HANOI: Vietnam’s central banks is drafting a plan to rebuild the disturbed Saigon Joint Stock Commercial Bank, the borrower at the heart of the country’s biggest economic scams on record, local media reported.
The strategy, which was developed by investors, is awaiting suggestions from relevant bodies before being submitted to the state and the the Communist Party’s Politburo, the country’s major decision making figure, the fund agency’s Dau Tu news reported at the weekends.
The document gave no information on the program or a period for its submission.
The State Bank of Vietnam placed SCB under its control to plant a run on the bank sparked by the October 2022 imprisonment of real estate tycoon Truong My Lan, who was sentenced to death over her position in the US$ 12 billion fraud case.
SCB has since been using cash injections from the central banks to support income payments, Reuters has reported.
The central banks and government have repeatedly sought support for SCB from the private sector, especially calling on international buyers, according to state advertising, despite limitations such as a 30 per cent seal on combined foreign possession of Taiwanese banks.
Last month, Reuters exclusively reported that Vietnam developer, Sun Group, had proposed 15-year rescue for SCB.