Eximbank capitalisation shrinks by $22 million in a single day

11:00 | 24/02/2018
After a branch leader embezzled funds from a client’s account, the EIB ticker of Eximbank decreased to VND15,800, despite the sharp increase of banking stocks.
eximbank capitalisation shrinks by 22 million in a single day
The ticker crashed after the $10.8 million embezzlement case went on trial

With this descent, Eximbank capitalisation was reduced to VND19.425 trillion ($856 million), down nearly VND500 billion ($22 million) in comparison to the session on February 22.

Several days ago, Le Nguyen Hung, former deputy director of an Eximbank branch in Ho Chi Minh City appropriated more than VND245 billion ($10.8 million) from Chu Thi Binh, a longtime client of the bank who used to be the richest woman on the stock market.

It is said that Binh is famous among Vietnamese entrepreneurs. She is currently the member of the Board of Management and deputy general director of Minh Phu Seafood Corporation (MPC) as well as the general director of Minh Quy Seafood Co., Ltd. She is wife to Le Van Quang, chairman of MPC, who is known as the “King of Shrimp” in Vietnam.

She holds 17.47 million MPC shares, equalling 24.96 per cent of the charter capital. Based on the February 23 stock price, MPC’s capitalisation is over VND101 trillion ($4.45 billion) and her assets on the stock market reached VND1.770 trillion ($78 million).

Her husband holds 15.9 million MPC shares, equivalent to VND1.621 trillion ($71.4 million), and her daughter holds shares worth VND320.5 billion ($14 million). This family is known as one of Vietnam’s most rich and powerful seafood entrepreneurs who always rank among the richest on the stock market.

Since the end of February 2017, suspecting that she is being cheated, she checked her savings account and found that VND245 billion ($10.8 million) missing. Meanwhile, during that month, Le Nguyen Hung, deputy director of a branch resigned from Eximbank and escaped from Vietnam.

Chu Thi Binh reported the issue to Eximbank and the C44 investigation agency. In early February 2018, the investigation agency has launched court proceedings against Eximbank’s Ho Chi Minh City branch for “appropriating property through swindling".

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By Nguyen Huong

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