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

  • First Khmer woman to pass out of West Point

    The life of a soldier certainly isn’t for everyone. The training is gruelling, the hours long and there’s no room for excuses. On top of that, soldiers must be ready to respond to sudden threats at a moment’s notice. Just ask Sithyka

  • Tourists urged not to skip trip

    The Ministry of Tourism has called on international tourists not to cancel trips to Cambodia, but urged them to adhere to several dos and don’ts when arriving in the Kingdom during the Covid-19 pandemic. The ministry released an eight-point instruction manual on Wednesday published

  • The taxman cometh – Cambodia’s capital gains tax casts the net on individual taxpayers

    In a country where only limited personal income tax existed, the new taxation law beginning January 1, 2021, will make taxpayers out of Cambodians, whether they are ready for it or not About two years ago, a little known amendment was made to Article 7 of the Law

  • Cambodian-American gets Star Trek treatment

    Kevin Ung, a Cambodian-American whose family escaped genocide during the Khmer Rouge’s reign of terror, was recently selected from thousands of applicants to participate in the Television Academy Foundation’s inaugural 2020 Star Trek Command Training Programme, a course intended to give hands-on filmmaking experience

  • Cambodia seeks to be transport hub

    Cambodia is working on several fronts to modernise its transport infrastructure and services, concentrating on opening new international gates to relieve and balance traffic congestion at its borders, Minister of Public Works and Transport Sun Chanthol said on Thursday. This is part of the Kingdom’

  • Deminers unearth ancient lion statue

    Cambodia Mine Action Centre (CMAC) director-general Heng Ratana told The Post on Tuesday that a statue of a lion was found by mine clearance experts while they were digging for a development project. It was sent to the Ministry of Culture and Fine Arts last