Board of directors of Asia Commercial Bank (ACB) has announced the appointment of Do Minh Toan as the next director general of the bank, replacing Ly Xuan Hai who was arrested on August 23.
According to Vietnam News Agency, at 6.30pm on August 23 the Investigation Agency under the Ministry of Public Security arrested Ly Xuan Hai, former director general of ACB, for ‘intentionally violating State regulations on economic management that caused serious consequences.’
The agency also simultaneously raided Hai’s house and office and is currently holding him in custody for further investigation.
The new director general of ACB told Saigon Giai Phong newspaper that the bank’s liquidity status was very stable and the numbers of customers withdrawing cash have reduced since the first day of news of the arrest of Ly Xuan Hai on August 23.
ACB’s property is currently estimated at VND10 trillion (US$479 million). Besides the bank has VND3 trillion in cash and the State Bank also supports it with an additional VND2 trillion. As a result, the bank’s liquidity is still stable, assured Toan.
Nguyen Van Dung, deputy director of the State Bank in HCMC, affirmed they are monitoring ACB and are ready to assist in any event of cash flow shortage for customers.
Related articles:
ACB assures customers of sufficient liquidity
Banking tycoon arrested for insider trading
