More officials arrested for violations at DongA Bank

Former Deputy Director of DongA Joint Stock Commercial Bank (DongA Bank), Nguyen Thi Kim Xuyen, and several other officials of the bank have just been arrested according to the Ministry of Public Security. Xuyen was arrested on April 22 and will soon be prosecuted with two charges including misappropriating state assets, and intentionally violating state regulations on economic management and causing serious consequences, a ministry source claimed. Xuyen’s home and office were also searched the same day. Three of Xuyen’s staff including Nguyen Duc Tai, former director of Dong A branch, Nguyen Van Thuan, former deputy director of Dong A branch and Tran The Hung, former cashier have also been arrested and prosecuted for intentionally violating state regulations on economic management that caused serious consequences. According to the ministry’s investigation team, Xuyen caused losses of over VND350 billion (USD15.44 million) to the bank. Nguyen Thi Kim Xuyen, 59, was suspended in September 2015, one month after the bank’s former CEO, Tran Phuong Binh and another deputy director, Nguyen Thi Ngoc Van were suspended following the state bank’s discovery of violations in financial management, lending and other business activities which seriously affected the bank’s financial situation and operations. Binh and Van were arrested and prosecuted last December with two charges including intentionally violating state regulations on economic management that caused serious consequences, and violating regulations on lending at credit institutions. The bank has since been put under special monitoring while the state bank carried out a restructuring into its organisation and… [Read full story]