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This Is How Vietnam Cleans Up Corrupt Banking Systems – A Banker Is Sentenced To Death For Fraud


Nguyen Xuan Son, the former head of OceanBank in Vietnam, has been sentenced to death for a fraud of approximately $35 million illegal loins.

The lack of incentive for severe punishment for fraud and cheating is probably the reason why fraud cannot be prevented from happening in the first place and will only increase with time until finally, the system crashes because of the weight of the accumulated FED-driven bad investments, theft and corruption.

So, the question is: What can be done about this problem?

It seems that Vietnam has the answer – a death punishment. Its policy is that fraud will not be stopped if there is not a severe and terrifying punishment for it. And what is more frightening than death?

Such is the case of the former president of one major bank in Vietnam. Nguyen Xuan Son, the former head of Vietnamese OceanBank, is sentenced to death because he was involved in a fraud that involved 800 billion dongs (approximately $35 million) of illegal loans.

He was accused of economic mismanagement, abuse of power, and embezzlement. Moreover, dozens of bank officials are under trial for lending violations, together with the founder of the bank, the tycoon – Ha Van Tham.

Moreover, OceanBank is to a certain extent owned by the State, so crimes like this are considered to be especially serious. To be honest, according to Amnesty International, Vietnam is one of the biggest executioners in the world. However, this is the first time in years when a former mayor received a death sentence.  

Back in 2013, the general director of Agribank Financial Leasing & Co. has also received a death sentence for embezzling $25 million.

In total, 51 officials and bankers stood trial, accused of mismanagement leading to losses of $69m (£50m). The case comes amid a massive anti-corruption crackdown in Vietnam, which is ranked as one of the most corrupt countries in Asia. It is ranked 113th out of 176 countries on Transparency International’s corruption perceptions index. The government has vowed to tackle the issue in order to boost the country’s economic growth,” stated BBC.

However, even though this Vietnamese system may look to some like a solution to the problem of fraud, some think that there is still corruption in it. According to BBC, the ones who are mostly accused of corruption are, in fact, opponents of Communist Party’s chief Nguyen Phu Trong.

Still, no matter how effective this sounds, it is almost impossible a system like that of a Vietnam to be implemented in the US mainly because America’s bankers control the judicial and legislative branches.


Source: Free Thought Project