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Second Vietnam's top banker arrested

Publication Date : 24-08-2012


Vietnam's Ministry of Public Security's Investigation Department arrested former director of one of the country's largest private banks Asia Commercial Bank (ACB) Ly Xuan Hai yesterday afternoon for allegedly violating State regulations on economic management leading to serious consequences.

Hai, 47, is remanded in custody for four months for further investigations. Also yesterday, police searched his house and office in Ho Chi Minh City.

Hai, who was ACB general director since 2005, resigned from his position at ACB not long before he was arrested.

Hai obtained a Masters of Economics at the University of Paris Dauphine (France), and a PhD in Math - Physics at the National University of Belarus.

His detention followed the arrest of tycoon Nguyen Duc Kien, who was ACB's former vice chairman.


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