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Tuesday, June 25, 2024

SBV’s former senior supervisor prosecuted

The Saigon Times

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HCMC – Do Thi Nhan, former chief of the Inspectorate and Supervision Department II under the State Bank of Vietnam, has been charged with involvement in the Van Thinh Phat fraud case.

Nhan was accused of abusing power while performing official duties, Major General Nguyen Van Thanh, deputy head of the Investigative Police Department for Corruption, Smuggling and Economic Crimes (C03) under the Ministry of Public Security told a press conference this afternoon, March 28.

C03 has also filed charges against four individuals from the central bank’s Inspectorate and Supervision Department II.

Investigation results showed that Nhan and other inspectors had reported untruthfully to the central bank’s leaders about their inspection results, leading to delayed supervision and violation handling at the Saigon Commercial Bank (SCB).

Nhan had not served as head of the Inspectorate and Supervision Department II since May 2020 when she was reassigned to a position as a member of the board of a large state-owned bank.

Currently, the police have filed charges against 32 individuals in two cases related to the Van Thinh Phat Holdings Group’s alleged bond fraud.

The first four individuals prosecuted on October 7, 2022 were Truong My Lan, founder and chairwoman of Van Thinh Phat Holdings Group Corporation; Truong Hue Van, general director of Windsor Property Management Group Corporation; Nguyen Phuong Hong, an assistant at Van Thinh Phat Holdings Group Corporation; and Ho Buu Phuong, former board chairman at Tan Viet Securities Joint Stock Company and former deputy general director for finance at Van Thinh Phat Holdings Group Corporation.

Lan and the accomplices allegedly committed fraud in the issuance and trading of corporate bonds in order to appropriate thousands of billions of Vietnamese dong from investors in the 2018-2019 period.

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