On June 30, 2017, Sacombank’s annual
shareholders’ meeting for the 2016-2017 fiscal year elected the board of
directors and supervisory board for 2017-2021 with Duong Cong Minh elected as Chairman
of the board of directors.
The press release said Minh is leading
Sacombank through a banking restructuring scheme approved by the SBV with several
major plans, such as reshuffling apparatus and personnel, improving business
operations, handling and recovering bad debts, managing expenses and reforming
business procedures and ensuring safety and sustainable development.
Sacombank said it is operating normally and
recording stable growth. In the first seven months of the year, the bank
mobilised more than 326.6 trillion VND (14.37 billion USD), a year-on-year rise
of 8 percent, and lent 218.5 trillion VND (9.61 billion USD), a yearly increase
of 12.2 percent. Its accumulated profits in the first seven months reached 586
billion VND (25.78 million USD), surpassing the yearly target by 29 percent.
The Police Department for Investigation of
Economic and Corruption-related Crimes on August 1 launched criminal
proceedings against and detained Tram Be and Phan Huy Khang.
Allegedly, Tram Be colluded with Pham Cong Danh
and accomplices in using money from Sacombank to guarantee and pay off the
debts of six companies set up by Danh, causing losses of more than 1.8 trillion
VND (79.25 million USD) for VNCB.
In April 2013, Danh asked Tram Be to lend him
money to pay off debts the six companies had incurred. Tram Be agreed to loan
Danh 1.8 trillion VND from Sacombank, with VNCB’s deposits in Sacombank used as
collateral.
Later, Tram Be took Danh to meet Phan Huy Khang to
complete loan procedures.
On April 26, 2013, 1.8 trillion VND was
transferred to Danh’s account. A day later, he used 1.7 trillion VND to pay off
debts to the Bank for Investment and Development of Vietnam (BIDV). Danh kept
the remaining money in his personal account.
As Danh’s companies failed to pay off their
debts to Sacombank, Sacombank took 1.8 trillion VND and 35 billion VND in
interest from VNCB’s deposits.
On February 24, 2017, the SBV announced that it
had terminated Tram Be’s roles at Sacombank.-VNA