Eximbank ex-boss continues to resign another post

September 20, 2012 | 16:17

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After resigning as vice chairman of the board of directors of Eximbank yesterday for “personal reasons”, Pham Trung Cang continued to resign from being chairman at another company.

Pham Trung Cang (right) with tycoon Nguyen Duc Kien. They were all members of the Founding Committee of ACB

>> Chairman, 2 deputies suddenly resign from ACB

The board of Tan Dai Hung Plastic Joint Stock Company today announced that it has accepted Cang’s resignation letter over “personal reasons”. It did not elaborate.

A manufacturer of polypropylene and polyethylene woven bags, Tan Dai Hung (coded TPC) was founded by Cang in 1984.

Nguyen Van Hung has been appointed to replace Cang.

Just yesterday, Cang resigned from Eximbank or Vietnam Export-Import Commercial Joint Stock Bank. The news came just hours after the announcement of the resignations of the chairman and two deputy chairmen of another major bank - Asia Commercial Joint Stock Bank or ACB.

According to Vietnam News Agency, Cang is the representative of a group of ACB shareholders who own some 7-10 percent stake of Eximbank.

Cang, together with some other members of the ACB board, is suspected of giving the green light to Ly Xuan Hai, former general of director ACB, to instruct 19 ACB employees to deposit VND718 billion from ACB funds at Vietnam Joint Stock Commercial Bank for Industry and Trade or VietinBank, coded CTG.

The former CEO Hai was arrested together with ACB’s co-founder Nguyen Duc Kien last month.

Stocks took a deep plunge at this morning's session.

In the Ho Chi Minh City Stock Exchange, the VN-Index declined 1.84 % to 387.2 points.

The VN30 dropped more than 2% to 447.2 points while the HNX-Index in the north fell 2.27% to an extreme low of 54.8 points.

The HNX30, representing top shares, lost 2.4% to 102.5 points.

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