Sunday, December 11, 2016

DongA Bank former CEO arrested for ‘mismanagement’

Former managing director of the DongA Joint Stock Commercial Bank,Tran Phuong Binh, his deputy Nguyen Thi Ngoc Van and three others were arrested for “violating laws on financial and banking activities”, according to a statement from the bank on Saturday.

File photo. Tran Phuong Binh speaks at a meeting of DongA Bank in July 2015. Photo by Dtinews
The statement did not elaborate on what crimes the five are accused of, but state-run Thanh Nien newspaper said Binh is suspected of causing major financial losses as a result of poorly managed loans.
All five were originally dismissed in August 2015, Dong A Bank’s statement added, when the bank was put under special supervision for suspected illegal activities, according to reports.
Dong A Bank, one of the country’s smaller banks and based in Ho Chi Minh City, was established in 1992 and lists the city’s communist party office as one of its major shareholders.
Vietnam has shown strong economic performance in recent years, with GDP growth hitting 6.4 in the third quarter of this year.


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