Ly Xuan Hai, ex-general director of Asia Commercial Joint Stock Bank (ACB) has been detained and charged with "intentionally violating State regulations on economic management and causing serious consequences" under Article 165 of the Criminal Code.
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The police from the Ministry of Public Security arrested Hai at 6:30 pm Thursday, August 23, and searched his home on Thanh Thai Street, Ward 14, District 10 in Ho Chi Minh City and his office at ACB's headquarters on Nguyen Thi Minh Khai Street.
Hai will be detained for 4 months.
At a press conference on the same day, the bank’s management board announced that they have accepted Hai’s resignation letter and appointed Do Minh Toan (Mr.), who is currently deputy general director of ACB, to act as the new general manager.
However, the bank is still waiting for approval from the Central Bank to officially select Toan as the new role.
Ly Xuan Hai was born in 1965 in Hanoi, but currently living in Ho Chi Minh City. He obtained a Master of Economics at the University of Paris Dauphine (France), and a PhD in Math - Physics at the National University of Belarus (Belarus).
Hai was a member of ACB board of directors and ACB general director from March 2008 to today (August 23).
From 2002 to 2005, Hai held the position of General Director of ACB Securities Company Limited.
From 2004 to 2005, he was Deputy General Director and Director of Finance of ACB.
From 1996 to 2002, Hai was the deputy director and then director of ACB branch in Hai Phong City.
Thus, Ly Xuan Hai has worked for ACB for over 15 years. When Hai joined ACB, Nguyen Duc Kien, who has been arrested for allegedly conducting illegal business at three companies, was Deputy Chairman of ACB.