On Monday, police in Da Nang’s Hai Chau District decided to prosecute and impose 3 months of temporary custody on Pham Van Trung, a former employee of the Credit Department at the city’s branch of Sacombank, for “abusing trust to appropriate assets”.

It is alleged that, in mid 2013, Mr Mai Xuan N from Hai Chau District’s Thach Thang Ward wanted to mortgage his assets to borrow 100 million VND from the city’s branch of the bank at an interest rate of 1.8% per month.  Trung promised that he would help Mr N to receive the loan at the lower rate of only 0.75% per month, providing Mr N paid back a previous debt of 70 million VND.  After receiving the returned debt from Mr N, Trung spent the money on shopping.

Trung handed over the monthly principal and interest of Mr N’s previous debt to his bank between June and September 2013, but he quit his job in October last year.  As a result, Mr N reported the case to the district’s police officers.

The case is still under investigation.