Op risk data: Monster real estate loan fraud bites Vietnam’s SCB

Also: Binance brought to book, Rabobank reprimanded over bond cartel. Data by ORX News

Credit: Kimsunri (https://bit.ly/46Kgl2i)

Bank loan fraud of staggering proportions tops the operational risk losses for November – and likely the year. At Vietnam’s Sai Gon Joint Stock Commercial Bank (SCB), majority shareholder Truong My Lan defrauded the bank of 304.1 trillion dong ($12.53 billion) in a scheme allegedly aided by SCB board members and executives. 

Truong covertly controlled up to 91.5% of the bank’s shares, allowing her to install relatives, friends and associates in key leadership roles at the bank. Fraudulent loans

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