Former Agribank's board member held on suspicion of mishandling state funds

tohang

The Ministry of Public Security's Police Investigation Agency on July 3 prosecuted and temporarily detained Pham Ngoc Ngoan for breaking economic management regulations, costing the government billions of dong.

Pham Ngoc Ngoan, former chairman of the management board of Agribank. — Photo cafef.vn

HA NOI (Biz Hub) — The Ministry of Public Security's Police Investigation Agency on July 3 prosecuted and temporarily detained Pham Ngoc Ngoan for breaking economic management regulations, costing the government billions of dong.

Ngoan, born in 1956, is a former member of the management board of the Vietnam Bank for Agriculture and Rural Development (Agribank). He also once directed and chaired the management board of the Printing Investment Commercial Services Company - a member firm of the bank.

In 2009, Ngoan signed a contract with International Investment and Education Development JSC to purchase the company's land-use rights in a deal that was worth more than VND 93 billion ($4.4 million). The deal violated the 2003 national land law, according to the investigators.

The purchase was for more than 20,300 square meters in Quang Minh Industrial Zone in Ha Noi's Me Linh District.

Agribank's member company was expected to build a printing factory in this area.Construction has not started.

The company has transferred over VND90 billion ($4.2 million) to INED - money that could not be recovered.

The case is still under investigation. — VNS

  • Share:

see also

Việt Nams GDP predicted to surpass Singapores in 2029

Việt Nam's GDP predicted to surpass Singapore's in 2029

Việt Nam is making significant strides in economic growth, with projections indicating it could surpass Singapore''s GDP by 2029. 
Fraudulent planting area codes threaten Việt Nams durian exports

Fraudulent planting area codes threaten Việt Nam’s durian exports

China imports over 90 per cent of Việt Nam''s durians, but recently, fraudulent activities involving planting area codes and packaging facility codes have emerged.
Petroleum firms asked to promote selling of biofuel

Petroleum firms asked to promote selling of biofuel

In addition to E5RON92 gasoline, MoIT requires producers and traders to research the production and import of E100 fuel.
Việt Nam becomes second biggest garment exporter globally

Việt Nam becomes second biggest garment exporter globally

Việt Nam’s garment and textiles export is projected to hit nearly US$44 billion this year, positioning the country as the world’s second biggest exporter, only behind India, said General Director of the Vietnam National Textile and Garment Group (Vinatex) Cao...
Bình Dương Province creates many incentives for large FDI projects

Bình Dương Province creates many incentives for large FDI projects

Bình Dương Province attracted more than US$2 billion in foreign direct investment in 2024, exceeding the set target, continuing to affirm its position as one of the leading localities in the country in attracting foreign direct investment (FDI).