minh City-based Agribank Financial Leasing Company No.2, including Vu Quoc Hao, former director general of the company, according to investigators from the Ministry of Public Security's embezzlement department (C48).

Four others, meanwhile, were the leaders of four companies accused of cooperating with the officials in the scam.

According to C48 investigators, when Hao was at helm of the company at the end of 2008 and beginning of 2009, he and his accomplices faked 10 lending contracts to pocket the money.

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The company was established to lend capital for the purchase of equipment and making other technical investments.

Earlier state auditors concluded that in 2009, ALCII had lost VND3 trillion ($143.4 million), 8.5 times its chartered capital, due to various violations in capital management and mobilization. 

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