Police conclude ACB investigation

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HA NOI (VNS)— The Police Investigation Agency has completed its one year investigation of Nguyen Duc Kien, former Vice Chair of the founding management board of the Asia Commercial Bank (ACB) and his seven accomplices for charges of illegal trading, misappropriating assets and tax avoidance.

They were also charged with deliberate violations of the State’s regulations on economic management, causing serious consequences to the ACB and several companies in HCM City.

Kien’s accomplices included Tran Xuan Gia, former Chairman of ACB; Pham Trung Cang, Le Vu Ky, Trinh Kim Quang, former vice chairmen of ACB; Ly Xuan Hai, former CEO of Ha Noi ACB; director Tran Ngoc Thanh and chief accountant Nguyen Thi Hai Yen of Ha Noi ACB investment Joint Stock Company.

The agency, under the Ministry of Public Security, has seized Kien and his wife’s real estate properties in HCM City, which included a more than 2,400sq.m property in Binh Thanh District.

According to a report in July of this year by Fitch Ratings, a global rating agency, after Kien’s arrest in August 2012, the ACB was given a negative outlook for potential future impairments to its financial profile due to exposure at six companies where Nguyen Duc Kien was either chairman or a member of the board of management, with one of the companies reportedly being under external investigation.

Following Kien’s arrest, share values plummeted for about 20 days and many depositors came to the ACB to withdraw money from the bank. The situation normalised once the State Bank of Viet Nam pledged that it would supply the needed capital to ensure the ACB’s liquidity.

Kien and his accomplices will face the court in the near future. — VNS

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