The State Bank of Vietnam announced that operations at the Vietnam Construction Bank continue as normal after the police arrested members of the bank's top management.
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| Pham Cong Danh and Phan Thanh Mai |
On July 29, the Ministry of Public Security arrested three former officials of the Thien Thanh Group and Vietnam Construction Bank (VNBC). Pham Cong Danh, the former chairman, Phan Thanh Mai, the former general director and Mai Huu Khuong, a former board member now face criminal prosecution for deliberately violating state’s economic regulations, causing serious consequences.
At a press conference held on July 31, many reporters asked whether the State Bank of Vietnam knew about the wrongdoings at VNCB before the arrests were made. Nguyen Dong Tien, vice governor of the SBV, said they had noticed various irregularities at the bank and put it under special surveillance. The state bank will continue their monitoring of VNBC activities.
When the police arrested leaders of Vietnam Construction Bank, the SBV quickly assured depositors and prepared contingency plans. Tien said, "There was a spike in withdrawals, but it lasted only two days. Depositors' money is secure, and those who withdraw are simply losing out on interest."
Pham Cong Danh is also chairman of Thien Thanh Group, while Mai Huu Khuong and Phan Thanh Mai are members of the board of directors of the group. Thien Thanh Group has been the biggest share holder of VNBC since 2013.
According to the SBV, the accused were dismissed from their positions at VNBC on July 28. Police are now expanding the investigation.