Real estate tycoon Phan Van Anh Vu faces a life sentence after being charged with abusing his position to appropriate property in Dong A Bank case. Phan Van Anh Vu The investigation department at the Ministry of Public Security said on June 17 that they had transferred the case to the Supreme People's Procuracy to prosecute Tran Phuong Binh, former general director of Dong A Bank, and 20 accomplices. Nguyen Thi Ngoc Van and Nguyen Thi Kim Xuyen, former deputy general directors of Dong A Bank, and former heads of transaction offices were also prosecuted for violating management regulations. Phan Van Anh Vu, former chairman of Bac Nam 79 Construction JSC and who bought Dong A Bank shares, was proposed life sentence. According to the investigators, Binh's directives and violations are the main reason why Dong A Bank incurred VND31trn (USD1.24bn) in losses and a negative equity of VND25.45trn. Xuyen manipulated Sao VN Company, Ninh Thinh Company and five individuals to withdrew … [Read more...] about Real estate tycoon faces life sentence over Dong A Bank losses
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Investigation of billion dollar appropriation at Dong A Bank continues
The Supreme People’s Procuracy has just returned the documents of the case of “abusing trust to appropriate property” and “intentionally violating regulations on economic management causing serious consequences” at Dong A Bank (DAB) to investigate violations causing a loss of VND3.4 trillion ($150 million), and the involvement of Phan Van Anh Vu. The case of billion-dollar appropriation at Dong A Bank continues to be investigated Earlier, the investigation agency concluded that Tran Phuong Binh (former general director of Dong A Bank) directed all activities of funding and investment at Dong A Bank and abused customers’ trust to appropriate property, causing a loss of VND3.405 trillion ($150 million). The conclusions pointed out that Dong A Bank’s accumulated losses were VND31.075 trillion ($1.37 billion) and equity capital was negative VND25.451 trillion ($1.12 billion), while total assets at the time of the violations were only … [Read more...] about Investigation of billion dollar appropriation at Dong A Bank continues
Vu ‘Nhom’ and Tran Phuong Binh losing $8.8 million of Dong A Bank
The investigation agency has determined that VND200 billion ($8.8 million) out of the VND600 billion ($26.4 million) Vu “Nhom” used to purchase Dong A Bank shares existed only on falsified documents by Tran Phuong Binh. Tran Phuong Binh and Phan Van Anh Vu worked together to cause a loss of $8.8 million to Dong A Bank The investigation agency under the Ministry of Public Security (MoPS) has just announced the conclusions to transfer the case of ‘intentionally violating regulations on lending’ at Dong A Bank (DAB) to the Supreme People’s Procuracy of Vietnam to prosecute Tran Phuong Binh (former general director of Dong A Bank) and 20 others. The agency also confirmed that Binh’s violations involved Phan Van Anh Vu (also known as Vu “Nhom”), who will be persecuted for deliberately disclosing state secrets, tax avoidance, and abusing his position and authority. Using DAB’s money to purchasing DAB stocks Newswire Tuoitre … [Read more...] about Vu ‘Nhom’ and Tran Phuong Binh losing $8.8 million of Dong A Bank
Vietnam guarantees business as usual for Dong A Bank as former CEO’s prosecution looms
Vietnam's central bank said on Wednesday that possible prosecution of former Dong A Bank CEO Tran Phuong Binh will not affect the bank's operations and the lender will be restructured in line with regulations. “The State Bank of Vietnam does not plan to acquire the bank at zero dollar or let it go bust,” Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s branch in Ho Chi Minh City, told VnExpress, dismissing rumors of the acquisition. The Ministry of Public Security has finished its investigation into monetary violations at Dong A Bank and transfered the case to prosecutors to impose criminal charges on Binh and 21 others. He was accused of abusing his power in multiple business ventures, causing losses worth VND3.5 trillion ($153.65 million) to the bank. Binh, 59, was arrested in December 2016. The state bank in August 2015 suspended Binh and Nguyen Thi Ngoc Van, former deputy general manager of Dong A Bank, for alleged violations in financial … [Read more...] about Vietnam guarantees business as usual for Dong A Bank as former CEO’s prosecution looms
Business as usual for Dong A Bank after former CEO prosecuted
Vietnam's central bank said on Wednesday that the prosecution of former Dong A Bank CEO Tran Phuong Binh will not affect the bank's operations and the lender will be restructured in line with regulations. “The State Bank of Vietnam does not plan to acquire the bank at zero dollar or let it go bust,” Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s branch in Ho Chi Minh City, told VnExpress, dismissing rumors of the acquisition. The Ministry of Public Security has finished its investigation into monetary violations at Dong A Bank and prosecuted Binh and 21 others. He was accused of abusing his power in multiple business ventures, causing losses worth VND3.5 trillion ($153.65 million) to the bank. Binh, 59, was arrested in December 2016. The state bank in August 2015 suspended Binh and Nguyen Thi Ngoc Van, former deputy general manager of Dong A Bank, for alleged violations in financial management and lending at the bank. Binh was appointed as the … [Read more...] about Business as usual for Dong A Bank after former CEO prosecuted