Lending firm’s former employees sentenced for extortion

Former F88 employees receive prison sentences of one year and five months to four years and six months for extortion at the HCM City People’s Court on Wednesday. — VNA/VNS Photo

HCM CITY — The HCM City People’s Court has sentenced seven former employees of a Hà Nội-based lending firm to prison terms ranging from one year and five months to four years and six months for extortion.

The court on Wednesday found that the former employees of F88 Investment JSC (F88), Việt Nam’s largest pawn shop operator, sent threatening messages to hundreds of thousands of customers to coerce debt repayments.

One of them harassed a female debtor by repeatedly contacting her and even following her daughter to school to intimidate the mother.

During the proceedings, the defendants, all of whom reside in HCM City, admitted their wrongdoing and sought leniency, citing financial pressures.

In March last year, police raided the lending firm following public complaints, uncovering evidence of extortion in its debt collection practices.

F88, which is seeking a US$1 billion valuation in its upcoming initial public offering, last year received $50 million in funding from Mekong Capital and the Việt Nam-Oman Investment Fund.

Established in 2013 and headquartered in Hà Nội, F88 operates at over 800 locations nationwide. — VNS