How much bad debt did the
SCB Bank
Asset Management Company buy?
From March 5th to April 29th, the Ho Chi Minh City People’s Court will
hold a trial
to handle the case of
Van Thinh Phat Group and SCB Bank
. According to the indictment, when the fraudulent loans became overdue and had to be classified as bad debt group 5, while the credit growth rate was restricted according to the State Bank’s regulations, Ms. Truong My Lan – Chairman of Van Thinh Phat Group’s Board of Directors – not only did not repay the debt but also directed her accomplices to sell bad debt to Asset Management Company (VAMC) and sell slow-paying debt to “shell” companies set up by Van Thinh Phat Group to conceal a part of the bad debt, not to account for interest, reduce credit balances to continue misappropriating money from SCB Bank.
Ms. Truong My Lan – Chairman of Van Thinh Phat Group’s Board of Directors – directed subordinates to conceal misinformation, report untrue and incomplete inspection results.
The investigation results determined that in the period from January 1st, 2012 to October 7th, 2022, Truong My Lan and her accomplices directed SCB Bank’s entities to sell bad debt to VAMC, sell slow-paying credit, offset debt for 269 loans and 216 customers, with nearly VND 133,336 trillion disbursed. As of October 17th, 2022, there were still total debts of over VND 200,452 trillion, including over VND 130,810 trillion of principal debts (accounting for 27% of the total principal debts of Truong My Lan’s group) and over VND 69,642 trillion of interest debts.
Among them, SCB Bank sold bad debt to VAMC with 69 loans/39 customers, with over VND 51,397 trillion disbursed, and the total outstanding debt as of October 17th, 2022 was over VND 84,231 trillion.
SCB Bank sold slow-paying debts with 148 loans/132 customers, with over VND 58,803 trillion disbursed, and the total outstanding debt as of October 17th, 2022 was nearly VND 87,503. Offset debt for 52 loans/45 customers, with over VND 23,135 trillion disbursed, and as of October 17th, 2022, the total outstanding debt was over VND 28,718 trillion.
9 new
allowances
to be applied from July 1st
From July 1st, the Government will implement comprehensive salary reform in both the public and private sectors, while adjusting pensions, social insurance allowances, monthly allowances, preferential allowances for people with merits, and some social security policies related to basic wages.
Along with that, the new salary reform policy will rearrange the existing allowances, ensuring that the total allowance fund accounts for a maximum of 30% of the total salary fund.
The existing allowances need to be rearranged to ensure that the total allowance fund accounts for a maximum of 30% of the total salary fund.
According to the new salary regime, there will be
9 types of allowances
applied from July 1st, including: dual-role allowances; seniority allowances beyond the framework; area allowances; job responsibility allowances; mobility allowances; profession-based preferential allowances; allowances for working in areas with difficult economic and social conditions; allowances based on administrative unit classification and public career unit rankings; allowances applied specifically to armed forces.
500kV Power Line
Project: Terminating the contractor right on the construction site
During the inspection of the construction situation at the construction site of the 500kV Power Line Project of Nam Dinh I – Thanh Hoa Thermal Power Plant by the contractor Phuong Hanh on February 28th, the working group of EVNNPT discovered many issues related to the slow progress of the contractor on
circuit 3 of the 500kV power line
currently being urgently implemented across the entire line.
Reporting at the construction site of the 500kV power line circuit of Nam Dinh I – Thanh Hoa Thermal Power Plant implemented by contractor Phuong Hanh, the representative of the Construction Management Board
stated that there are still 8 foundations not yet constructed, unexcavated foundations, and pile pressing. On the Nam Dinh I – Pho Noi line, the Phuong Hanh contractor also has 16/16 foundations not yet constructed/unexcavated/pile pressed. On the Quynh Luu – Thanh Hoa line, there are also 11/11 foundations not yet constructed/unexcavated/pile pressed. The total number of positions not yet constructed, unexcavated, and pile pressed by the 3 contractors on the 3 power line routes is up to 35 positions.
The 500kV power line project has a risk of slow progress due to the contractor lacking pile pressing machines and slow construction.
Witnessing foundation position 59 in Ngaphu Commune (Nga Son District, Thanh Hoa) after being handed over for 2 and a half months but still just an empty piece of land, the construction is almost stationary, Mr. Nguyen Tuan Tung – Chairman of EVNNPT – immediately requested the immediate replacement of the contractor Phuong Hanh for numerous violations of progress compared to the signed contract.
SCB Bank continues to close its transaction offices
Saigon Commercial Bank (SCB Bank)
has announced the termination of the operation of the South Ky Khoi Nghia Transaction Office – Ben Thanh Branch (Ho Chi Minh City) after closing a series of transaction offices at the beginning of the year.
Accordingly, the South Ky Khoi Nghia Transaction Office – Ben Thanh Branch with the address at 225 Bis Nam Ky Khoi Nghia Street, Vo Thi Sau Ward, District 3, Ho Chi Minh City terminated its operation (dissolved) from February 23rd.
SCB Bank has closed the An Dong Plaza Transaction Office under the Saigon Branch located at An Dong Plaza Shopping Center in District 5, Ho Chi Minh City. Photo: Pham Nguyen.
The South Ky Khoi Nghia Transaction Office is the 6th transaction office to be closed this year. SCB Bank affirms that all customer rights and transactions will be fully guaranteed at SCB Bank’s transaction points.
According to the investigation conclusion of the Investigative Police Agency (C03) – Ministry of Public Security, before being put under special control in October 2022, SCB Bank had a head office in Ho Chi Minh City, 50 branches, and 184 transaction offices nationwide.
However, statistics from SCB Bank’s website show that since being put under special control to date, the bank has announced the closure of a series of transaction offices in 9 provinces and cities. Until now, SCB Bank only has 89 transaction points nationwide.
Mobile World may sell Bach Hoa Xanh to China?
Reuters news agency recently quoted sources as saying that CDH Investments (China) is negotiating to buy a 5-10% stake in the
Bach Hoa Xanh
chain, which belongs to Mobile World Investment Corporation (stock code: MWG).
According to Reuters, CDH Investments has surpassed its competitors and emerged as the leading candidate in the share deal of the Bach Hoa Xanh chain.
The Bach Hoa Xanh share sale agreement of Mobile World may be signed as early as March this year.
Sources from
Reuters
said that the capital transaction agreement of Mobile World may be signed as early as March this year if the negotiations are successful. If an agreement is reached, the valuation of the
Bach Hoa Xanh
chain could reach USD 1.7 billion.
In mid-January, Mobile World announced plans to sell up to a maximum of 10% stake in the Bach Hoa Xanh chain to meet capital needs for business expansion. The capital mobilization period is expected to be completed in the first half of this year.
Gold price breaks all records
On the morning of March 2nd, the domestic gold price unexpectedly skyrocketed, SJC gold touched VND 81 million/tael, and round plain gold approached VND 68 million/tael. In just one morning, SJC gold price unexpectedly increased by VND 1.2 million/tael, breaking all previous records. The gold price reached its highest level so far this year.
According to economist Nguyen Tri Hieu, gold is a very risky investment channel. Investors should carefully consider when investing in gold. Investors should pay attention to some principles such as long-term investment (at least 6 months), not borrowing money to invest in gold, and not speculating in gold.
