Bank tycoon Nguyen Duc Kien faces new charges

According to a representative of the Ministry of Public Security, bank tycoon Nguyen Duc Kien was accused of two more charges on Tuesday, September 18.

The 48-year-old tycoon was earlier arrested and has been in detention since August 20 on charges of conducting illegal business malpractices.

Some companies in Hanoi founded by Kien were discovered to have been carrying out illegal trading activities and on August 24, Ly Xuan Hai, ACB’s former director general was also detained and charged with "intentionally violating State regulations on economic management, causing serious consequences".

Nguyen Duc Kien

Kien’s new charges are “intentionally violating State regulations on economic management, causing serious consequences” and “cheating to misappropriate other people's assets”.

On the same day, the Investigation Police Agency also decided to arrest and start criminal proceedings against Tran Ngoc Thanh and Nguyen Thi Hai Yen, director and chief accountant of Stock Investment Company of ACB branch in Hanoi as Kien’s accomplices.

Tycoon Kien was co-founder of Asia Commercial Joint Stock Bank (ACB), one of Vietnam’s largest banks. He is currently one of the 20 richest persons in Vietnam based on stock reports.

He was also deputy chairman of the Vietnam Professional Football Joint Stock Company (VPF) and chairman of the Hanoi Football Club.

He was also a founding shareholder in several other commercial banks such as Kien Long Commercial Joint Stock Bank and the Vietnam Export-Import Commercial Joint Stock Bank.

Source SGGP, Translated by Dan

Other news

Most view

Pig price goes up as traders snap up

Pig price goes up as traders snap up

A leader of the Department of Animal Health in the southern province of Dong Nai July 19 said price of pig in the province went up within three days as traders snapped up for selling in the North.

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.