OceanBank trial begins in Ha Noi

Hundreds of people were summoned to court in Hanoi on Monday as the much-anticipated Ocean Bank trial involving over $94 million in losses was resumed. The biggest courtroom in Hanoi was packed as Ha Van Tham, the private bank’s former chairman, stood behind bars with dozens of his subordinates. Defendants stand at the trial in Hanoi on Monday, including Ocean Bank's former chairman Ha Van Tham (R). Photo by VnExpress/Xuan Hoa Among the 51 defendants are former members of state oil and gas giant PetroVietnam, the central bank and Vietnam Construction Bank, which was taken over by the government in 2015 following continued losses. Around 700 other people including more than 50 lawyers and hundreds of those who had benefited from the misuse of money were also in court. Given the number of attendants, the trial could go down in history as one of the biggest in Vietnam. It also broke into New York Times’ morning update of things you should know to start the day. The case was brought to trial for the first time in February but was adjourned after the judge ordered further investigations. Following the new probe, Tham is further charged with embezzling property, besides counts of “breaking regulations on lending activities at credit institutions” and “deliberately violating state regulations on economic management, causing serious consequences”. Ha Van Tham, former chairman of Ocean Bank, is escorted to court in Hanoi in February. Photo by VnExpress The new indictment also brings in four new defendants, including Pham Cong Danh,…... [read more]

Hundreds of people were summoned to court in Hanoi on Monday as the much-anticipated Ocean Bank trial involving over $94 million in losses was resumed. The biggest courtroom in Hanoi was packed as Ha Van Tham, the private bank’s former chairman, stood behind bars with dozens of his subordinates. Defendants stand at the trial in Hanoi on Monday, including Ocean Bank's former chairman Ha Van Tham (R). Photo by VnExpress/Xuan Hoa Among the 51 defendants are former members of state oil and gas giant PetroVietnam, the central bank and Vietnam Construction Bank, which was taken over by the government in 2015 following continued losses. Around 700 other people including more than 50 lawyers and hundreds of those who had benefited from the misuse of money were also in court. Given the number of attendants, the trial could go down in history as one of the biggest in Vietnam. It also broke into New York Times’ morning update of things you should know to start the day. The case was brought to trial for the first time in February but was adjourned after the judge ordered further investigations. Following the new probe, Tham is further charged with embezzling property, besides counts of “breaking regulations on lending activities at credit institutions” and “deliberately violating state regulations on economic management, causing serious consequences”. Ha Van Tham, former chairman of Ocean Bank, is escorted to court in Hanoi in February. Photo by VnExpress The new indictment also brings in four new defendants, including Pham Cong Danh,…... [read more]

The Hanoi People's Court has resumed the trial of leaders and employees of Oceanbank, one of the biggest economic criminal proceedings in Vietnam to date, after acquiring additional information. RELATED CONTENTS: Bank chairman admits violations Former Ocean Bank executives stand trial OceanBank committed to ensuring liquidity after arrest Vietnam banking tycoon detained on suspicion of fraud This morning, on August 28, the Hanoi People’s Court has resumed the trial of leaders and employees of Ocean Commercial One Member Limited Liability Bank (Oceanbank). The case was opened in March 2017 and proved inconclusive as the jury returned records and asked for clarification on several issues. After prompt investigation, the investigating police agency (the Ministry of Public Security) has issued the investigation conclusions, followed by the Supreme People’s Procuracy issuing indictments against former chairman Ha Van Tham and accomplices. Four more individuals were put on trial since then, including Hua Thi Phan (former chairman of Phu My Development Investment JSC), Pham Cong Danh (former chairman of Thien Thanh Group Co., Ltd.), Hoang Thi Hong Tu (former chairman of BIDV Securities JSC, or BSC Vietnam), and Tran Van Binh (former CEO of Trung Dung Trading and Production Co., Ltd.). The total number of defendants in this trial was 51. Additionallty, Nguyen Xuan Son (former general director of Oceanbank) was charged with embezzlement. According to Article 278 of…... [read more]

Defendant Ha Van Tham at the first trial of hearing on February 27. The hearing of Tham and his accomplices will reopen on August 28. – VNA/VNS Photo Pham Kien The first-instance hearing of Ha Van Tham, former chairman of the Board of Directors of the Ocean Commercial Joint Stock Bank, Ocean Bank, and his accomplices will reopen on August 28, according to the Ha Noi People’s Court. During the 20-day hearing, this time, the jury will summon 727 people to participate in litigations -- a record number of people involved in the proceedings in court, so far. They include civil plaintiffs, those who were involved in interests and duties, witnesses and assessors. Till date, 50 lawyers have registered to protect the legitimate rights and interests of defendants. The case involves 51 defendants, who have been charged with the abuse of power and violations related to lending regulations and state regulations on economic management, causing serious consequences. According to the indictment, Tham and his accomplices are charged with breaching loan regulations for credit institutions, intentionally acting against State laws causing serious consequences, committing fraudulent acts and abusing power during their time at Ocean Bank. Their violations resulted in losses of nearly VND2 trillion (US$88 million) for Ocean Bank. In addition to defendant Tham, dozens of other accused leaders at the bank’s headquarters and leaders of branches and transaction offices of the whole Oceanbank system are also involved in Tham’s wrongdoing. The…... [read more]

VietNamNet Bridge – The first-instance hearing for Ha Van Tham, former Chairman of the Board of Directors of the Ocean Commercial Joint Stock Bank (Ocean Bank), and his accomplices will be reopened on August 28, according to the Hanoi People’s Court. Ha Van Tham, former Chairman of the Board of Directors of Ocean Bank (Source: laodong.com.vn) The trial for the case was first held on February 27. However, on March 8, the Hanoi People’s Court sent it back to the nation’s main prosecuting agency, the People’s Supreme Procuracy, for further investigation and reframing of charges. The jury said the decision to hand back the case after an eight-day hearing was taken to clarify some of the defendant’s statements and to carry out further investigation into some aspects of the case. During the 20-day hearing this time, the jury will summon 727 people to take part in litigations, making it the record number subpoenaed by the court so far. They include civil plaintiffs, those who were involved in interests and duties, witnesses, and assessors.  To date, 50 lawyers have registered to protect legitimate rights and interests of defendants.  The case involved 51 defendants who are prosecuted for misappropriating assets, breaching loan regulations of credit institutions, abusing positions and power while on duty and intentionally acting against State laws on economic management, causing serious consequences. According to the court’s verdict, when working as Ocean Bank’s Chairman of the Board of Directors, Tham and his accomplices, who are other former leaders and employees…... [read more]

Ha Van Tham, former Chairman of the Board of Directors of Ocean Bank (Source: laodong.com.vn) Hanoi (VNA) – The first-instance hearing for Ha Van Tham, former Chairman of the Board of Directors of the Ocean Commercial Joint Stock Bank (Ocean Bank), and his accomplices will be reopened on August 28, according to the Hanoi People’s Court. The trial for the case was first held on February 27. However, on March 8, the Hanoi People’s Court sent it back to the nation’s main prosecuting agency, the People’s Supreme Procuracy, for further investigation and reframing of charges. The jury said the decision to hand back the case after an eight-day hearing was taken to clarify some of the defendant’s statements and to carry out further investigation into some aspects of the case. During the 20-day hearing this time, the jury will summon 727 people to take part in litigations, making it the record number subpoenaed by the court so far. They include civil plaintiffs, those who were involved in interests and duties, witnesses, and assessors. To date, 50 lawyers have registered to protect legitimate rights and interests of defendants. The case involved 51 defendants who are prosecuted for misappropriating assets, breaching loan regulations of credit institutions, abusing positions and power while on duty and intentionally acting against State laws on economic management, causing serious consequences. According to the court’s verdict, when working as Ocean Bank’s Chairman of the Board of Directors, Tham and…... [read more]

As Resolution No.42/2017/QH14 on the pilot settlement of credit institutions’ bad debts is enacted, it is hoped that bottlenecks for mergers and acquisitions (M&A) activities in the banking industry will be removed and more M&A deals will be implemented soon. Reforms help M&A landscape to shine Serving up an M&A feast Abundant attractive deals make huge contribution to M&A market The negotiations on selling Ocean Bank to foreign investors are hoped to be finished soon Plentiful offers, little success After the failure of Singaporean United Overseas Bank (UOB) to acquire Global Petro Commercial Joint Stock Bank (GPBank), GPBank is now in negotiations with another investor. According to a source of VIR, this failure originated mainly from the low price offered by UOB, but there was another reason. UOB requested to buy the entire bank, including its bad debts, however, at the time, Vietnamese regulations did not have any mechanism to provide guarantee for these bad debts. Similarly, many foreign investors have shown interest in acquiring Ocean Commercial Joint Stock Bank (Ocean Bank), but no agreement was made up till now, mainly due to concerns over the bad debts after acquisition. Bui Huy Tho, deputy director of the Department for Management of Credit Institution and Banking Operation Licensing at the State Bank of Vietnam (SBV), said that it is not easy for a foreign…... [read more]

On December 11, the National Commercial Bank (NCB) announced that it would appoint Mr. Dao Trong Khanh as the General Director, replacing Ms. Tran Hai Anh. Khanh was previously Vice Chairman of the Maritime Joint Stock Bank (Maritime Bank). Earlier, in October, Mr. Ta Ngoc Da – Vice CEO of Maritime Bank from May to October, replacing Mr. Atul Malik, suddenly "joined" the National Commercial Bank as the Deputy General Director. Thus two top officials of Maritime Bank have become NCB leaders. At Maritime Bank, Mr. Huynh Buu Quang, a senior official of the Hong Kong and Shanghai Bank (HSBC), became the General Director on October 8. Quang replaced Atul Malik, who resigned from the CEO post in April 2015 for family reasons. However, Malik still supports Maritime Bank with a new role as senior advisor to the Executive Board. At Eximbank, according to personal wishes, Mr. Pham Huu Phu officially left the CEO position from December 10. The same day, Mr. Tran Tan Loc, Standing Deputy General Manager, was appointed the acting general director. On May 4, An Binh Bank (ABBank) unexpectedly changed its CEO when Mr. Pham Duy Hieu resigned for personal reasons. Hieu was replaced by Mr. Cu Anh Tuan, Deputy General Director. Before joining ABBank, Tuan worked at Techcombank. At DongABank, Mr. Vo Hai Nam, Director of Credit Risk Management Division of BIDV, was appointed by the State Bank of Vietnam as General Director, replacing Mr. Tran Phuong Binh, who was suspended. At the banks that…... [read more]

Vietinbank and Sacombank became the latest financial institutions to implement an interest-subsidy programme. Vietinbank chairman Pham Huy Hung announced on February 9 that Vietinbank would allocate about VND100 trillion (US$5.74 billion) for loans to eligible borrowers at just 4 percent per annum. Sacombank said it would set aside VND25-30 trillion (US$1.4-1.7 billion) to ease interest rates for qualified exporters, ranging from 1.5 to 2 percent per year, but starting at 4.8 percent per year for other borrowers. Meanwhile, VIB Bank, Techcombank, HCM City-based Asia Commercial Bank and the State-owned Bank for Investment and Development (BDIV) have also implemented the subsidised interest loan programme. Lien Viet Bank and Ocean Bank are also among the banks participating in the programme.... [read more]

The removal, which took effect the same day, was made based on a proposal by the Ministry of Home Affairs and the Ministry of Industry and Trade, according to the decision. Son, 53, will be transferred to the industry ministry pending a new post assignment, the decision said. PM Dung also agreed to assign Nguyen Quoc Khanh, general director of PetroVietnam, to act as acting chairman of the board of members of the group, pending the appointment of a new chairman, according to the fiat. Son was made chairman of PetroVietnam on July 8, 2014 under another decision by PM Dung. A source of Tuoi Tre (Youth) newspaper said that police have recently summoned Son many times for reasons yet to be disclosed. Son, of the north-central province of Ha Tinh, began working in the oil and gas sector in 1984, in the Finance and Accounting Bureau under PetroVietnam, according to news website VietNamNet. From 2003 to October 2006, he was vice general director of PetroVietnam Finance Company before being promoted to the firm’s top boss in May 2007, VietNamNet said. In December 2008, Son was named deputy CEO of Hanoi-based Dai Duong Commercial Joint Stock Bank (Ocean Bank), and in November 2010, he was appointed vice general director of PetroVietnam and then chairman of the group last year, the newswire said. Son graduated from the business administration faculty of South Carolina University in the US, according to the news website.... [read more]




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