ABN Amro sued over risky currency trades in Vietnam
The state-owned Industrial and Commercial Bank of Vietnam (Incombank), one of the four main state-owned banks in the country, sued ABN Amro's Hanoi branch in a dispute over foreign currency trading, the Financial Times reported. In its suit, Incombank, one of Vietnam's four main state-owned banks, has blamed ABN Amro traders for causing $5.4m in losses to the state institution by executing speculative foreign currency trades for an Incombank employee. The Incombank employee and four ABN Amro employees were arrested and a Vietnamese court is scheduled to begin preliminary hearings next week, according to the paper. ABN Amro declined to comment on the case, the paper said. The lawsuit has raised concerns about risks of dealing with state financial institutions in Vietnam, where causing losses to a state enterprise is a serious criminal offense, the paper said. (Bloomberg, FT.com)
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