Can Tho businesses bribe bank employees to obtain easy loans: police

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Many enterprises in Can Tho City have bribed bank employees in order to obtain loans easily, a police official says.

They have paid between five and ten percent of the loans for faster procedures and easy assessment of their assets to secure the loan, Lieutenant Colonel Nguyen Thanh Xuan of the city's Police Department told a recent meeting with the National Assembly's Judicial Committee.

"Many bank employees are involved in this crime. They did not assess the mortgaged assets properly, and the banks have suffered as a result," Tuoi Tre quoted Xuan as saying.

Xuan also said some bank employees illegally used registration documents of already secured assets to grant loans to other businesses and individuals so as to earn more bribes.

Meanwhile, the government is looking to ease access to credit as a measure to cope with the economic downturn. The central bank has cut interest rates five times this year and ordered commercial lenders to lower rates and offer loans to strategic sectors.

On July 7, central bank Governor Nguyen Van Binh said lenders must cut rates on existing loans to below 15 percent.

More than VND300 trillion has been injected into the economy, mostly into the banking system.

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Former state bank governor Cao Sy Kiem said that not many enterprises have been able to obtain loans despite these measures.

He said around 40 percent of enterprises nationwide, equal to around 250,000 companies, have been able to obtain loans when the interest rate was 17 percent.

Many enterprises doubt if the actual interest rate would go down to 15 percent or it would just appear on the contract, with the firms having to pay extra money to obtain the loan, he said.

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