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Vietnam says violations found at central bank in war on graft
September 2, 2017 / 4:38 AM / 20 days ago

Vietnam says violations found at central bank in war on graft

FILE PHOTO: A woman rides a bicycle past the building of the State Bank of Vietnam in Hanoi May 17, 2016. REUTERS/Kham

HANOI (Reuters) - Vietnam has found faults with the central State Bank of Vietnam, including poor supervision of credit organizations and inefficiency in preventing corruption, the government said on Saturday.

The announcement, which was published on the government’s website, came amid an intensifying crackdown on corruption that has pushed many state executives and government officials into the spotlight.

The Government Inspectorate found the bank slow and not complying with regulations when publicizing its properties and revenues, the report said, without elaborating.

Government officials have to reveal their incomes and properties to the public.

Inspectors also pointed out violations by SBV’s banking supervision agency, a department in charge of overseeing and examining credit organizations, from 2010 to 2015.

“Credit organizations had several faults but during inspection, the supervising department did not promptly detect them to deal with and prevent them,” the government said.

The inspectorate has called for the state bank governor to investigate groups and individuals behind the violations.

Vietnam’s crackdown on corruption and mismanagement, with a focus on inefficient state-owned companies, earlier led to the rare dismissal of a member of the politburo and the sacking of a vice-minister.

Four more officials from a scandal hit state-oil firm are being prosecuted over links to investment losses in a local bank.

Reporting by Mi Nguyen; Editing by Nick Macfie

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