Vietnam police pursue more crimes against ACB tycoon
HANOI, Vietnam (AP) - Vietnamese police are stepping up their investigation of one of the country's wealthiest banking tycoons, whose arrest in August reeled the nation's stock market.
The Ministry of Public Security said in a statement on its website late on Tuesday that Nguyen Duc Kien was being probed for fraud and deliberate wrongdoing causing serious consequences. Fraud carries a penalty of up to life in prison while the other offence is punishable by up to 20 years in jail.
Kien, 44, one of the founders of Asia Commercial Bank or ACB, Vietnam's biggest private bank, was arrested in August for "illegal trading", an offence that carries a two-year sentence.
Police on Monday arrested Tran Ngoc Thanh, director of ACB Hanoi Investment.