Sacombank’s former chairman under investigation: new chairman

Dang Van Thanh, former chairman of the board of directors of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), is under investigation, said the bank’s new chairman Pham Huu Phu.

Thanh, who stepped down from his position on Friday, was invited to work with local investigating agencies on the same day, said Phu, former deputy chairman of Sacombank’s board of directors.

In addition, Thanh also filed a letter for the board’s approval to leave his position as a member of the board of directors starting November 5, said Phu at a recent press meeting to announce the personnel change in Sacombank’s board of directors.

The change is a procedural proceeding as Thanh had already transferred all of his administrative responsibilities to Phu and another deputy chairman, Tram Be, Phu said at the meeting jointly organized by Sacombank and the State Bank of Vietnam (SBV).

"During the annual general meeting of shareholders of Sacombank on May 26, Thanh had a speech on the problem. He then authorized the administration of Sacombank to me and Tram Be for personal reasons," he added.


Pham Huu Phu (1st, left), new chairman of the board of directors of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), talks with general director Phan Huy Khang at the press meeting.
Photo: Tuoi Tre

Earlier, during a meeting on July 10, Thanh also offered to resign from his post from July 27. However, this is the time when SBV launched an inspection at the bank, so his proposal was disapproved by the board.

Regarding the SBV inspection, Phu said the bank has yet received any from the central bank except an inspection report after the 55-day inspection which ended on October 5.

Specifically, the inspection stopped at a comprehensive record of Sacombank activities.

The reason for that is that Thanh was under a medical treatment overseas, so he could not give explanation to some of the content that the inspection agency required. In addition, the inspection also took place at Sacombank’s jewelry trading arm, Sacombank Jewelry Co.

Regarding Sacombank’s future operating plan, the Sacombank leader said it would continue to embark on the restructuring of banks.

As Sacombank now has 27 boards and committees, the number will be scaled down to 15-17 to raise efficiency.

Answering Tuoi Tre’s question on the future plan for the bank’s subsidiaries and related companies, especially Sacombank Securities Co (SBS), Phu said those operating ineffectively will be disbanded.

For SBS, although it is no longer a subsidiary of Sacombank, but as large shareholder with nearly 11 percent stake, Sacombank will have to handle it carefully to ensure the best interests of the involved parties.

Regarding the fact that if all the loans of those related firms under Thanh’s management can influence the bank’s operation, Phu said those loans does not affect Sacombank since all of them had been secured by adequate collaterals.

A Japanese investor will likely be chosen as a strategic partner of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), said the bank’s newly appointed chairman.

The Japanese partner is among seven foreign investors having registered to buy 15 percent of the bank’s stake, said Pham Huu Phu, former deputy chairman of Sacombank’s board of directors.

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