Vietnam - ACB’s former CEO Ly Xuan Hai arrested

VietNamNet Bridge – Investigators of the Ministry of Public Security arrested and searched the house and the office of the Asia Commercial Bank (ACB)’s Chief Executive Officer Ly Xuan Hai on the evening of August 23, the Vietnam News Agency reported.

Hai was arrested and charged with "intentionally violating State regulations on economic management, causing serious consequences," under Article 165 of the Criminal Code.

The ACB’s former CEO was arrested at 6:30 pm. His home on Thanh Thai Street, Ward 14, District 10 in HCM City and his office at ACB's headquarters on Nguyen Thi Minh Khai Street were also searched, according to Tuoitre Newspaper.

Hai will be detained for four months for investigation.

The same day, ACB named its new CEO, Mr. Do Minh Toan, who was previously the Vice CEO. Earlier, the bank accepted Hai’s resignation letter.

Ly Xuan Hai was born in 1965 in Hanoi. He currently lives in HCM City. Hai got a Master of Economics degree at the University of Paris Dauphine (France), and a PhD in Math - Physics at the National University of Belarus.

From 1996 to 2002, he was the Vice Director and Director of ACB branch in the northern port city of Hai Phong. In 2002, Hai was appointed as General Director of ACB Securities Co., Ltd. From 2004 to 2005, he was ACB’s Vice CEO and Finance Manager. He became ACB’s CEO from June 2005.

ACB’s newly-appointed CEO Do Minh Toan was born in 1971 in Phu Yen province. He got an MA of Business Administration at the Columbia Southern (USA). He is also a bachelor of law (HCM City University of Law), a bachelor of economics (HCM City University of Economics) and a bachelor of banking and finance (HCM City Banking University).

According to ACB, Toan has worked for over 14 years in the finance and banking sector and used to hold significant positions at ACB and the ACB Securities Company.

Compiled by PV

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