After retirement, many big bosses still go to jail VietNamNet Bridge - In the last month, up to four former officials of state-owned corporations were arrested and prosecuted for their violations of the law when they were in office. Former boss of Intimex causes losses of nearly VND26 billion ($1.3 million) Recently, Mr. Nguyen Thang Long, former Chairman and CEO of Intimex Hanoi JSC was arrested for acts of willful contravention of State rules on economic management causing serious consequences. According to the investigation, when he was in office, Long used the name of Intimex Hanoi to sign three contracts to purchase tapioca with Phu Co., Ltd. (Hoa Binh Province) and Toan Nang Company (Phu Tho Province) with a total value of more than VND24 billion ($1.2 million). Intimex Hanoi transferred VND10.7 billion (over $500,000) in the account of Phu My Company. As Phu My did not deliver tapioca, Intimex Hanoi made two faked contracts of tapioca export to a foreign firm to legalize the amount of money that Intimex Hanoi had transferred to Phu My. So far, the VND10.7 billion transferred to Phu My has not been recovered. In addition, Long also instructed his inferiors to make forged coffee purchasing contracts to use the contracts as mortgage for loans from three banks totaling more than VND15 billion ($750,000). The loans were used to invest in real estate, causing losses for Intimex Hanoi. Former boss of seafood company causes losses of VND150 billion ($7.5 million) On 15/6/2013, Mr. Nguyen Huu Loc - former chairman of the East Sea Seafood Corporation was arrested on charges of "intentionally violating state regulations on economic management, causing serious consequences." During the time he served as Chairman of this company, his company got losses of up to VND150 billion. Long not only served as Chairman of the East Sea Seafood Corporation, but also held other positions such as Chairman of the Seafood Industrial JSC (Seameco), a member of the Management Board of West Sea JSC and Chairman of Aquafeed Mekong Delta Corporation. Long and his "co-workers" caused very serious violations. Specifically, Seameco transferred money to West Sea JSC and Aquafeed Mekong Delta by signing contracts selling materials for fish feed production but it did no report to the Management Board. Consequently, Aquafeed Mekong Delta currently owes Seameco VND113 billion but it has stopped operation for over one year and is fulfilling the bankruptcy procedures. In addition, the East Sea Seafood Corporation lent Seameco nearly VND21 billion ($1.1 million), but the loan process was incomplete and illegal. The current debt is not likely to be recovered. Loc and his subordinates also willingly reduced the state capital ratio from 59 percent to 46 percent in Seameco. The reduction of state capital reduced the state management power in the company. Consequently, this firm deviated from the strategy of the corporation, leading to many other serious violations. Former Deputy Director of Agribank branch arrested Earlier this month, Mr. Nguyen Van Loi - former Deputy Director of Binh Chanh District branch of Agribank (HCM City) and two other former officials of this branch – Ms. Tran Thi Hoang Yen and Ms. Nguyen Thi Thanh Nga were prosecuted for non-compliance with regulations, causing losses of more than VND12 billion ($600,000). According to Article 179 of the Penal Code, the three defendants were prosecuted on charges of "violating the regulations on lending activities of credit institutions." In 2009, Mr. Le Van Chuc (Director of Agribank Binh Chanh) signed a credit agreement to lend Thanh Phat Company (in District 6) more than VND19 billion ($1 million). In late 2012, Chuc died because of illness. When conducting the lending procedures, the three above officials did not comply with the provisions of the bank on project appraisal and loan collateral. Consequently, Thanh Phat Company was inability to pay the debt and Agribank Binh Chanh lost over VND12 billion. Former official arrested for helping SME’s scams On July 12, 2013, the police arrested and prosecuted Cao Tuan Nghia, former director of the UK Consulting JSC, for being suspected as an accomplice of the SME Company in the scams to appropriate tens of billions dong. Earlier, Phan Huy Chi, Chairman and CEO of SME, Pham Minh Tuan, Deputy Chairman of SME and three employees of SME were arrested to investigate the behavior of fraudulent appropriation of property. Nhi Anh