Select a page

Banking News

Vietnamese banker executed over fraudulent loans

Vietnamese banker executed over fraudulent loans

(Vietnam) A Vietnamese banker has been executed by firing squad for his role in fraudulently obtaining government loans worth US$200 million, according to English language, state-run daily Vietnam News. The execution of the banker and another businessman involved in the deal was carried out in Ho Chi Minh City after Vietnam’s President Tran Duc Luong rejected appeals for clemency.

The men were found guilty of overvaluing properties and forging contracts to obtain state loans over a period of ten years. Three others are also implicated in the deal.

Also in Vietnam, the country’s central bank has told banks to maintain strict control over credit quality after a 15 percent increase in loans for the first half of 2003.

State Bank of Vietnam Governor Le Duc Thuy told Vietnam News that he was worried about banks making loans for "unviable projects".

The State Bank estimates that problem loans amount to more than US$1billion.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.