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Recovery of stolen assets in economic crimes lower than expectations

Recovery of stolen assets in economic crimes lower than expectations: inspection

The recovery of stolen assets in corruption and economic crimes has not met expectations with only 17.26 percent of lost money in Vietnam dong and 59.48 percent of lost money in foreign currencies reclaimed during the period from 2013 to September 2018.
Recovery of stolen assets in economic crimes lower than expectations: inspection ảnh 1Phan Dinh Trac (standing), deputy head of the Central Steering Committee for Anti-Corruption, speaks at the inspection session at the State Bank of Vietnam on May 15 (Photo: VNA)

Hanoi (VNA) – The recoveryof assets that credit organisations lost in corruption and economic crimes has not met expectationswith only 17.26 percent of lost money in Vietnam dong and 59.48 percent of lostmoney in foreign currencies reclaimed during the period from 2013 to September2018.

The figures were mentionedduring an inspection of asset recovery work at the State Bank of Vietnamconducted by a team of the Central Steering Committee for Anti-Corruption onMay 15.

According to reports at theinspection, between 2013 and September 2018, credit organisations lost nearly62 trillion VND (2.65 billion USD) and 18.52 million USD as consequences ofcorruption and economic crimes. Credit organisations have coordinated with relevantagencies to recover more than 10.8 trillion VND (17.26 percent) and 10.09million USD (59.48 percent).

Problems hindering the recoveryof stolen assets included limited supervision and inspection of the work, theprolonged settlement of complicated cases, and credit organisations’ passiverole.

Concluding the inspection, headof the inspection team Phan Dinh Trac, who is deputy head of the Central SteeringCommittee for Anti-Corruption, emphasized that the Party committee andleadership of the State Bank of Vietnam must reach consensus on the importanceof asset recovery work in order to repair the damage caused by corruption andeconomic crimes.

He requested that the State Bankenhance its coordination with the Ministry of Justice and related ministries andlocalities to remove obstacles in the settlement of bad debts and collateralassets. It should also instruct credit organisations to tighten coordinationwith sentence enforcement agencies to promptly put an end to delayed cases.

The official also assignedfunctional agencies to build plans to carry out recommendations made by the CentralSteering Committee for Anti-Corruption and the inspection team, so as to improvethe efficiency of the recovery of stolen assets in corruption and economiccrimes.-VNA
VNA
#recovery of stolen assets#corruption#economic crimes#Central Steering Committee for Anti-Corruption#corruption fight#State Bank of Vietnam#updated Vietnam news#Vietnamplus#Vietnam News Agency
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