A high-profile founder of Asia Commercial Bank (ACB) who was arrested last month for alleged violations in business activities will face charges of fraud, as well, and two of his subordinates also have been taken into custody, investigators said.
A news website quoted the Ministry of Public Security’s investigators as saying Nguyen Duc Kien, 48, would be investigated for fraud apart from the current charge of “deliberately violating state regulations resulting in serious consequences.”
Kien was arrested on Aug. 20 following allegations of violations at three companies where he served as a board chairman: B&B Trade and Investment Joint Stock Co., ACB Ha Noi Investment Joint Stock Co. and Asia Hanoi Financial Investment Ltd., Co.
Tran Ngoc Thanh, director of ACB Ha Noi Investment Joint Stock Co., and Nguyen Thi Hai Yen, the company’s chief accountant, also have been arrested as suspected accomplices, investigators said.
Earlier, three days after Kien’s arrest, Ly Xuan Hai, former CEO of ACB, also was taken into custody for allegedly “violating state regulations on economic management, resulting in serious consequences.”
Following the arrests, the shares of ACB plummeted in price, and customers rushed to withdraw money from the bank.
