16 VNCB Bank staff members prosecuted

The Investigative Police Department under the Ministry of Public Security announced on November 1 the decision to launch criminal proceedings against 16 former staff members of the Vietnam Construction Bank (VNCB) to inquire into derogation at the bank.

The Investigative Police Department under the Ministry of Public Security announced on November 1 the decision to launch criminal proceedings against 16 former staff members of the Vietnam Construction Bank (VNCB) to inquire into derogation at the bank.

After extending the investigation of the case concerning Pham Cong Danh, who is the former Chairman of VNCB Board of Directors, Chairman of Member Board and General Director of Thien Thanh Group, the Investigation Police Department implemented a search-warrant for the 16 individuals on October 23. They were also restricted from leaving their places of residence.

Accordingly, Pham The Tuan, former deputy head of the VNCB’s supervisory group and member of the VNCB’s Member Board, was prosecuted with ‘negligence of responsibility causing serious consequences on economic management’.

Le Cong Thao, former Director of the VNCB’s Centre of Information Technology was prosecuted with ‘deliberately acting against the State’s regulations causing serious consequences’.

14 other individuals were prosecuted for ‘violating State regulations on lending in the operation of credit organisations’.

On July 17, 2015, the police affirmed they had sufficient evidence to prove that from December 2012 to March 2014, Pham Cong Danh directed his staff to withdraw over VND 18.41 trillion (roughly US$876 million) from VNCB for his private use.