16 former bank execs probed for illegal loans of $448 million   Police inspect the house of one of the bank executives in the case. Photo: Thanh Tuyen The Ministry of Public Security has launched an investigation against 16 former officials at the Vietnam Bank for Construction (VNBC) for lending violations involving more than VND10 trillion (US$448 million). Pham The Tuan, a former board member, faces charges of being irresponsible leading to serious consequences. Le Cong Thao, former IT chief, is investigated on charges of violating state’s economic regulations.  The 14 others face charges of violating lending regulations. According to investigators, Tuan did not take decisive actions in preventing the bank’s former chairman, Pham Cong Danh, and others in transferring money out of the bank illegally for a long time. Other defendants were accused of violating lending procedures, including offering big loans without proper assessment and approval from the board.  All 16 suspects are allowed to be out during the investigation. Earlier on July 26, 2014, police arrested three former VNBC executives for criminal investigation. The arrestees were Pham Cong Danh, 49, former chairman, Phan Thanh Mai, 43, the bank’s former general director, and Mai Huu Khuong, 31, a board member. Preliminary investigation found the arrestees using a savings account of a local company as collateral for 39 loans, behind the account holder's back. The loans were then used for personal gains.  Danh, who is also chairman of Ho Chi Minh City-based Thien Thanh Group, was dismissed soon before police announced the arrest. By Thanh Tuyen, Thanh Nien News