Police in Hanoi have issued a decision to prosecute Nguyen Thi Huong Giang, a former general director of the SeABank, for illegally issuing 12 letters of guarantee worth VND310 billion (US$14.9 million) that have caused great losses for the bank. Giang, 39, who is now abroad, has been charged with abusing power while she was working at the South East Asia Commercial Joint Stock Bank (SeABank) headquartered in Hanoi’s Hoan Kiem District, police said. Investigators alleged that Giang, who was also the ex-director of the bank’s Hai Ba Trung branch in Hanoi, had gone beyond authority in signing and issuing 12 guarantee letters worth VND310 billion from March 2011 to April 2012, causing damage for SeABank. In November, SeABank asked Hanoi police to launch an investigation into the case after the bank received numerous requests to make payments under the guarantee letters signed by Giang. After checking records, the bank discovered that Giang had signed and issued 12 letters of guarantee during the above-mentioned period. All of these letters were granted without any mortgages received by the bank from the beneficiaries of the letters. Of the letters nine, valued at VND275 billion ($13.2 million) in total, were granted to Vina Megastar Group Joint Stock Company located in Hai Ba Trung District, Hanoi, and its subsidiaries. The 12 letters were personally prepared by Giang, who later affixed the seal of the bank’s branch on them to make them valid, SeaBank said. These actions seriously violated the procedures for granting guarantee letters at SeABank, the bank’s management said, adding that the bank removed Giang from her post on April 28, 2012. Police are continuing their investigation into the case.