Head of embattled bank arrested
Filed under: Investing
Asia Commercial Bank said it had halted lending as a result of the troubles at the bank, but it was otherwise operating normally.
The investigation has spooked investors and depositors. The bank said jumpy customers were withdrawing money from the institution.
ACB chief Ly Xuan Hai was arrested on Thursday night for violating state regulations and "causing grave consequences", according to the Vietnam News Agency.
On Monday, the bank's co-founder Nguyen Duc Kien was arrested on allegations of "illegal trading".
The central bank said then that Mr Kien's arrest was not related to activities at ACB.