Banking tycoon among dozens on trial in Vietnam for approving dodgy loans
Ex-chairman of Ocean Bank Ha Van Tham was one of Vietnam’s wealthiest men before his arrest
A former banking magnate and 50 others went on trial in Vietnam Monday over a multimillion dollar fraud at a major private bank, as the communist nation cracks down on corruption in the sector.
Authorities have vowed to clean up an industry plagued by favouritism and dodgy loans - part of a broader drive against corruption in the country.
Tham and 50 other bankers and businessmen, most of whom worked at Ocean Bank, face various charges related to the illegal loans in the 20-day trial that opened Monday.
Some face the death penalty, according to the lengthy indictment.
The trial involves a record 50 defence lawyers and more than 700 witnesses, and is the second time the accused have appeared after a March trial was postponed for further investigation.