The board of Dai Duong (Ocean) Bank has voted Nguyen Minh Thu as the chairperson of the Board of Directors. Earlier on the same day, the Board had discharged Ha Van Tham from the office of Chairman due to his individual “violation of regulations on lending activities”.
According to the reports in state- run media, Tham, one of the country’ s prominent businessmen and chairman of the Ocean group, has been accused of approving $23.5 million loan to Trung Dung real estate company; a loan that was not secured by a proper collateral and expected to go bad.
In a similar episode last month, head of the state owned AgriBank was arrested for violations of state regulations on economic management. Meanwhile, Ngyuen Duc Kien, head of Asia Commercial Bank, who was arrested about two years ago on similar charges, has recently been sentenced to three decades in prison.
The arrests have been speculated to be more of political manuvering but could have a negative impact on the country’s economic ratings, which had recently improved.