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NVB: NVB: Explanation of rumor
According to the request of
Hanoi Stock Exchange in the correspondence no. 1413/SGDHN-QLNY on 09/11/2012
with Nam Viet Joint Stock Commercial Bank (Navibank) to explain the rumor: “
many joint stock commercial banks reported gain but the inspection clarified
that in fact there were losses, decreasing in
charter capital or no more charter capital”, Navibank explains as below:
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In the overall inspection plan with all the
credit organization in 2012, the Inspectors of State Bank inspected all the
activities of Navibank in February 2012. According to the result, the Inspectors
requested Navibank to set up the additional provision due to some reasons such
as: increasing of bad debt, engaged assets did not complete legal requirement, provision
of savings in the interbank. Therefore, the real equity of Navibank decreased
by VND 2,512 billion, which was lower than the minimum legal capital which was
VND 3,000 billion.
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Following the conclusion if the Inspectors, Navibank applied some solutions
such as: decreased some bad debts according to inspector’s conclusion,
corporate with the clients to finish legal process related to engaged assets,
required clients to supplement engaged assets, invited the independent
valuation unit to valuate engaged assets to and set up provision. The result of
the contents above after being compared with the conclusion of Inspector
Department, the provision was decreased compared with the provision must be
supplemented followed by the Inspectors, hereby, the equity of Navibank by
30/09/2012 was VND 3,027 billion, which was higher than the legal capital.
Following the request of the Inspectors, Navibank set up the self-restructure
project to present the State Bank.
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