Eximbank shareholders infuriated at slow response to crises

12:44 | 29/04/2018
At its annual shareholders' general meeting on April 27, the troubled Eximbank held its ground that it must wait for the official court ruling before returning depositors’ stolen money. Several shareholders have expressed their disappointment with the bank.
eximbank shareholders infuriated at slow response to crises
Eximank's 2018 annual general shareholders' meeting was full of conflict

In particular, Eximbank said at the meeting that it is working closely with regulators to prosecute the dishonest bankers. However, despite protests from Chu Thi Binh, the female billionaire who lost $10.8 million of her savings at Eximbank, the bank still refused to reimburse her and repeated that it must receive official court orders first.

As in the case of six customers in Nghe An province who collectively lost $2.2 million of their savings, Eximbank said it has postponed a court meeting yesterday to focus on the AGM. The decision has been met with opposition from the customers and their lawyers who argued that the case is not related in any way.

At the meeting, Eximbank CEO Le Van Quyet said the bank will “try its best to stand beside the customer and solve all issues according to the law.” According to the CEO, in response to the scandals, Eximbank has revamped its security system, re-installing the fingerprint identification step and rotating branch leaders to prevent wrongdoings.

However, the shareholders at the meeting remained vocal about their disappointment. An 85-year-old shareholder said the bank’s inadequate response to crises has tainted its reputation and passed the burden to shareholders. Another investor wanted the board to resign and take full responsibility for their actions.

“What were you doing when your employees embezzled the funds? How can you ask shareholders to pay for such a serious oversight on your part?” a shareholder questioned the board.

CEO Quyet repeated that the bank has detected the wrongdoings at the early stages and immediately notified customers afterwards. He confirmed that Eximbank has conducted a thorough system-wide check and strengthened its security. No further explanation was given to shareholders.

In the meeting, former CEO of Nam A Bank Luong Thi Cam Tu was elected as a new board member. Three other nominees have dropped out of the race yesterday “due to personal reasons.”

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By Nam Phuong

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