Vietnam financial mogul arrested for 'economic violations'

TN News

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One of Vietnam's richest men has been arrested in Hanoi for suspected "economic violations," Tuoi Tre quoted a Ministry of Public Security official as saying Tuesday.

The unnamed official from the ministry's Anti-crime General Department told the newspaper that Nguyen Duc Kien, 48, had been arrested the previous night.

His house in Hanoi was also searched the same day. But no further details are known yet.

Kien is the vice chairman of The Viet Nam Professional Football Joint Stock Company, which runs the V-League.

Listed as one of Vietnam's 100 richest men in 2010, he is a major shareholder of several major banks like Asia Commercial Bank, VnExpress said. 

Nguyen Thanh Toai, deputy general director of ACB, told Tuoi Tre that the arrest was a "personal" issue and had no bearing on the bank's operations.

Kien is no longer a major shareholder of the bank or on its board, he added.

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