Vietnam Arrests Banking Tycoon, Bank Shares Fall – 24 August 2012

Vietnamese police have arrested a banking tycoon and summoned another senior executive for questioning, state media said on Tuesday, reigniting concern over Vietnam’s fragile banking industry.

Nguyen Duc Kien, the well-known multimillionaire founder of Asia Commercial Joint Stock Bank, was accused of wrongdoing in connection with three private firms, state-run Vietnam Television quoted the Police Ministry as saying in a statement.

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