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Vietnam to investigate ABN AMRO forex dispute
HANOI - Vietnam has ordered a police investigation into disputed foreign exchange transactions between Industrial and Commercial Bank of Vietnam (Incombank) and Dutch bank ABN AMRO AAH.AS, a newspaper reported on Saturday.
The police-run An Ninh Thu Do (Capital Security) said Prime Minister Nguyen Tan Dung had ordered the police ministry and other state agencies to look into foreign currency trading between the banks and report by Aug. 15.
Incombank, the country’s fourth largest bank, has filed a lawsuit seeking compensation from ABN AMRO for foreign exchange losses of $5.4 million, Vietnamese newspapers have reported.
The bank has said the trades were done by an unauthorised employee and ABN AMRO should not have executed them but ABN AMRO has defended the trading as valid.
Last week Hanoi reassured investors the legal dispute would be solved without hurting foreign investment.
State-run newspapers reported that an employee an Incombank branch was detained in March. Police said she was involved in forex dealing along with several staff at the Dutch bank’s Hanoi branch, who also faced police prosecution.
Dung also ordered state agencies to provide relevant information to the Dutch government to try to resolve the dispute.
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