On 19/9, the Department of Corruption, Economic, and Smuggling Investigation (C03) under the Ministry of Public Security issued an arrest warrant for Nguyen The Binh, 71, former general director and chairman of Agribank. The investigation concerns violations of regulations related to banking activities.

C03 urged Binh to surrender to authorities to benefit from leniency under the law. "Any person who identifies Binh has the right to apprehend him and bring him to the nearest police station, procuracy, or local authority," the warrant stated.

C03 has not yet disclosed the specific violations Binh is accused of, but confirmed the case was initiated by the Ministry of Public Security's investigative agency in early 2024. Binh is currently a fugitive.

Nguyen The Binh during a court summons in 2015. Photo: Hai Duyen

Nguyen The Binh during a court summons in 2015. Photo: Hai Duyen

Binh's leadership at Agribank began when he was appointed general director in February 2007 and officially assumed the role later that year. From June 2009 to July 2011, he served as the bank's chairman.

His tenure as general director coincided with fraudulent loans issued by Agribank Branch 6, resulting in losses exceeding 966 billion VND. This case became one of eight major cases monitored by the Central Steering Committee for Anti-Corruption. The mastermind was real estate tycoon Duong Thanh Cuong, general director of Tan Phat Investment and Construction Company.

In 2015, the Ho Chi Minh City People's Court summoned Binh to clarify his role in approving a 628 billion VND loan to Cuong.

Court documents revealed Cuong established multiple companies, hiring figurehead directors to secure bank loans. He directed subordinates to apply for a 170 billion VND loan from Agribank Branch 6 for a high-rise commercial center and residential project at 10 Au Co Street, in partnership with Dong Phuong Knitting Company, directed by Le Thanh Cong. The collateral was a temporary land use right certificate for this project.

Cuong then instructed Le Thanh Tuan, former deputy director of Thanh Phat Company, to use three land use rights certificates in districts 12 and 8, and 23 certificates in Binh Chanh district, to secure a 628 billion VND loan from Agribank Branch 6 for the Thanh Phat Garden Villa project in Phong Phu commune, Binh Chanh district.

After securing the loan, Cuong borrowed back the certificates to finalize procedures. Instead of returning them, he used them as collateral for hundreds of billions of VND in loans from other banks. He then offered Agribank 13 other properties to replace the 23 he had taken.

Despite knowing Cuong's projects lacked permits and the collateral was insufficient, Ho Dang Trung, director of Agribank Branch 6, and several subordinates disregarded regulations, granting loans totaling nearly 800 billion VND, which Cuong misappropriated.

At the time of the trial, Agribank's total loss was 966 billion VND.

Testifying in 2015, Binh stated that after receiving a proposal from the director of Agribank Branch 6 to increase lending authority for Cuong's company in 2007, he presented it to the bank's board.

While he signed the authorization, Binh claimed responsibility for the losses rested with the branch director, who made "the final decision after reviewing and appraising the application."

In May 2016, the appellate court sentenced Cuong to life imprisonment for fraud and abuse of trust. Trung received a 20-year sentence, and Ho Van Long, former head of the credit department, received 19 years, both for violating lending regulations. Le Thanh Cong received a 25-year sentence for abuse of power and exploiting his position.

Hai Duyen