Former Deputy General Director of Ocean Commercial Joint Stock Bank Nguyen Van Hoan was prosecuted and arrested on December 22, for allegedly violating State regulations on credit institutions' lending operations.

Former Deputy General Director of Ocean Commercial Joint Stock Bank Nguyen Van Hoan.

The arrest followed a decision approved by the People's Supreme Inspectorate based on Article 179 of the Penal Code.

Hoan was allegedly an accomplice of Ha Van Tham, who was former chairman of the Ocean Bank's Board of Directors and was arrested on October 24.

Hoan, 37, was also member of the credit board of the Ocean Bank.

The police found that Tham had signed a decision approving a VND500-billion (US$23.4 million) loan for the Trung Dung Commercial Ltd Company, even though he knew that the company's loan application was not satisfactory.

VNS/VNN