Two company directors arrested for swindling bank

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SaiGon GP English - 35 month(s) ago 6 readings

Prosecutors in Ho Chi Minh City have approved the arrest of two company directors for allegedly swindling a bank out of nearly VND5 billion (US$250,000).

According to initial information, Le Van Phan, director of An Bien Services and Trade Company in Ca Mau Province, and Nguyen Hong Thanh, director of Viet Uc Company in Dong Thap Province falsified contract documents to swindle loans from the Vietnam Development Bank.

The Vietnam Development Bank branch in Minh Hai in the southernmost tip of Vietnam stood as guarantor for Phan And Thanh to extract a loan of VND5 billion from the Maritime Bank.

The loan was given for a rice business, but the two company directors used it for other purposes. To get this loan from Maritime Bank, the two directors falsified documents showing receipts and delivery of 1,000 tons of rice.

However, once the swindle uncovered, Maritime Bank has only recovered VND225 million ($11,250).

The case is still under investigation.

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