Another banker detained in lending fraud probe at OceanBank

Thanh Nien News

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File photo shows customers doing business transactions at the Ocean bank in Hanoi. File photo shows customers doing business transactions at the Ocean bank in Hanoi.


Police on Thursday arrested a vice director of OceanBank in an extensive investigation in allegations of the lending violations committed by the Hanoi-based bank leaders.
Nguyen Xuan Thang, 36, who was in charge of managing major clients and strategic partners, is alleged of "seriously violating state regulations on economic management" and will be detained for four months, according to the police.
Investigators also conducted a house search following Tuan's arrest. 
The police has not disclosed much information related to the investigation, which was first known to the public last October when business tycoon Ha Van Tham was arrested following a central bank inspection that found "serious violations" in lending at OceanBank.

US-educated Tham, who was one of the country's richest men, was the bank chairman at that time. He was replaced by Nguyen Minh Thu who, in turn, was arrested in January for the investigation.
Nguyen Van Hoan, a deputy general director of OceanBank, has been also in police custody since December 22.
According to local media, among the alleged "lending violations" was Tham's approval of a VND500 billion ($23.5 million) loan to Trung Dung Company without proper collateral in 2012.
The Ho Chi Minh City-based private real estate company is likely to default on the loan.
The bank’s parent company, Ocean Group, which has interests in real estate, banking, securities, retail, media and hotels, has lost its value steadily since the arrest of Tham.

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