ACB, Sacombank found violating interest rate support

Government investigators found Asian Commercial Bank and Sacombank violating interest rate support.

These banks must recall these loans to repay the State Budget a total amount of VND51 billion.

Asian Commercial bank signed 83 loans contracts in which loan period and amount were higher than actual demand of enterprises, loan appraisals were insufficient and careless.

As many as 14 enterprises were allowed to borrow for working capital more than their actual demand and used the loans to deposit to local banks instead of business operations.

On the other hand, Sacombank violated the loan contract 86 times, allowing 12/87 firms to take advantage of interest rate support to borrow for deposits.