Court Jails 46 Bankers, Businessmen Over Multi-Million Dollar Lending Scam
The jail hosting these bankers should be one of the most popular vaults in the world.
The jail will play host to 46 former bankers and businessmen after a court in Vietnam convicted them of corruption on Monday.
AFP reports that the convicts were found guilty of perpetrating a multi-million-dollar lending scam spearheaded by the once-powerful chairman of Vietnam’s Construction Bank.
It is the latest in a series of major banking trials aimed at cleaning up the opaque sector long plagued by bad debts, corruption and nepotism.
Vietnam’s communist leaders have vowed to target the banking business as they wage a sweeping anti-graft campaign which observers say is unprecedented in its scope and scale.
The government said it is weeding out bad actors, while critics say it is also eliminating political foes in the process.
The latest bankers and executives jailed are accused of causing losses of more than $257 million in an elaborate lending scheme involving Vietnam’s Construction Bank, according to the official newspaper of the justice department of Ho Chi Minh City.
VNCB’s former head Pham Cong Danh was found guilty of overseeing an illegal lending scheme between VNCB, other allied banks and 29 private companies to which he had ties.
The companies were unable to repay the money and VNCB was eventually sold to the central bank for $0 in 2015.
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