Former Agribank CEO arrested for ‘wrongdoings’

VietNamNet Bridge – Pham Thanh Tan, former CEO of Vietnam Bank for Agriculture and Rural Development (Agribank), the local largest state-owned bank has been arrested on vague charges of ‘wrongdoings’, an official has said.

Pham Thanh Tan was former CEO of Agribank.

Pham Thanh Tan was former CEO of Agribank.

Minister of Public Security Tran Dai Quang made the announcement at the National Assembly’s meeting yesterday morning, January 23.

Tan was arrested for “lacking of responsibility, causing serious consequences”, Quang noted.

Tan acted as Agribank CEO for over two years. He left his post in July 2011 to take a position at the State Bank of Vietnam (SBV)’s office.

There were several rumours that Tan had been arrested in 2012 but this is the first time the rumour had been officially confirmed.

In the last months of 2012, high-ranking Agribank staff were continuously changed.

In November 2012, Trinh Ngoc Khanh was appointed Deputy General Managing Director to replace Kieu Trong Tuyen. Currently, Tuyen is Agribank’s Deputy General Director.

In October 2012, the SBV decided to appoint a new member to Agribank’s Board of Directors, Nguyen Minh Tri who was Chairman and CEO of the Saigon Jewelry Company Limited (SJC) cum Chairman of Agribank Leasing Company No. 2.

At the same time, Agribank appointed two new deputy General directors who were Tiet Van Thanh, chief of Agribank’s southern representative office, and Nguyen Tuan Anh, Director of Agribank My Dinh.

According to information on its website, Agribank has yet to select anyone as CEO to date.

Agribank is Vietnam’s largest bank in terms of assets in Vietnam, at over VND560 trillion (USD26.8 billion). Its capital is estimated to total over VND540 trillion (USD25.8 billion) and its total outstanding loans stand at VND480 trillion (USD23 billion).

Source: DTriNews