VietinBank managers fired for giant debt

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The leader of a VietinBank branch in the Mekong Delta has been dismissed, along with her two deputies, for allowing the bank to accumulate US$7.3 milion in long-term debt.


Vietnam Joint Stock Commercial Bank for Industry and Trade, or VietinBank, said on Friday that it had removed Tran Thi Phuong, director of the bank branch in Can Tho, and her deputies Tran Viet Hai and Thai Minh Toan, from their positions, according to news website VnExpress.


The officials had lent the bank's money to local seafood processor An Khang, Ltd., at Tra Noc 2 Industrial Zone. The company has thus far failed to return the debt and interest, now valued at a total of VND150 billion.


It was unclear when the debt accumulation had begun.


The borrower had mortgaged thousand tons of tra (pangasius) fillets and fish balls on stock, which were supposedly valueed at a total of more than VND90 billion, said the VnExpress report.


Phuong and her former deputies were responsible for the debt, according to the bank.


VietinBank has assigned Tran Van Chinh from Ho Chi Minh City as the bank's new interim manager.


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