Vietnam mounts huge US$24bil rescue for bank engulfed in fraud

SCB is engulfed in the nation’s biggest financial fraud. — Reuters

HANOI: Vietnam has mounted an “unprecedented” rescue of Saigon Joint Stock Commercial Bank (SCB), a lender engulfed in the nation’s biggest financial fraud, according to three bank documents and new official information provided to Reuters by a person with access to the documents.

“Without lending, SCB will collapse,” according to the new information provided. “If the lending continues, the national treasury will gradually dry up.”