https://vietnamnet.vn/en/phu-cuong-gold-company-director-sentenced-for-illegal-transfer-of-426-million-2395584.html

On the afternoon of April 26, the Hanoi People’s Court handed down the sentence to Nguyen Ngoc Phuong for two crimes: illegal cross-border transportation of goods and currency, and violations of regulations on banking operations and other activities related to banking.

In addition to a prison sentence of 14 years and 6 months, the Hanoi People's Court also ordered defendant Nguyen Ngoc Phuong, Director of Phu Cuong Gold Joint Stock Company, to pay over 31 billion VND (approximately $1.2 million) in principal debt and 11 billion VND (approximately $430,000) in accrued bank interest.

Other defendants involved in the case received sentences ranging from 24 months to five years in prison for charges including illegal cross-border transportation of goods and currency, violating banking regulations, forging seals and documents of agencies and organizations, and using forged seals and documents.

The court assessed that the defendants' actions were extremely dangerous, involving the illegal transfer of an especially large amount of money across borders, thus seriously infringing upon the state’s monetary policies.

Nguyen Ngoc Phuong was identified as the ringleader, directing other defendants within his company's "ecosystem" to illegally transfer funds and fabricate documents for bank loans.

The other defendants were determined to have acted as accomplices, assisting Phuong in the unauthorized transfer of funds abroad.

The court stated that strict punishment was necessary to serve as a deterrent. However, it also noted that the defendants had shown remorse, many were simply employees dependent on their jobs, some were young and inexperienced, and they committed the offenses mainly out of deference to Phuong’s directives.

According to the first-instance verdict, from 2014 to 2018, Phuong directed his employees to use seven domestic companies (including Phu Cuong, DPC International, Lang Nguyen, DPC Hanoi, Aqua-com, Dong Do) and three companies based in Hong Kong (China) to fabricate international payment documents, illegally transferring money abroad in 148 separate transactions through various credit institutions.

The total transferred amount exceeded $214 million (equivalent to more than 4.719 trillion VND).

In addition to transferring money out of Vietnam, Phuong also illegally transferred $212 million (equivalent to more than 4.773 trillion VND) from abroad back into Vietnam during the same period.

The court confirmed that Phuong played the leading role in orchestrating the illegal money transfers between Vietnam and Hong Kong (China), with the total sum transferred both ways amounting to $426 million (equivalent to more than 9.492 trillion VND).

To secure funds for the transfers, Phuong colluded with bank officials and directed employees to fabricate loan applications at various credit institutions, causing banks to suffer losses exceeding 42 billion VND (about $1.6 million).

During his testimony, Phuong admitted his crimes and could not hold back tears as he spoke of his family’s dire circumstances, with mounting debts, a wife who is currently wanted by authorities, and two children being cared for by their grandparents. He stated that his only aim was to find a way to sustain his business, which ultimately implicated many others.