The Ministry of Public Security announced Tuesday that they've launched investigations into three former senior officials at Bao Viet Holdings, Vietnam's top insurer, for alleged misconduct which resulted in a VND4.5 billion (US$213,472) loss to the State.
Tran Trong Phuc, 53, the former CEO of Bao Viet Holdings and also CEO of Bao Viet Insurance, a subsidiary of Bao Viet Holdings, Ta Van Can, 52, former chief accountant of Bao Viet Insurance and Tran Minh Thai, 39, former accountant at Bao Viet Insurance are under investigation for “irresponsible actions resulting in serious consequences.”
According to police, between 2009 and 2011, the three were allegedly involved in the illegal approval and allocation of commission paid to insurance agents at Bao Viet Insurance’s branch in the Mekong Delta province of Ben Tre.
Under Vietnamese law, Bao Viet Insurance is not allowed to pay commission to agents involved in the sale of vehicle insurance.
However, the company allegedly approved the payments totaling roughly VND4.5 billion to the aforementioned agents during their time at Bao Viet Ben Tre.
On March 31, Bao Viet Holdings dismissed Phuc from his posts as CEO and board member and appointed Duong Duc Chuyen, a board member and director in charge of investment of Bao Viet Holdings, to serve as his replacement.
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