Bau Kien: Once illustrious, fell off his horse in old age, is in prison for 30 years still owns nearly 3000 billion VND

Holding in the hands of many banks, tourism businesses and leaving a strong impression in the field of football, Nguyen Duc Kien (ie Bau Kien) is a name that always attracts public attention every time it is mentioned.

Famous for a time

Mr. Nguyen Duc Kien (also known as Bau Kien, born in 1964) grew up in Hanoi. In 1980, he passed the entrance exam to the Military Technical University (now the Military Technical Academy) then went to study in Hungary to study military communications. After returning to Vietnam, he worked in the textile industry for 8 years before joining the banking sector.

He used to be a member of the Founding Board of Asia Commercial Joint Stock Bank (ACB). In addition, Mr. Kien is also the former Chairman of ACB Sports Company, former Chairman of Thien Nam Company, former Vice Chairman of Cho Lon Tourism Joint Stock Company, former Chairman cum General Director of Asia Financial Group JSC, former Vice Chairman of Vietnam Professional Football JSC, etc former chairman of Hanoi Football Club.

In addition to the information that he is a "giant" in the banking sector when holding shares of many large and small banks, Kien is also a name mentioned a lot in the field of football with many shocking statements and actions.

It is worth mentioning that his speech on the organization of the Vietnam Football Federation (VFF) caused "shock" in the football world because there was no precedent before. After that, he came up with the idea of establishing a professional football league called Super Liga with top clubs in Vietnam. He also "demanded" to reform the organizing committee and the leadership of Vietnamese football, specifically the negatives about referees in the V-League...

"Sawing down" Miss Foreign Language School

It can be said that for Kien, for many years of rolling around in the market, m.oney and status are redundant, but only his family with Mrs. Dang Ngoc Lan (Kien's wife, born in 1972, used to be Miss University of Foreign Languages) and his children are the most valuable assets he has.

In the early 90s, Ms. Dang Ngoc Lan used to model for photographer Mai Nam. Not only possessing a striking appearance and younger than her real age, Ms. Lan is also respected by many people for her talent.

Besides her husband, Lan also held the 4th position in the top 10 richest women in the stock market. At one point, Lan was even the 21st richest person on the stock exchange with ACB shares worth more than VND 740 billion.

In the past, when Kien was still in office, acquaintances often saw the couple going to concerts at the Opera House, or Kien passing his wife on motorbikes, although expensive cars were not rare at home. The two were always like young couples, more romantic than young couples.

Falling off a horse

In 2012, Kien's election shocked public opinion. And after a period of detention, elected Kien to stand trial on 4 charges: Illegal business; intentionally contravening the State's regulations on economic management, causing serious consequences; fraudulent misappropriation of property and tax evasion.

Regarding illegal financial business acts, through Nguyen Duc Kien's B&B Trading Joint Stock Company. According to the indictment, from May 15, 2007 to August 3, 2012, Nguyen Duc Kien approved 6 companies of which Kien was the Chairman of the Board of Directors/Chairman of the Members' Council to do financial business and illegal gold trading with an amount of more than VND 21 billion.

For tax evasion: In 2009, B&B Company executed entrustment orders for ACB Bank to buy and sell gold with a profit of more than VND 100 billion, but only by signing a financial investment trust contract No. 010109/UTCT dated 25/12/2008 and an annex to the contract, B&B company has transferred all business profits of the company's gold status to other beneficiaries so as not to pay corporate income tax in the amount of more than VND 25 billion.

Regarding the act of misappropriating assets, Kien instructed his subordinates to make minutes of the Board of Directors meeting and the decision of the Board of Directors expressing the policy of the Board of Directors of the company to sell 20 million shares to Hoa Phat Steel Co., Ltd., for VND 264 billion, despite these shares being mortgaged to ACB.

For the act of intentionally violating the State's regulations on economic management causing serious consequences, taking advantage of being a major shareholder, Vice Chairman of the Founding Council of ACB Bank, Nguyen Duc Kien directed his subordinates to withdraw m.oney from the bank to invest in backyard companies of which the defendant is the Chairman of the Board, BOD, thereby carrying out illegal business acts (with the trick of using bond issuers to sell to the Bank).

After a first instance trial (9/6/2014) and appeal (15/12/2014), Nguyen Duc Kien was sentenced to 30 years in prison.

Including 20 months in prison for Illegal Business; 6 years and 6 months in prison for tax evasion, imposing additional penalties of more than VND 75 billion; 20 years in prison for Fraudulent misappropriation of property, an additional fine of VND 100 million; 18 years in prison for intentionally contravening the State's regulations on economic management causing serious consequences, banned from holding positions related to banking activities for 5 years.

The economic case that occurred at ACB bank led by Mr. Kien was assessed as a particularly serious case, which was included in the case by the Central Steering Committee for Anti-Corruption.

Thinking that this will be the "end" of this giant, but up to now, Bau Kien still owns a "huge" fortune of up to VND 2,915 billion on the stock exchange despite serving a prison sentence. This number is enough for him to register in the 40th position of the list of rich Vietnamese securities.

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