The Straits Times
Published on Sep 27, 2012

Vietnam probes ex-minister as banking scandal grows


HANOI (AFP) - Police are probing a former minister and ex-chairman of Vietnam's Asia Commercial Bank (ACB), state media said on Thursday, as a scandal sparked by the arrest of the bank's multi-millionaire founder grows.

Tran Xuan Gia, who was minister for planning and investment from 1996 to 2002 and the ACB's chairman from 2008 until he resigned last Wednesday, is being kept under house arrest, Lao Dong newspaper said on its website.

The 73-year-old is being investigated alongside three other deputy chairman at ACB for their alleged involvement in illegally approving the deposit of US$34 million (S$41.8 million) into other banks, the report added.

The US$34 million was then reportedly stolen by other bankers, at least two of whom have also been arrested on suspicion of banking fraud, the report said without giving further details.