On November 28, sources informed our reporters that the Chief Inspector of the State Bank of Vietnam’s (SBV) Binh Dinh branch has issued an administrative sanction decision against Ms. Tran Thi Kim Lien, a member of the Board of Directors and accountant of the Ngo May People’s Credit Fund (headquartered in Phu Cat district, Binh Dinh province) for non-compliance with inspection conclusions, recommendations, and handling decisions.
Ngo May People’s Credit Fund, where the controversy is taking place
Specifically, Ms. Lien was fined VND 4.5 million. As a remedial measure, the Chief Inspector proposed that the Director of the SBV’s Binh Dinh branch consider applying a suspension from 1 to 3 months or dismissing Ms. Lien from her managerial position; preventing her from holding any managerial, executive, or supervisory positions at the Ngo May People’s Credit Fund.
The deadline for implementing the remedial measure shall be counted from the date of receipt of the decision on the suspension of the rights and obligations of a member of the Board of Directors of Ms. Lien by the Director of the SBV’s Binh Dinh branch.
After receiving the above administrative sanction decision, Ms. Tran Thi Kim Lien is currently filing complaints to various central and local authorities and a number of press agencies.
Regarding this matter, previously, Nguoi Lao Dong Newspaper has repeatedly reported on the controversies occurring at the Ngo May People’s Credit Fund.
Due to internal conflicts, the Ngo May People’s Credit Fund has not held its annual general meeting as prescribed for the past two years. In addition, the business performance of the unit has been declining, potentially threatening the safety of its operations…
Following the series of articles reflected by Nguoi Lao Dong Newspaper, on July 4, the Standing Committee of the Binh Dinh Provincial Party Committee directed the coordination of support for the Supervisory Board (SB) of the Ngo May People’s Credit Fund to organize an extraordinary general meeting in accordance with regulations.
Accordingly, the Standing Committee of the Binh Dinh Provincial Party Committee assigned the Standing Committee of the Phu Cat District Party Committee to direct the District People’s Committee and related party committees and authorities to coordinate with the SBV’s Binh Dinh branch to direct the SB of the Ngo May People’s Credit Fund to organize an extraordinary general meeting.
Implementing the direction of the Standing Committee of Binh Dinh Provincial Party Committee, immediately after that, the SBV’s Binh Dinh branch sent officials to the locality to work with the People’s Committee of Ngo May town and Cat Trinh and Cat Hiep communes (where there are 2,350 members of the Ngo May People’s Credit Fund) to coordinate with the SB to convene the general meeting. However, the authorities of these localities refused to cooperate on the grounds that they had not received an official directive from the leaders of Phu Cat district.
According to the SBV’s Binh Dinh branch, the delay in organizing the annual general meeting at the Ngo May People’s Credit Fund in the past time has led to a serious loss of internal unity; affecting the trust of members and people in the fund and easily leading to the risk of unsafe operation of this fund.
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