Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnamese banker linked to graft

Vietnamese banker linked to graft

Vietnamese banker linked to graft

8_story_1
Le Duc Thuy , governor of the State Bank of Vietnam speaks to reporters in Hanoi, Vietnam on Tuesday, August 22, 2006.

The former head of Vietnam’s central bank has been linked to an Australian banknotes scandal, with media reports alleging that bribes helped pay for his child’s British university education.

Melbourne newspaper The Age said polymer notemaker Securency, then partially owned by the Reserve Bank of Australia, paid for Vietnamese bank governor Le Duc Thuy’s child to attend the University of Durham using a “secret slush fund”.

Thuy, head of the Vietnamese central bank between 1999 and 2007, is now chair of the National Finance Supervision Council.

Securency is embroiled in a long-running investigation into claims its agents offered bribes to officials in countries including Indonesia, Vietnam and Malaysia to win contracts.

Police arrested several people in Britain, Spain, Australia and Malaysia last October.

Sources told The Age the Securency “slush fund” was established with some of the A$15 million (US$14.95 million) in commission paid to middleman Anh Ngoc Luong for helping win huge banknote contracts in Vietnam between 2002 and 2009.

The Age said Australian police suspected Luong’s commissions, paid into Hong Kong and Swiss bank accounts and with the approval of the RBA board, were “diverted to Vietnamese officials or their relatives”.

Securency executives denied direct involvement in the payment of bribes, The Age said.

Neither the RBA nor Securency chairman Bob Rankin returned calls for comment.

In Vietnam, an official at the National Finance Supervision Council said that Thuy was unavailable for comment.

MOST VIEWED

  • Hun Sen: Full country reopening to be decided in two weeks

    Prime Minister Hun Sen has announced that if the Covid-19 situation remains stable for 15 consecutive days from the end of the October 5-7 Pchum Ben public holiday, Cambodia will reopen fully, albeit in the context of Covid-19 whereby people have to adjust their lives to

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Phnom Penh governor: Show Covid-19 vaccination cards, or else

    Phnom Penh municipal governor Khuong Sreng late on October 5 issued a directive requiring all people aged 18 and over and the parents of children aged 6-17 to produce Covid-19 vaccination cards when entering schools, markets, malls, marts, eateries and other business establishments that have been permitted

  • Cambodia seeks probe into 'false reports' on Hun Sen's alleged Cypriot passport

    Minister of Justice Koeut Rith on September 6 wrote a letter to his Cypriot counterpart Stephie Dracos requesting cooperation in investigating and providing the truth in relation to the "exaggerative and false allegations" that Prime Minister Hun Sen holds a Cypriot passport. In his letter, the

  • 'Pandora Papers' expose leaders' offshore millions

    More than a dozen heads of state and government, from Jordan to Azerbaijan, Kenya and the Czech Republic, have used offshore tax havens to hide assets worth hundreds of millions of dollars, according to a far-reaching new investigation by the International Consortium of Investigative Journalists (