Former central bank governor receives Politburo warning

By Hoang Thuy   November 8, 2020 | 02:02 am PT
Former central bank governor receives Politburo warning
Nguyen Van Binh, former State Bank of Vietnam governor and current head of the Central Economic Department. Photo by VnExpress/Quang Vinh.
The Communist Party Politburo has issued an official warning to Nguyen Van Binh for violations under his watch as Governor of the State Bank of Vietnam.

A Sunday statement from the Party Central Office that listed Binh’s wrongdoings said the Politburo, the party's decision-making body, had taken the decision during a meeting two days ago.

After viewing the proposal of the Central Inspection Committee, the Politburo noted that during his stint as a member of the Party Central Committee, Secretary of the Party Committee and Governor of State Bank of Vietnam (SBV), Binh was responsible for many violations and mistakes.

First, as the SBV Governor, Binh was responsible for promulgating legal documents with incomplete and ineligible content that went against the government’s regulations, leading to violations and defects in handling bad debts, thereby causing losses to the state budget.

The statement said one of the violations was Binh’s approval of a special loan for the Vietnam Construction Bank with zero interest and without any collateral.

In addition, Binh violated the principle of democratic centralization and working regulations when he did not report major and important issues to competent authorities. His failure to report fully and improperly in compliance with the prime minister's direction in the compulsory purchase of three banks for zero dong was a violation of the authority principle, the statement said.

It also said that Binh allowed many violations and mistakes at the SBV and credit unions that led to criminal charges against many individuals.

The Politburo found that during his tenure as a member of the Party Central Committee, Secretary of the Party Committee and SBV Governor, Nguyen Van Binh was responsible for violations and deficiencies seen at the central bank. He also had personal responsibility for not completing assigned functions and tasks, causing serious consequences difficult to overcome.

Many officials and members of the SBV and key leaders of some credit unions violating the law have been penalized.

The violations and mistakes by Binh are "serious, causing frustration in society, adversely affecting the reputation of the party organization, the State Bank of Vietnam and individuals," the statement said.

During the review process, Binh has accepted the responsibility for violations and defects, it said.

The Central Inspection Committee had proposed on Tuesday that the Politburo considers enforcing disciplinary action against Binh for violations during his tenure as SBV Governor.

Vietnam's Communist Party has four modes of punishment against members: reprimand, warning, demotion and expulsion.

Binh, 59, was SBV Governor from August 2011 to April 2016. He is currently head of the Party Central Committee’s Economic Commission.

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