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State Bank has pumped US$24 billions into SCB

The State Bank of Vietnam–the SBV–has pumped about US$24 billion into Saigon Commercial Bank–or SCB–to keep it afloat, Reuters is reporting. SCB was at the centre of a fraud scandal worth upwards of US$12 billion. The mastermind of the fraud, Truong My Lan, has since been convicted and given a death sentence, but now the authorities need to track down all of the embezzled funds.

Point of note, US$24 billion is a lot of money and its not clear where the SBV has got this money from. This might partly explain the 3.3 percent devaluation of the dong since the start of the year.

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