Hanoi, April 17 -- Ho Chi Minh City (VNA) - The Ho Chi Minh City People's Court on April 17 opened a first-instance trial against Nguyen The Binh and co-defendants over lending violations that inflicted losses of more than 1 trillion VND (38.4 million USD) on the state budget.

According to the indictment from the municipal People's Procuracy, the case stems from activities between 2007 and 2010 at an Agribank branch in Ho Chi Minh City. The defendants allegedly exploited their positions and loopholes in appraisal and approval processes to legitimise loan applications, inflate collateral values, and approve disbursements in violation of regulations.

Binh, serving as acting general director of Agribank, is accused of abusing his authority...