While the scandals at Vietnam Maritime Commercial Joint Stock Bank Thanh Xuan Branch (MSB Thanh Xuan) are being investigated by the Security Agency and Hanoi City Police, there is a Certificate of Confirmation of Account Information/Balance showing strange signs.
This certificate was kept by Ms. NTL (who had an account balance of 58.65 billion VND opened at MSB but later had only 93,640 VND). Ms. NTL is one of the victims who opened a payment account at MSB and almost all of her money "evaporated".
According to the Confirmation of information/account balance at MSB that VietNamNet reporter was provided by Ms. NTL, it has the signature of Director of Personal Customer Center Bui Thi Hoai Anh and is stamped with red seal by MSB Thanh Xuan.
The confirmation paper dated October 7, 2023 (before Ms. Hoai Anh was prosecuted and temporarily detained to investigate the act of fraud, appropriating hundreds of billions of dong from customers who deposited money) shows the information: from September 26, 2023 to October 5, 2023, Ms. NTL had a total of 12 money transfer transactions into the account, with a balance of up to 58.65 billion dong.
The interest rate exceeds the ceiling set by the State Bank in the document said to have been signed by Bui Thi Hoai Anh when she was still working at MSB Thanh Xuan. Photo: NVCC.
According to this document, all deposits into Ms. NTL's account have a term of 4 weeks, and the interest rate paid is 'generously' 6%/year .
This figure far exceeds the interest rate of about 3.8%/year for 1-month term deposits listed by MSB Bank in October 2023 - the time when MSB Thanh Xuan issues a Confirmation Certificate to customers.
It is worth mentioning that the interest rate of 6%/year for 4-week term deposits applied in practice is far higher than the ceiling interest rate of 4.75%/year for term deposits under 6 months as prescribed by the State Bank.
Specifically, in Decision 1123/QD-NHNN effective from June 19, 2023 (still in effect), the State Bank stipulates: The maximum interest rate applicable to deposits with terms from 1 month to less than 6 months is 4.75%/year.
Speaking to VietNamNet reporters, a credit officer at a commercial joint stock bank based in Hanoi said: “Normally, banks do not dare to publicly show interest rates exceeding the ceiling in black and white like that.
Instead, preferential interest rates - if any - are only paid in the form of customer care expenses, also known as extra interest expenses. However, paying more than the ceiling interest rate as prescribed by the State Bank is rare since the OceanBank case in the period of 2010-2012.
This is also specifically stipulated in Decree No. 88/2019/ND-CP (Decree 88) dated November 11, 2019, regulating administrative sanctions for violations in the monetary and banking sector.
According to Article 13 of Decree 88, credit institutions violating regulations on capital mobilization interest rates, service provision fees, business, and derivative product provision may be subject to an administrative fine of up to VND 100 million.
However, Clause 4, Article 13 of this Decree also specifically stipulates handling measures:
"Request or request competent authorities to consider and apply measures to suspend from 1 month to 3 months or dismiss from administrative, executive, and control positions; not allow individuals who violate and/or individuals responsible for violating regulations on capital mobilization interest rates to hold administrative, executive, and control positions at credit institutions and foreign bank branches;...
Requesting credit institutions and foreign bank branches to remove from office and take other measures according to law against individuals who violate the authority of credit institutions and foreign bank branches."
Regarding the information that a customer complained about depositing money into MSB Thanh Xuan but losing all her money, Ms. NTL said that her account was opened but managed by MSB Bank, the purpose is to report the balance at the end of the day and the end of the month, serving the purpose of calculating MSB's stock price index. Customers are not allowed to manage their accounts on the phone app.
Customer deposits have terms of 1 week, 2 weeks, 3 weeks, 4 weeks. At the end of the deposit term, if the customer wants to withdraw the principal and interest or wants to extend the term, they must notify MSB 1 day in advance.
Currently, MSB's media representative has not commented on the above document provided by customer NTL, who lost 58 billion.
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