HÀ NỘI — The Ministry of Public Security’s Police Investigation Agency on Monday announced they had completed their investigation into the fraud and irresponsible actions related to lending at the Central Sài Gòn branch of Agribank (Vietnam Bank for Agriculture and Rural Development).

The police recommended criminal charges against nine suspects, including former branch directors Phạm Thị Mai Toan and Phí Thị Ong, former branch vice director Đỗ Thị Yến, bank officers and directors of companies that falsified documents to get loans from the bank.

According to the police investigation, American national Hoàng Tiến Dzũng founded six companies based in HCM City and hired people to work as company directors to borrow money from the bank.

The companies reportedly failed to pay the bank interest.

Subsequently, in November, 2009, Dzũng falsified a project to get a loan of VNĐ90 billion (US$4 million) to help the six companies pay interest. Fake documents were submitted to the bank, claiming that one of the six companies – Á Châu Company – had earned profits, while in fact, the company had incurred losses. Despite knowing the truth, Toan still approved the loan. 

Earlier, in April 2009, the Central Sài Gòn branch offered a loan of VNĐ75 billion ($3.3 million) to ADN Company, whose director is Hoàng Văn Cường. Cường also falsified documents that claimed the company needed investment for a rubber tree growing project in southern Bình Thuận Province.

Former branch director Phí Thị Ong signed papers authorising the loan although she was aware that Cường’s company was unqualified for it. 

At present, Hoàng Tiến Dzũng has escaped from Việt Nam and police have issued a wanted notice for him. — VNS