Banker detained for VND40 bln in bad debts

TN News

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Police in southern Vietnam's Dong Thap Province on Sunday detained a local bank official who has been accused of misappropriating more than VND17 billion (US$830,000) from his loaners.

Nguyen Huu Quang, the director of a transaction office of the Housing Development Bank in Lap Vo District, later confessed to investigators that he had borrowed more than VND40 billion from many people but is now unable to pay the debts.

Quang, 35, who lived in Cao Lanh Town, had been in the position since 2006 and rated as a highly capable employee. He did not show up to his office or home earlier last week, leaving a text message saying "Farewell my dear" to his wife.

Quang, however, returned home late last week where he was arrested.

According to the police, 10 people in Lap Vo District have accused Quang of not paying debts of up to VND17 billion.

According to some newspaper reports, Quang had borrowed from people at an interest rate as high as 6 percent per day.

Tuoi Tre newspaper quoted Quang's wife, Truong Thi Bich Tuyen, as saying that it was rumored that Quang had gone to Cambodia to gamble.

People in the neighborhood also said they saw cars with Cambodian license plates parking in front of Quang's house.

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