Another bank executive arrested

Ly Xuan Hai, former General Director of the Asia Commercial Joint Stock Bank (ACB), has been detained for intentionally violating State regulations on economic management, causing serious consequences.

  • Banks lack social risk management

Hai, born in 1965, was arrested at 6:30 pm on August 23, said the investigation agency under the Ministry of Public Security.

Police have also searched his home on Thanh Thai Street, Ward 14, District 10 in Ho Chi Minh City and his office at ACB's headquarters on Nguyen Thi Minh Khai Street.

Hai will be detained for 4 months.

A day earlier, Hai resigned from his post, and the ACB named permanent General Director Do Minh Toan as its new boss.

On August 20, Nguyen Duc Kien, one of the founders of the ACB, was arrested on fraud charges.

Kien, one of the most powerful tycoons, was said to no longer involve in managing the bank’s operation.

Kien is currently Chairman of three companies, namely the B&B Investment and Trade JSC, ACB Hanoi Investment JSC, and Asia Hanoi Investment and Finance Co. Ltd.