Vietnam Passes Law to Tackle Bank Crisis, Resolving Bad Debts
Vietnam's parliament passed a revised law on credit institutions, bolstering the central bank's authority to ensure the safety of the banking system while offering long-awaited legal clarity for commercial lenders to resolve non-performing loans.
Under the legislation, which was approved by the National Assembly Friday and takes effect from Oct. 15, the State Bank of Vietnam is authorized to provide special unsecured loans with zero lending rates to troubled banks - a power previously held by the Prime Minister.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
an hour ago
- Bloomberg
Standard Chartered Faces $2.7 Billion Lawsuit Linked to 1MDB
Standard Chartered Plc is facing a $2.7 billion lawsuit from liquidators alleging it played a role in enabling the laundering of billions of dollars misappropriated from Malaysia's troubled sovereign wealth fund 1MDB. Liquidators began legal proceedings against the UK bank in Singapore, according to a statement released on Tuesday. The Financial Times reported the lawsuit earlier. Standard Chartered told the newspaper it had yet to receive the claim documents.
Yahoo
an hour ago
- Yahoo
Standard Chartered Bank faces $2.7 billion lawsuit over alleged role in 1MDB fraud
KUALA LUMPUR (Reuters) -Liquidators seeking to recoup misappropriated funds from Malaysia's sovereign wealth fund 1MDB have filed legal proceedings against Standard Chartered Bank in Singapore over the bank's alleged role in enabling fraud that led to over $2.7 billion in financial losses. The move is the latest in a wide-ranging effort to recover money belonging to 1Malaysia Development Berhad (1MDB), from which U.S. investigators say about $4.5 billion was stolen in a complex, globe-spanning scheme. Liquidators from financial services firm Kroll, which filed the lawsuit in the High Court of Singapore, said they were seeking to hold Standard Chartered accountable for its role in allegedly enabling fraud to be committed against 1MDB. Three companies in liquidation linked to 1MDB say Standard Chartered permitted over 100 intrabank transfers between 2009 and 2013 that helped conceal the flow of stolen funds. They also allege the bank chose to overlook obvious red flags in relation to the transfer of funds, resulting in the losses, the liquidators said. "According to this lawsuit, the transfers demonstrate serious breaches and control failings which ultimately enabled the theft of public funds by people operating at the highest levels of the Malaysian government during that period," the liquidators said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Thailand's ruling political dynasty faces day of legal peril
Thailand's ruling political dynasty faces fresh legal peril Tuesday with Prime Minister Paetongtarn Shinawatra risking suspension from office by the Constitutional Court, and her ex-premier father's separate royal defamation trial due to start. The kingdom's politics have been dominated for years by a battle between the conservative, pro-military, pro-royalist elite and the Shinawatra clan, who they consider a threat to Thailand's traditional social order. Thaksin Shinawatra, the 75-year-old family patriarch and billionaire twice elected leader in the early 2000s, is scheduled to appear in criminal court accused of breaching strict lese majeste legislation used to shield Thailand's king from criticism or abuse. The allegations stem from a 2015 interview he gave to South Korean media and could result in up to 15 years of imprisonment after a trial set to last for weeks, with a verdict not expected for at least a month after that. Meanwhile, Thailand's Constitutional Court is due to meet for the first time since a group of conservative senators lodged a case against Paetongtarn, accusing her of breaching ministerial ethics during a diplomatic spat with Cambodia. If the court decides to hear the case they could suspend her as they enter months-long deliberations, plunging Thailand into chaos as it grapples with a spluttering economy and the threat of US tariffs. "I will let the process take its course," a downcast Paetongtarn told reporters in Bangkok on Monday. "If you are asking whether I am worried, I am." The 38-year-old Paetongtarn took office less than a year ago but has been badly weakened by a scandal over her conduct in the row with neighbouring Cambodia. - Phone call scandal - A long-standing territorial dispute boiled over into cross-border clashes in May, killing one Cambodian soldier. But when Paetongtarn called Cambodian ex-leader Hun Sen to discuss the tensions, she called him "uncle" and referred to a Thai military commander as her "opponent", according to a leaked recording which caused widespread backlash. Conservative lawmakers accused her of kowtowing to Cambodia and undermining the military, and allege she breached constitutional provisions requiring "evident integrity" and "ethical standards" among ministers. Paetongtarn's Pheu Thai party has already been abandoned by a key conservative coalition partner, leaving her with a razor-thin parliamentary majority dependent on other parties. Around 10,000 people mustered in central Bangkok over the weekend to protest her administration. Her approval rating has plunged to just nine percent, down from around 30 percent three months ago, according to a survey released Sunday by Bangkok university the National Institute of Development Administration. Paetongtarn's case and her father's trial are the latest round in a bitter, decades-long tussle between Thailand's powerful conservative forces, and parties linked to Thaksin. Thaksin was ousted in a coup in 2006, while his sister Yingluck Shinawatra suffered the same fate in 2014 and other prime ministers from their political movement have been sacked by court rulings. After 15 years abroad, Thaksin returned to Thailand in August 2023. He was immediately ordered to serve an eight-year jail term for historic graft and abuse of power charges, but was taken to hospital on health grounds and later pardoned by the king. tp/jts/lb
