HANOI, Vietnam, Aug. 25 (UPI) -- The former general director of Vietnam's largest bank was arrested in the latest development in a growing financial scandal, police said.
Ly Xuan Hai, 47, who had recently resigned as head of Asia Commercial Bank, was taken into custody during a police raid on his home and office for alleged violations of national regulations, police said on state-run media
The New York Times said Hai was picked up following the sudden arrest and resignation of tycoon Nguyen Duc Kien, a prominent businessman and co-founder of Asia Commercial. Kien's arrest sent Vietnam's stock market into a tailspin and forced the government to step in and prevent a run on the bank.
Details of allegations against Kien and Hai were not available, but Vietnamese media said they had been involved in personal wrongdoing.
