The arrest of one of Vietnam’s most prominent tycoons has sent shockwaves through the Communist-ruled country and further undermined confidence in what was once one of the world’s hottest emerging markets.
Nguyen Duc Kien, founder of Asia Commercial Bank – one of Vietnam’s biggest lenders and part owned by Standard Chartered – and a leading figure in the country’s football industry, was arrested on Monday night on suspicion of conducting “illegal business” by failing to obtain the proper licences, the government said yesterday.
The well-connected 48-year-old football fanatic could face up to two years in prison if found guilty of the charges, which relate to his chairmanship of three small investment firms rather than ACB, in which he no longer holds any management position.