ex. Game, Music, Video, Photography

Directors caught up in former bank chairman's $800 mln scam

One of Vietnam's biggest corruption cases included several individuals who helped syphon off millions.

Ngày đăng: 16 tháng 9, 2021
Cập nhật: 11 tháng 12, 2022
Lượt xem: 317766551
Nguồn: vnexpress

Former chairman of the Vietnam Construction Bank (CB) Pham Cong Danh was not alone in the "super-crime" case that lost the bank $404 million. Investigators have found that 17 directors also managed to embezzle $298 million.

With the alleged support of Thien Thanh Group’s directors, Danh (51) illegally withdrew large amounts of money using counterfeit documents and deposited them in three other commercial banks. The Ministry of Public Security said it was a "deliberate act against state regulations on economic management, causing serious consequences."

Vietnam Construction Bank's former chairman and other officials will go on trial from July 19 to August 18. Photo by cbbank.vn

Pham Cong Danh , former chairman of CB’s board, requested the group’s directors to deposit VND6.63 trillion ($298 million) in three other banks then guaranteed loans for Danh’s companies using the money as collateral.

As part of the expanded investigation, in which Pham Cong Danh was arrested in July 2014, the ministry’s investigation agency said it had issued a decision to take legal action against ex-officials from the bank. The charge is usually known as "breaching regulations on loan provision in the operations of credit institutions."

Regarding legal regulations, four members of the State Bank of Vietnam’s supervision board are alleged to have allowed Danh and his accomplices withdraw over $839 million. The bank was under special control of the SBV at that time and every transaction worth over $225,000 needed to be approved by the supervision board.

In 2012, the State Bank of Vietnam restructured Trust Bank and re-branded it as the Vietnam Construction Bank with the main focus on lending to the construction sector. It had a charter capital of $135 million and total assets of over $1.26 billion.

From December 2012 to March 2014, Danh also established a dozen affiliates under Thien Thanh Group to take out loans from the bank, using assets that had already been put down as collateral for loans from other banks.

In March 2015, the SBV acquired all CB's equity for $0 per share. “The acquisition is necessary to restore CB’s payment abilities in line with general efforts to create a healthier banking system,” former SBV Governor Nguyen Van Binh said at the time.

In the Committee’s review meeting on June 30 , Party General Secretary Nguyen Phu Trong, who is head of the Central Steering Committee for Corruption Prevention and Control said that the handling of the case must be comply with legal regulations and not be influenced by any organizations and individuals, to ensure that justice is executed.

Related news: 

TPP will help Vietnam combat corruption: Vietnamese official

Vietnam to investigate corruption investigators

Party General Secretary asks to accelerate investigation on key corruption cases


Từ vựng liên quan

Tin tức liên quan

 What does Biden presidency hold for Vietnam?
news 26/03/2021

What does Biden presidency hold for Vietnam?

news | 93486613

Vietnam’s geopolitical importance to the U.S. is only headed one way and that is upward amid the dramatic changes in its region, experts say.

Vietnam
business 16/09/2021

Vietnam's car sales jump 31 percent

business | 317276559

Industry insiders had anticipated the sharp sales increases due to a drop in the country's automotive tariffs.

 Virtual race to support Vietnam
sports 03/06/2021

Virtual race to support Vietnam's vaccine fund

sports | 215276591

Each participant in the "Run for Vaccine" virtual race will contribute VND100,000 ($4.35) to Vietnam's Covid-19 vaccine fund.

 Philippines says 220 Chinese militia vessels seen in disputed waters this month
news 24/03/2021

Philippines says 220 Chinese militia vessels seen in disputed waters this month

news | 67916594

The Philippines expressed concern about hundreds of Chinese military vessels it said were spotted this month in the South China Sea, the latest example of tension in the crucial waterway.

Obama presses China
world 24/09/2021

Obama presses China's Xi on South China Sea ahead of G20

world | 337026567

Obama wants to put a final stamp on his signature policy shift toward the Pacific.

Steelmaker Hoa Phat in the red after 13 years
business 06/11/2022

Steelmaker Hoa Phat in the red after 13 years

companies | 429056551

Leading steelmaker Hoa Phat made a loss of VND1.79 trillion ($73 million) in the third quarter, its first quarterly loss in 13 years.

Euro 2016 kicks off with Stade de France in white, red, yellow and blue
sports 07/09/2021

Euro 2016 kicks off with Stade de France in white, red, yellow and blue

sports | 243066578

This summer's soccer feast, Euro 2016 finally kicked off in style on Friday night at Stade de France. Right after the opening ceremony, the tournament's host France played their first match against Romania.

 Vietnamese keeper extends contract with Japanese club
sports 13/01/2022

Vietnamese keeper extends contract with Japanese club

football | 365646556

Cerezo Osaka has decided to extend its current contract with keeper Dang Van Lam until 2023.

 Technologies improve insurance experience
business 14/07/2021

Technologies improve insurance experience

business | 224936585

With virtual assistant application FPT.AI and akaAT for automatic product testing, FWD, an insurance company, has optimized operations and increased customer experience.

  Rubber industry faces uncertain profit prospect
business 28/09/2022

Rubber industry faces uncertain profit prospect

industries | 415876550

Rubber companies in Vietnam are facing a cloudy profit prospect for the remaining months as global demand falls and input costs surge.

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý
Loading…