Vietnam puts dozens of bankers on trial for graft & mismanagement

‘About 50 bankers are on trial in Vietnam for alleged graft and mismanagement as authorities intensified efforts to crack down on corruption in the country. The bankers are accused of causing losses of $69 million at the Ocean Bank.
The former chairman Ha Van Tham of Ocean Bank and general manager Nguyen Xuan Son are among those accused of embezzling $2.2 million and appropriating another $8.8 million, according to the Associated Press.
At the time, the bank was 20 percent owned by state energy company PetroVietnam, where Son had previously served as chairman. The losses led to the bank being taken over by the State Bank of Vietnam.
Another 44 senior executives are accused of abuse of power or economic mismanagement. Five executives from different companies are also named in the case.
In recent years, Vietnam’s banking sector has been rocked by a series of scandals, with high-profile arrests of wealthy businessmen and executives.’
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