Third leader of bank detained over fraudulent lending.
Ms. Nguyen Minh Thu, former General Director of the Dai Duong Commercial Joint Stock Bank (Ocean Bank) was arrested by police on January 28.
The arrest of Ms. Thu, 42, the next step in an investigation into violations of regulations in lending activities at the Hanoi-based Ocean Bank, concerns her involvement in unlawful lending uncovered at the bank late last year, according to police.
Ms. Thu was elected to replace Mr. Ha Van Tham as the bank’s chairman in late 2014 and resigned two months later. Following her arrest on December 28 the board of directors at Ocean Bank held an extra-ordinary meeting to elect Ms. Dao Thi Thuy, an independent board member, to replace her.
Mr. Nguyen Van Hoan, 38, the founder of the bank’s lending council, and Mr. Tham, 43, were arrested on charges of breaching lending regulations pursuant to Article 179 of the Penal Code.
The State Bank of Vietnam has said it had found Mr. Tham committed many serious illegal acts during the implementation of a project to re-organize credit organizations.
One of his alleged offenses was that he decided to unlawfully provide loans worth hundreds of billions of dong to the Ho Chi Minh City-based Trung Dung Trading and Service One-Member Co. Ltd. Mr. Hoan was found to have actively assisted Mr. Tham in the illegal lending, investigators said, adding that Ocean Bank has been unable to recover these loans.
Ms. Thu had been the chief executive officer of Ocean Bank and a member of the bank’s board of directors since 2011.