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Friday, October 22, 2021

Politburo gives disciplinary warning to former SBV governor

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HCMC – The Politburo has given a disciplinary warning to Nguyen Van Binh, Politburo member and head of the Party Central Committee’s Economic Commission, for the violations he committed while serving as governor of the State Bank of Vietnam (SBV) between 2011 and 2016.

According to the Politburo, Binh was responsible for the issuance of documents that went against the regulations, leading to violations and wrongdoings in handling bad debts and thus causing losses to the state budget.

He also broke the rules to approve a resolution allowing the Vietnam Construction Bank to receive a zero-interest loan without any collateral.

Moreover, Binh took responsibility for the SBV’s wrongdoings in permitting the Thien Thanh Group to buy stakes in Dai Tin Bank, approving Pham Cong Danh as a candidate on the Vietnam Construction Bank’s Board of Directors and failing to impose special control over the bank.

The former SBV governor violated the principle of democratic centralization and working regulations as he failed to report major and important issues to the competent authorities. He improperly implemented the prime minister’s direction on the compulsory purchase of three banks for zero dong, thus violating the authority principle.

The Politburo noted that Binh’s violations and shortcomings are serious, causing public concern and adversely affecting the reputation of the Party and the SBV.

The Communist Party of Vietnam has four modes of punishment against its members, including reprimanding, warning, demoting and expelling.

Binh, 59, began to work at the SBV in 1986. He was appointed as SBV deputy governor in 2008 and then governor in 2011.

A week ago, the Party Central Committee’s Inspection Commission proposed the Politburo discipline Nguyen Van Binh for his serious violations during his five-year stint as governor of the SBV, the country’s central bank.

By Dung Nguyen

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