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Banking tycoon's arrest scares investors in Vietnam
Published in Saudi Press Agency on 23 - 08 - 2012


The arrest of a banking tycoon has sparked panic
among investors as Vietnam's stock market plunged Thursday for a
third-consecutive day in its sharpest fall in nearly four years, according to dpa.
Nguyen Duc Kien, co-founder of Asia Commercial Bank, Vietnam's
fourth-biggest lender by market value, was arrested Monday and was
charged with "illegal business activities," police said, meaning he
was accused of doing business in fields in which he was not
registered with authorities.
The stock market has lost nearly 11 per cent of its value since
Monday after gaining 19 per cent since the beginning of the year.
"Many traders were still pessimistic because Kien has great
influence in several banks," said Pham Trung, a trader at FPT
Securities in Hanoi. "The market is suffering from a domino effect as
bank stocks are being sold heavily." Kien, 48, faces charges in
connection with three companies he owns that have a combined
registered capital of 110 million dollars.
Kien's companies are not allowed to participate in investments,
but they allegedly issued corporate bonds and false business plans to
secure hundreds of millions of dollars from banks, the Tuoi Tre
newspaper said, citing police.
Kien then allegedly used that money to buy shares of many banks
and mortgaged the shares at those banks for cash to use for debt
repayments and personal expenditures, the newspaper said.
The multimillionaire, one of Vietnam's 20 richest people,
according to stock reports, is a major shareholder in several
commercial banks.
He is also deputy chairman of the Vietnam Professional Football
Joint Stock Co, which runs the V-League, and is chairman of the Hanoi
Football Club. Besides banking and football, Kien also put money into
many other areas, such as tourism and the garment industry.
"Kien's arrest will affect not only the banking system and the
stock market but also other economic sectors," Trung said.


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