The report, supported by the Women in Work programme, a partnership between IFC and the Australian government, also highlights Sri Lanka’s leadership in board-level gender diversity, with women holding 27 percent of board positions, compared to 20 percent in Nepal and 14 percent in Bangladesh.

The IFC said in a statement on Monday June 03 that the report, Women’s Advancement in Banking in Emerging South Asian Countries, aims to optimise opportunities that enable women to advance to senior roles in the banking industry across South Asia. The multi-country study, among the first of its kind in the region, focuses on private-sector commercial banks in Bangladesh, Nepal, and Sri Lanka, where women constitute 30 percent of the banking workforce compared to the global average of 52 percent, the IFC said.

Research conducted across seven leading private commercial banks in Sri Lanka, representing 41 percent of the market share, formed the basis of insights on Sri Lanka.

“While Sri Lanka’s banking industry is close to achieving parity in hiring women and is considerably ahead of other countries in terms of women’s share in the workforce, women’s progression does not match their career aspirations or progression rates for men. Representation drops from 40 percent at entry-level to 27 percent in middle management and further to 20 percent in senior management roles,” the IFC said in its statement.

IFC’s Regional Director for South Asia Imad N Fakhoury was quoted as saying that investing in the potential of women leaders isn’t just about equality, it’s about unlocking the full spectrum of talent and driving sustainable growth–exactly what Sri Lanka needs for a resilient economic recovery.

“Addressing the multifaceted challenges faced by female bankers requires comprehensive and collective action, rather than isolated interventions. We must tackle these barriers—whether policy, process, or culture–related—in a targeted manner, creating an inclusive banking sector and driving greater economic growth,” he said.

The report underlines how barriers such as lack of fair evaluations, sociocultural constraints and non-conducive work environments curtail women’s growth prospects in the Sri Lankan banking industry. While banks and policymakers have initiated several steps to improve women’s participation and career progression, stronger commitment from leadership is essential to create inclusive workplaces. According to the IFC, the report reveals skepticism among many employees, including senior leaders and more than 50 percent of middle managers, regarding the importance of female leadership for businesses to be competitive.

Previous research indicates that commercial banks with at least 15 percent of women in senior management achieve up to 33 percent higher return on equity. A growing body of evidence further links an increase in women’s representation in organisations to better performance on business metrics, the study found.

“This comprehensive, data-based report is a strong starting point for the banking sector to improve long-term policies allowing women and men to achieve their potential. The sector – as well as other organisations – should take note of findings that show an increase in women’s representation in senior manager or higher roles delivers higher returns and stronger business outcomes,” Australian High Commissioner for Sri Lanka Paul Stephens  was quoted as saying.

The report also recommends targeted efforts in Sri Lanka to bolster women’s participation and advancement in commercial banking. These include establishing organisational commitment and accountability for gender diversity, building equitable and safe workplaces, and developing supportive ecosystems, networks, and professional development opportunities. These findings and recommendations aim to guide industry actors—C-suite leaders in commercial banks, policymakers, industry bodies, and investors—towards increasing women’s representation in leadership in the banking industry, the IFC said. (Colombo/Jun03/2024)

This will help to update its Roadmap for Sustainable Finance, Green Finance Taxonomy, and also to expand the focus of the National Financial Inclusion Strategy Phase II, by including inclusive green finance with an emphasis on export-oriented SMEs, the central bank said.

The program is partially financed by the European Union’s Accelerating Climate-Smart and Inclusive Infrastructure in South Asia Program which supports sustainable private sector development. (Colombo/May29/2024)

The bank made a capital call from shareholders of 22 billion rupees, offering voting shares at 85 rupees and non-voting at 69 rupees.

Commercial Bank will offer 252,082,449 shares in the proportion of 1 for every exiting 5, to raise 21.42 billion rupees, the bank said Tuesday in a stock exchange filing.

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Sri Lanka’s Commercial Bank in rights issue to raise Rs22bn

The 22.52 billion rupees will used to bolster Tier 1 capital to accommodate future lending, the firm said.

Commerical is the first bank to make a cash call after bad loans and and a sovereign default dented banks following steep rates cuts made in 2020 to target ‘potential output’ by macro-economists. (Colombo/May29/2024)

“The balance sheets of state-owned banks have been used to absorb losses of State-owned Enterprises and help finance large fiscal deficits, thereby delaying reforms and accumulating debts, which contribute to the economic crisis,” the statement said.

State banks in the future will finance SOEs on commercial terms, competing with private sector banks. Any dollar loans will be in line with their net open position exposures.

Loans to loss making SOEs beyond 5 percent of equity will require special board approval and risk management sign off.

Any loans against Treasury guarantees will be subject to a ceiling under an upcoming fiscal management law.

Bank of Ceylon and People’s Bank capital will be boosted using a 2024 budget allocation of 450 billion rupees and also capital injections from institutional investors.

Independent directors who are not politically exposed persons under Financial Intelligence Unit guidelines will be appointed.

Auditors with international links listed in a central bank list will be appointed in consultation with the state Auditor General from 2025.

Commercial Bank will offer 252,082,449 shares in the proportion of 1 for every exiting 5, to raise 21.42 billion rupees, the bank said in a stock exchange filing.

It will also offer 15,847,696 shares also 1 for 5 to raise 1,093 billion rupees.

The 22.52 billion rupees will used to bolster Tier 1 capital to accommodate future lending, the firm said.

The bank’s Tier 1 capital was 11.36 percent as at March 2024 (required 10 percent) and total capital ratio, 14.87 percent, (required 14.0 percent)

Commercial Bank had equity of 220.83 billion rupees and net assets of 164.93 rupees per share.

The stock closed at 112.75 rupees, down 75 cents on Tuesday.

Commerical is the first bank to make a cash call after bad loans and and a sovereign default dented banks following steep rates cuts made in 2020 to target ‘potential output’ by macro-economists. (Colombo/May28/2024)

“There are 1,092 Samurdhi community-based banks and 335 Samurdhi community-based banking societies functioning across the country to promote microfinance activities,” Gunawardena told reporters Tuesday announcing Cabinet decisions.

These banks and societies are audited annually by the Internal Audit Division of the Samurdhi Development Department as per the provisions of the Samurdhi Act, Gunawardena said.

They are not formally recognised as banks as they do not fall under the purview of the Central Bank.

“The Samurdhi Act does not include the provision that they should be audited by the National Audit Office. Auditing these banks and societies by the National Audit Office will help maintain transparency in their operations and increase public confidence and acceptance.”

Gunawardena said the Cabinet approved the proposal to amend the Samurdhi Act No.1 of 2013 as amended by Divineguma (Amendment) Act No. 2 of 2017 and to advise the legal draftsman to prepare the respective bill for this purpose.

Samurdhi, Sri Lanka’s largest welfare programme until the Aswesuma scheme, had some 1.7 million beneficiaries, but critics say that, while it is necessary, a not insignificant number of the beneficiaries are people who don’t meet the criteria and are added to the list through political influence.

Sri Lanka started Aswesuma, its new consolidated welfare payments scheme, after a large number of people were tipped into poverty when the rupee collapsed from the most aggressive macro-economic policy (rate cuts and tax cuts) employed by the country’s economic bureaucrats since a money printing central bank was set up.(Colombo/May28/2024)

The largest private sector insurance company in Sri Lanka, the company offers insurance, education, hydropower, healthcare and financial services.

The company was included in the S&P SL20 in June 2018.

The share closed flat at 2,500.00. (Colombo/May27/2024)

Financially literate persons will make better savings and investment decisions, he said.

“They are more likely to understand the impact monetary policy decisions and respond appropriately, contributing to effective policy implementation,” Governor Weerasinghe said at the launch of a road map to boost financial literacy.

The road map has been made in collaboration with related regulators and stakeholders and the United Nations Development Program.

Related Sri Lanka women borrowers trapped by ill-understood loan agreements: UN official

Financial literacy can also increase public trust in the financial system by increase knowledge of how it works.

A national financial inclusion strategy has also been prepared.

A new central bank has entrusted the Central Bank with maintaining the stability of the financial system as well as increasing financial inclusion.

“By promoting financial literacy, financial consumer will be empowered to safeguard themselves from financial fraud,” Governor Weerasinghe.

With new technology there was also an increase in some types of fraud.

Financial literacy can reduce indebtedness and poverty Governor Weerasinghe said.

Increasing financial literacy which starts from schools will also help the next generation. (Colombo/May22/2024)

This was done on a direction issued by the Central Bank of Sri Lanka, as the key business activities of BoCT did not fall within the purview of Section 17(1) (a)-(g) of Banking Act No 30 of 1988, the company said in a stock exchange filing.

The principal activities of the Bank as stated in its 2023 Annual Report, during the year were, personal banking, corporate banking, development banking, off-shore banking, trade financing, lease financing, primary dealing, investment banking and wealth management, treasury operations, correspondent banking and money remittances, Islamic banking, bancassurance, pawning, credit card facilities, foreign currency operations and other financial services.

The principal activities BoC Travels was given as ‘Engages in travel related services’.

BOC Travels offers travel services including airline ticketing, visa services, outbound tours, and travel insurance. (Colombo/May21/2024)

The reported earnings of 12.61 rupees for the quarter.

Net interest income at standalone bank level fell 30 percent to 21.9 billion rupees in the quarter the March 31, while interest income fell 20 percent to 60.2 billion rupees and interest expenses fell at a slower 13 percent to 38.2 billion rupees.

Hatton National Bank group net interest income was 25 billion rupees.

Customer loans were down 3 percent to 930 billion rupees. Debt and other instruments were up 19 percent to 549 billion rupees.

Impairment charges were 1.3 billion rupees, down from 11.3 billion last year.

Net fee and commission income was down 3 percent to 4.10 billion rupees.

Losses from trading was 4.1 billion rupees down from 7.2 billion rupees last year.

Insurance premium was 4.3 billion rupees, up 14 percent. Benefit and claims were 4.7 billion rupees, up 7 percent.

Group gross assets were up 1 percent to 2,063 billion rupees. Group net assets up 5 percent to 42.8 billion rupees.

Tier I capital was 14.48 percent, and total capital was 18.06 percent against required 9.5 percent to 13.5 percent.

“The Bank has provision to draw down further up to 250 bps on the capital conservation buffer under the concessions granted by the Central Bank of Sri Lanka,” the bank said. (Colombo/May15/2024)

The bank reported earnings of 7.94 rupees per share for the quarter.

Commercial Bank group net interest income went up 45 percent to 27.6 billion rupees even as interest income fell 7.3 percent to 70.3 billion rupees and interest expense fell at a faster 25 percent to 42.6 billion rupees.

Net fee and commission income grew 4 percent to 5.6 billion rupees.

Losses from trading was 1.9 billion rupees, down from 8.9 billion a year earlier.

Loans and advances to customers were up 1.65 percent to 1,224 billion rupees, amid a contraction in foreign currency loans. The rupee loan growth was 120 billion rupees, the bank said.

Commercial Bank also has a unit in Bangladesh. The Bangladeshi taka was ‘devalued’ to 117 to the dollar from 109 after macro-economists printed money suppress rates and a its exchange rate regime was changed last week to a ‘crawling peg’ with only a 50 basis point hike in rates.

However other market rates were de-controlled. Bangladesh grew fast when it kept a loose peg for about 8 to 10 years at a time, despite a policy rate.

Stage 3 bad loans were were 5.59 percent, down from 5.85 percent.

Financial assets – debt instruments were down 4.7 percent to 652 billion rupees.

Deposits grew only 0.3 percent to 2,140 billion rupees. The bank said a strengthening rupee was reducing the domestic currency valued of dollar deposits.

Gross assets fell by 1.48 percent to 2,616 billion rupees. Net assets were up 0.16 percent to 220 billion rupees.

Tier I capital was 11.36 percent, total capital ratio was 14.7 percent by March 31 against required 10 and 14 percent.

NSB has decided to take over the assets and liabilities of SLSB and absorb its employees.

“It has been decided to introduce a voluntary retirement scheme and make a payment taking into account the market factors for the employees who retire voluntarily. If they don’t take the VRS offer, they will be absorbed into the National Savings Bank workforce,” Gunawardena told reporters Tuesday.

Established in 2006, the State-run Sri Lanka Savings Bank is a successor to the failed Pramuka Savings and Investment Bank.

SLSB was acquired by the State-owned National Savings Bank (NSB) in October 2019. SLSB benefited from NSB ownership in terms of capital, operational and managerial support, a subsequent rating review noted. (Colombo/May14/2024)

The special economic zone is expected to be re-named International Financial and Technological City. Most of the regulations that governs the special economic zone is already in place allowing a number of businesses to start operations.

“The banking regulations remains to be approved by parliament,” Minister Amunugama told reporters in Colombo Friday.

“Within the next two months, we hope to bring to parliament and approve, all these regulations, including offshore banking regulation.”

Several businesses including software firms which were approved to operated from the Port City are running at designated locations, pending the construction of buildings.

Related Sri Lanka’s International Financial City awaiting banking regulations

A business centre is being built.

China Duty Free may also start a duty free complex on June 14, if the required approval is received from cabinet.

The Colombo Port City will be a ‘dollarized’ special economic zone will not have a money monopoly but where products of many central banks including that of the Fed (US dollar), ECB (the Euro) and Peoples Bank of China (Renminbi) will compete for acceptance.

Domestic macro-economists will only be able to trigger monetary instability, destroy real salaries and trigger social unrest in the rest of the country.

With the multi-currency areas the usual excuses pushed by macro-economists that there is a current account deficit, there is a trade deficit, there are gold imports, which require trade and exchange controls, after cutting rates with inflationary open market operations on the claim that “growth cannot be created without price pressure” will no longer apply.

There have been no suggestions to indicate that the banks in the special economic zone can lend to the rest of the country.

Offshore banking centres which have lent to the rest of the country, especially in domestic currency, where there is a policy rate driven sterilizing soft peg, have tended to create problems in other jurisdictions. (Colombo/May15/2024)

The central bank together with banks are tightening security on an ongoing basis as hackers and other fraudsters develop new ways to defraud customers.

One such method is to re-issue a SIM of a mobile banking customer whose account number and telephone number is known to the fraudster by persuading a mobile phone agent that it has been lost, without submitting an identity card in person.

In the late evening a new chip is activated and the fraudster logs on to the account, gets a new password through a one time password (OTP) sent to the newly issued SIM and takes all the money out.

The central bank is in discussions with the telecom regulator to get all operators to tighten the re-issue of sims, so that they cannot be issued to a person who is not the actual owner, Alwis told EconomyNext.

Though existing rules also require the ID of the person to be produced, it happens without, in the case of some operators due to lax phone agents who have been given authority to issue SIMs.

Financial sources say when such events happen in the late night – where the re-activation appears to be timed to when the customer is sleeping and is unlikely find out that his SIM has been de-activated – there could be collusion between the chip issuing agent and the fraudster.

Some banks use internet banking apps where password cannot be changed with just an OTP.

“Internet banking ask ask you multiple challenge questions cannot be broken in this way,” a banker said.

“They will also lock the system when questions are missed.”

There are multiple ways that fraudsters operate which involving duping customers to reveal the OTP, officials say.

“We repeatedly warn customers not to reveal OTPs or account numbers to unknown persons,” Alwis said.

One scam is to trick members of the public who make public their account and phone numbers asking for help into revealing their OTP, Alwis said.

Related Sri Lanka mobile banking users warned of phone hi-jacking scam

The central bank has also issued a direction effective April for transaction connected to the JustPay app.

“For all JustPay transactions, mobile payment application initiating the transaction shall request a One-Time Password (OTP) from the Issuer of the account that has been linked to the mobile payment application via JustPay, if the transaction amount equals or exceeds Rs. 10,000/=. Issuer in this instance shall refer to any institution that maintains the account of the customer, from which the debit is made,” the direction reads.

In January a series of directions were also issued to make internet and mobile phone banking safer.

The changes to the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill seeks to delay so-called ‘parate execution’ till December 2024.

Sri Lanka has seen banks auctioning assets after a currency crisis killed domestic demand. (Colombo/May7/2024)

“We have been alerted regarding several incidents of financial fraud, both globally and in Sri Lanka, disguised as attractive online offers, leading to mobile device users inadvertently clicking on unknown links and downloading malicious apps and files,” a joint statement from Sri Lanka Banks Association, Lanka Pay and FinCSIRT said.

“This action grants scammers complete access to the mobile device, enabling them to control it remotely.

“Once the fraudsters take control of the mobile device, they have easy access to bank/payment apps that are installed on that device, leading to theft from bank accounts and payment cards accessed via the mobile device.”

“We wish to advise the general public to be more vigilant in order to avoid falling prey to such scams. These fraudsters use social media platforms, websites and online messaging platforms to carry out such fraudulent activities.

“It is important to note that these reported fraud cases are due to fraudsters gaining control of your mobile device and not due to any security vulnerability of banking/payment apps, which are adhering to international security standards.”

The full statement is reproduced below

JOINT STATEMENT BY SRI LANKA BANKS’ ASSOCIATION, LANKAPAY AND FINCSIRT

NOTICE TO THE GENERAL PUBLIC

We have been alerted regarding several incidents of financial fraud, both globally and in Sri Lanka, disguised as attractive online offers, leading to mobile device users inadvertently clicking on unknown links and downloading malicious apps and files. This action grants scammers complete access to the mobile device, enabling them to control it remotely.

Once the fraudsters take control of the mobile device, they have easy access to bank/payment apps that are installed on that device, leading to theft from bank accounts and payment cards accessed via the mobile device.

We wish to advise the general public to be more vigilant in order to avoid falling prey to such scams. These fraudsters use social media platforms, websites and online messaging platforms to carry out such fraudulent activities.

It is important to note that these reported fraud cases are due to fraudsters gaining control of your mobile device and not due to any security vulnerability of banking/payment apps, which are adhering to international security standards.

To prevent falling victim to such scams, we advise the public to exercise caution and follow these guidelines:

Beware of online advertisements offering unrealistic deals.

Avoid clicking on links and downloading apps or files from unknown sources.

Exit from unknown and unfamiliar groups on social media platforms or online messaging
platforms to which your are added without consent.

Avoid clicking on links shared via such groups.

Refrain from saving passwords on your device.

Download apps only from official app stores like the Apple App Store, Google Play Store etc
Use biometric authentication (e.g., fingerprint, facial recognition) to access bank/payment
apps where available.

Regularly review app permissions and remove any excessive permissions granted to
installed apps.

Install a reputable antivirus app from official app stores and keep it updated to detect and
remove viruses and malware.

Be cautious of messages prompting you to disclose personal or financial information by
clicking on links.

Immediately disable your mobile data/WiFi or switch to airplane mode if you notice
unusual behavior on your device.

Pay attention to security warnings issued by FinCSIRT, banks and financial institutions and
follow their recommended precautions.

Be aware. Don’t fall prey to financial scams.

“This loan facility aims at supporting the Company’s Agriculture Portfolio, especially the agricultural leasing product enabling farmers to access agricultural machinery such as tractors and harvesters at affordable rates and become owners via leasing scheme,” the company said in a stock exchange filing.

The company was responding to a story published in the Daily Mirror.

“As considered by EDFI, this investment rolls out the principle of the Global Gateway in Sri Lanka, which is Europe’s Strategy to better connect the world and to create the proper conditions for attractive investment opportunities.”

SDF shares were trading up at 14.00 on Monday. (Colombo/Apr29/2024)

In a 2007 direction, banks were allowed to give loans up to 30 percent of capital for a single customer and 33 percent for a group but the rules were widely violated in the case of state enterprises, which were used as off-budget vehicles to give energy and other subsidies.

Banks will have to limit exposures to 25 percent starting from January 2026.

According to transitional provisions published in the direction seems to indicate that some banks may have single borrower exposures of 85 percent or more.

They will be required to bring exposures down to 60 percent by 2027 and 25 percent by 2028.

Download the direction from here Sri-Lanka-single-borrow-limit-direction-2024

Energy utilities were made to borrow from state banks to run off-budget subsidies under plan avoid a price formula during the Rajapaksa regimes.

Sri Lanka’s state banks ended up with large debts to Ceylon Petroleum Corporation partly due to flexible inflation targeting (printing money to cut rates as soon as inflation fall triggering forex shortages) even when fuel was market priced in 2018, analysts have shown.

When rates were cut with inflationary open market operations, triggering forex shortages, CPC was barred from buying dollars and forced to get suppliers’ credit denominated in dollars.

The suppliers’ credits were later converted to dollar loans from state bank loans, usually after the currency collapsed from the inflationary rate cuts or inflationary open market operations to sterilize interventions or both, analysts have shown.

The CPC loans have since been taken over by the government.

Banks have also funded roads and other state projects.

“Licensed banks shall gradually reduce the exposures to Public Corporations to meet the maximum limit,” by December 2030 according to the direction.

“Public corporation shall mean any corporation, board or other body which was or is established by or under any written law other than the Companies Act, with funds or capital wholly or partly provided by the Government.”

Many of the newer state enterprises however have been suddenly set up under the Companies Act, unlike earlier where a specific act was passed by the parliament to set up corporation or a statutory authority.

Borrowings of CPC and CEB eventually hit the financial stability of state banks while actual bad loans were under-reported. Now the bad loans are being covered with a state capital injection.

Under an International Monetary Fund and World Bank backed program, the so-called ‘sovereign bank nexus’ is being severed to protect the banking system.

Government securities, central bank sterilization securities, loans guaranteed by multilateral lenders or high rated foreign banks are excluded. (Colombo/Apr23/2024)

Private credit along with US dollar denominated loans grew only 7.3 billion rupees to 7,321.5 billion rupees, with dollar denominated loans contracting to 529.6 billion rupees from 545.2 billion rupees amid rupee appreciation.

With the appreciation of the rupee reducing stock holding costs of importers and other producers, working capital credit requirement could also fall giving more ‘bang for buck.’

Central bank credit contracted 121 billion rupees in February, after contracting 91 billion rupees in January 2024, keeping the balance of payments in surplus.

Credit to government from commercial banks went up by around 100 billion rupees to 6,153.4 billion rupees in February, but overall credit from the banking system was down amid the central bank credit contraction.

Reserve money, as measured, also fell by 74 billion rupees to 1,413.7 billion rupees. (Colombo/Apr15/2024)

Lan, who was also a key shareholder of Saigon Commercial Bank, was sentenced to 20 years in prison for violating credit regulations, 20 years for bribing a State Bank of Vietnam (central bank) official, in addition to the death penalty, penalty for embezzlement, reports said.

Do Thi Nhan, former Director of bank supervision division II at the State Bank of Vietnam was sentenced to life for accepting bribes during a re-structure of three failed banks over a decade ago, which eventually emerged as Saigon Commercial Bank.

Vietnam suffered business failures and bad loans after an attempt at ‘stimulus’, which was fashionable after a US housing bubble broke, ended in a currency crisis in 2011 with the dong falling from 15,000 to 22,000 to the US dollar.

Lan protested her innocence, saying she invested in the bank and got friends to buy shares to bail it out at the behest of authorities, reports said.

Dinh Van Thanh, exp-Chairman of Saigon Commercial Bank, currently evading arrest, Bui Anh Dung, Chairman of the Board of Directors; Vo Tan Hoang Van, General Director were also sentenced to life imprisonment.

The current case blew up after property companies in Van Thinh Phat Group defaulted on corporate bonds issued during a Covid low interest period, leading to public protests, after rates were hiked in late 2022 to stop a currency crisis.

Several Vietnamese property firms got into trouble in 2022 after construction delays during Covid-19 which led to interest rate accumulation, delayed payments by buyers, and an eventual rate correction to stop a currency crisis in 2022, after forex reserves touched three months of imports due to rate cuts.

Court asked authorities to investigate corporate bond sales separately, as the current case dealt with loans from the Saigon Commercial Bank.

On March 27, Do Anh Dung, Chairman of Tan Hoang Minh group, was sentenced to eight years in prison, his son and Deputy General Manager Do Hoang Viet to three years by Hanoi People’s Court over corporate bond defaults, also over defaulted corporate bonds.

In the SCB case, the court also sentenced a series of central bank, credit regulatory agency and state audit office and government internal affairs officials for failure to carry out their work or negligence.

Court also recommended additional investigation of auditors of Saigon Commercial Bank, the government to re-examine the procedures for setting up joint stock companies (limited liability firms) after it was found that over 1000 companies had been incorporated with cross-holdings to get loans, some of which were inactive.

In all 86 persons were sentenced.

Court said Lan could appeal to the President of the Republic for the sentence to be commuted to life.

In 2003, Tang Minh Phung, director of Minh Phung and EPCO groups was sentenced to death after his businesses failed and could not repay loans from state banks.

His appeal was rejected by the President and he was executed by firing squad.

A pioneer exporter in footware and apparel in the early stage of Vietnam’s growth story, Phung was also bought down by property deals gone bad.

The following Central Bank and other state officials were sentenced in addition to Do Thin Nhan according to ThanhNhien portal.

1) Nguyen Van Hung, former Deputy Chief Inspector in charge of the Banking Inspection and Supervision Agency (under the State Bank), received 390,000 USD from Truong My Lan: 11 years in prison (translated)

2) Nguyen Thi Phung, Deputy Director of Banking Inspection and Supervision Department II, received 20,000 USD, 210 million VND, 1 watch, 1 bag, 1 scarf: 4 years in prison

3) Bui Tuan Khoa, Deputy Director of Banking Inspection and Supervision Department II, received 100 million VND: 3 years in prison

4) Vuong Do Anh Tuan, Head of the Inspection Department of the Banking Inspection and Supervision Department II received 20,000 USD, 2 shirts: 3 years suspended prison term

5) Tran Van Tuan, Inspector of the Department of Inspection, resolution of complaints and denunciations of the internal affairs and general economic sector (under the Government Inspectorate) received 6,000 USD, 40 million VND: 3 years in prison

6) Le Thanh Ha, Deputy Chief Inspector of State Audit, former Head of Bank Audit Department 1, State Audit Specialist VII received 14,000 USD, 100 million VND: 3 years in prison

7) Nguyen Van Thuy, former Deputy Head of the General Supervision Department, National Financial Supervision Commission received 21,000 USD, 60 million VND, 1 shirt, 1 T-shirt, 1 box of bird’s nest: 3 years in prison

8) Nguyen Tuan Anh, former civil servant of the Department of Inspection and Supervision of Domestic Credit Institutions (under the Banking Inspection and Supervision Agency, State Bank) received 100 million VND: 3 years in prison

9) Vu Khanh Linh, Deputy Head of the Joint Stock Commercial Bank Inspection Department (under the Department of Banking Inspection and Supervision II, State Bank) received 100 million VND: 3 years of suspended prison sentence

10) Truong Viet Hung, inspector of the Department of Inspection, resolution of complaints and denunciations of the internal affairs and general economic sector (under the Government Inspectorate) received 6,000 USD: 3 years in prison

11) Nguyen Duy Phuong, inspector of the Department of Inspection, settlement of complaints and denunciations of the internal affairs and general economic sector received 1,000 USD, 20 million VND: 2 years in prison

12) Nguyen Van Dung, Deputy Director of the State Bank Ho Chi Minh City branch received 400 million VND, 15,000 USD: 11 years in prison

13) Nguyen Thi Phi Loan, former Deputy Chief Inspector in charge of the State Bank’s Ho Chi Minh City Branch Inspection and Supervision Agency, received 470 million VND: 4 years in prison

14) Phan Tan Trung, Deputy Chief Inspector, Banking Supervisor, State Bank Ho Chi Minh City Branch received 1.1 billion VND: 7 years in prison

15) Vo Van Thuan, Deputy Chief Inspector, Banking Supervisor, State Bank Ho Chi Minh City Branch received 1.8 billion VND: 7 years in prison

16) Nguyen Tin, former Deputy Head of the Administrative Inspection Department, resolving complaints and denunciations and preventing corruption, Ho Chi Minh City Banking Inspection and Supervision Department under the State Bank of Vietnam Banking Inspection and Supervision Agency Receive 500 million VND: 3 years in prison (Colombo/Apr12/2024)