Vietnam banking Industry & its scams

An article which is just a year ago wrote that Mr. Markson Brown who said there were many signs development found in Vietnam is about only to accelerate. Levels and graphs of all types of education and skills are relatively high and also the Politburo is nicely interfering less with the economy.Other soft indicators also mentioned for example such as the proportion and quantity of the population with a Smartphone also much points to highlight to an economy ready to leap forward, he said that they have lost count of the number of companies who have told me they are looking to locate manufacturing in wonders of Vietnam Exports and that they could also grow very sharply. But It’s hard to put a figure initially on it but we would say it is about 15 or 20 years behind China in its overall development and it can easily could overtake countries like Thailand and Indonesia if found in future for over the long term and yet sadly, we are yet to see the economy which takes off in the way we had all hoped, not just in initial stages but also in the next 5 years. This was highlighted long before.

The Bank Fraud Statute has criminalizes the federally cheque kiting method and cheque forging method and cheats along with non-disclosure on loan applications with diversion of funds and also other similar offenses. In the United States consumer liability function for unauthorized electronic money transfers on debit cards which are overall covered by Regulation of the FDIC – that is Federal Deposit Insurance Corporation. The extents of all consumer liability and as well as mentioned in detailed, is determined by the speed with which the consumer notifies the bank records. If the bank is well notified within two or three business days the consumer is or will be liable for dollars fifty. Over two business days the consumer is liable for dollar five hundred and overall some around 60 business days the consumer liability or accountability is unlimited. In contrast to all this, all major credit card companies who have a zero liability policy effectively eliminate consumer liability in the case of all types of fraud.Rogue traders in which a rogue trader is a one kind of trader at a financial institution who can easily engage in all unauthorized way of trading to recoup all the loss he has incurred in earlier trades and all.

Unfortunately or unauthorized trading activities which sometimes invariably produce more or losses due to time constraints and other factors. Most rogue traders are also discovered or found at an early stage or later stages with losses which they make ranging from $1 million to $100 million but a very few of working out of institutions are with extremely large controls which were not just discovered until the loss had reached well over a billion dollars in next year’s. The size of the loss also is the reflection of the all laxity in all controls instituted at the firms and was not at all the trader’s greed. Contrary to the public perception, rogue traders who do not have any criminal intents or purpose to defraud his own employer to enrich himself; or the person is merely trying to recoup the amount of loss to make his firm as a whole and salvage his employment.Some of the largest or also called unauthorized types of trading losses were discovered.Police in Vietnam Commercial Bank have punished and arrested main three senior persons along with Pham Cong Danh who were former bankers and along with them the other main approximately six securities officials who were caught with thorough proofs over a major fraud which were worth more than millions of dollars at one of the partly state run bank which was correctly reported by government media.

Vietnam Commercial bank scam – The arrests were the latest scandals which just hit some of the ailing banking sectors and also property sectors by which the correct authorities have also vowed down simply to clean up after many years of bad debts. The illegal frauds which was done by dishonest people who were insiders was very alleged to have taken place at one of the important MHB Bank which has also been merged into the most larger and fully state-run Bank, the bank which was for Investment along with Development of Vietnam.

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Category: Blog

- September 12, 2016

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