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Specifically, Nguyen Minh Chuyen, former director of the Vietcombank branch in Can Tho, and two accomplices named Tran Anh Huy (former head of the Credit Unit) and Nguyen Huu Nghia (former bank officer) have been charged for violating regulations on credit lending, according to the Supreme People’s Procuracy.
|Vietcombank ex-branch director accused of swindling $64 million|
Between 2010 and 2014, Chuyen, Huy, and Nghia were known to sign off 57 credit agreements for more than 40 companies, causing the bank a total loss of $64 million. The trio forged loan documents and appraisal papers, then approved the credit agreements and disbursed the funds.
|To date, Vietcombank’s Tay Do branch has recovered a substantial amount of the lost money. In conjunction with the debt recovery activities, the branch has taken the initiative to make provisions for the losses that have not been recovered.|
A number of the employees of the 40 companies related to the case are also being prosecuted for misappropriation of assets.
According to Vietcombank, the unpleasant incident happened a few years back and via the bank’s internal control activities it was swiftly discovered and reported to relevant authorities.
Vietcombank has taken the appropriate measures to recover the assets lost and clarify the responsibilities of the individuals involved. The bank has also been working with the investigation body to resolve the case as soon as possible.
“To date, Vietcombank’s Tay Do branch has recovered a substantial amount of the lost money. In conjunction with the debt recovery activities, the branch has taken the initiative to make provisions for the losses that have not been recovered,” said a Vietcombank representative.