Former Vietnamese bank boss arrested

HO CHI MINH CITY, Jan. 11 (Xinhua) — A former chairman of the executive board of a Vietnamese bank has been arrested on charges of involving in lending wrongdoings, local media reported Wednesday.

Hoang Van Toan, former chairman of Dai Tin Bank, or Trustbank (formerly Vietnam Construction Bank), was arrested by local police on Tuesday, online newspaper VnExpress reported.

Toan and some other members of the executive board have been accused of violating lending regulations, causing losses of hundreds of millions of U.S. dollars.

In September 2016, the Ho Chi Minh City People’s Court handed down an 18-year imprisonment sentence on Pham Cong Danh, 51, the Vietnam Construction Bank’s former chairman for intentionally acting against the state’s economic management regulations, resulting in serious consequences.

The court also handed down a 20-year imprisonment sentence on him for violating lending regulations in operations of credit institutions.

Among the economic loss of 9,000 billion Vietnamese dong (over 400 million U.S. dollars) that Danh and his accomplices caused to the bank between 2012 and 2014, some 6,000 billion Vietnamese dong has been retrieved, said the court.

Source: Fresh News – Former Vietnamese bank boss arrested