The news about Nguyen Duc Kien’s arrest on Monday, Aug 20 came out as a deafening explosion, not only because of his status as one of the richest investors on the local stock exchange, not because of his deep involvement in the country’s banking sector, and not because of his overwhelming power in national soccer. Rather, it is the high price he has to pay for what is described as illegal business conducted via three companies at his helm in Hanoi. And, given the massive cash withdrawals in the past three days at Asia Commercial Bank where he used to serve as a senior leader, and the panic on the local stock market, it is also the colossal price the public has to pay. The saga continues.
Tuoi Tre sheds light on Kien’s illegal business practices, saying he has set up “fraudulent business schemes” to take out bank loans.
“Although the three companies are not licensed to make financial investments, Nguyen Duc Kien still used the companies’ legal persons to engage in financial investment business,” says the paper.