Three leaders of commercial bank resign following arrest of tycoon

Asia Commercial Joint Stock Bank (ACB) on Wednesday announced that three senior most members of their board of directors have tendered their resignations after one of it's biggest shareholders and the general director were arrested last month.

Tran Xuan Gia, chairman of the board of directors resigned for health reason while Le Vu Ky and Trinh Kim Quang, deputy chairpersons of the board of directors stepped down for personal reasons.

ACB said that the three senior most members were in some way connected with the scandal related to former director general Ly Xuan Hai who persuaded 19 staff members to receive VND718 billion (US$34.43 million) from ACB to conduct transactions in the Vietnam Bank for Industry and Trade.

Former general director Ly Xuan Hai and one of the bank's biggest shareholders Nguyen Duc Kien known as bank tycoon were arrested last month.

Tran Hung Huy, current deputy director general at the bank has been appointed new chairman of the board of directors and Julian Fong Loong Choon and Luong Van Tu have been appointed new deputy chairpersons.

On the same day, Le Hung Dung, chairman of Vietnam Export Import Bank (Eximbank) also announced that they have accepted the resignation of Pham Trung Cang, deputy chairman of the board of directors of Eximbank.

Eximbank is now awaiting approval from the State Bank on the resignation of Cang.

According to Dung, Cang resigned for personal reasons but it is rumored that he was also involved in some transactions while working at ACB.

Pham Trung Cang, born 1954, was appointed as deputy chairman of Eximbank in April 2010.

By Hanh Nhung – Translated by Hai Mien

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