Vietnam court says tycoon must repay embezzled billions to avoid execution
A Vietnamese court has ruled that a prominent businessman must repay billions of dollars he embezzled from state-owned banks to avoid execution. Pham Cong Tac, 55, was found guilty of embezzling 10.4 trillion dong (approximately $446 million) from the Vietnamese Bank for Agriculture and Rural Development and the Vietnam Joint Stock Commercial Bank for Industry and Trade.
Tac’s lawyer had argued that he should be spared the death penalty due to his cooperativeness with investigators and his willingness to repay the stolen funds. The Hanoi People’s Court ruled that Tac must repay the full amount he embezzled within five years to avoid execution.
The court also sentenced Tac’s wife, Tran Thi Que, to 20 years in prison for her involvement in the embezzlement scheme. Tac and his wife were arrested in 2016 and later charged with embezzlement and abuse of power.
Tac’s case is considered one of the most serious corruption cases in Vietnam’s history, and his trial has been closely watched by the public and the business community. The ruling has been seen as a blow to Vietnam’s business community, which has been trying to recover from a corruption scandal that has led to widespread criticism of the country’s government.
Tac’s lawyers have vowed to appeal the ruling, citing unfair trial procedures and lack of evidence. However, experts say that the court’s ruling is likely to stand due to the overwhelming evidence of Tac’s guilt and his refusal to cooperate with investigators.
The case has sparked widespread outrage in Vietnam, with many calling for severe punishment for those involved in the embezzlement scheme. The government has vowed to crack down on corruption and ensure that those responsible are held accountable for their actions.
