ACB Chairman and 2 deputies suddenly resign

The chairman and two deputy chairmen of ACB, one of Vietnam’s largest banks, have resigned, the bank made the unexpected announcement today afternoon.

Tran Xuan Gia, chairman of the management board of Asia Commercial Joint Stock Bank or ACB, Le Vu Ky, deputy chairman and Trinh Kim Quang, another deputy chairman resigned due to personal and health matters, the bank said.

The bank added the three men are involved in a ratification that empowered ex-CEO Ly Xuan Hai – who have been arrested – to instruct 19 ACB employees to transfer VND718 billion from ACB into Vietnam Joint Stock Commercial Bank for Industry and Trade or VietinBank.

Three persons have been appointed to replace them.

Tran Hung Huy, deputy CEO and member of the management board, have been elected new chairman of ACB.

Meanwhile, Julian Fong Loong Choon and Luong Van Tu have been elected as deputy chairmen.

The replacement came just one day after the announcement of the arrests of Tran Ngoc Thanh, director of ACB Hanoi Investment Joint Stock Company, and Nguyen Thi Hai Yen, the company’s chief accountant.

Together with the announcement of the two arrests, the Ministry of Public Security yesterday said that one of ACB’s co-founders – banking tycoon Nguyen Duc Kien – has been found guilty of two more charges. Kien was arrested last month on charges of illegal trading.

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

ACB’s former general director Ly Xuan Hai was also arrested last month for “intentionally violating State regulations on economic management and causing serious consequences”.



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