Nguyen Duc Kien's arrest on suspicion of conducting illegal business activities is triggering a dramatic fall in Vietnam's stock markets.
Kien, 48, cofounder of Asia Commercial Bank, was taken into after police raided his residence in capital Hanoi and seized documents.
The information about Kien's arrest resulted in the country's stock market tumble and sparked concerns about the operations of several local banks, where he reportedly held shares, including ACB, where he once served as the vice chairman of the board.
The Governor of the State Bank of Vietnam Nguyen Van Binh said the SBV has taken measures to support the liquidity of ACB and other credit organizations in case of run on the banks.
The Ministry of Public Security announced that the arrest of Nguyen Duc Kien was related to his alleged wrongdoings at three companies where he served as a board chairman, including B&B Trade and Investment Joint Stock Company, ACB Hanoi Investment Joint Stock Company and Asia Hanoi Financial Investment Ltd., Co.
Kien is currently one of the 20 richest people in Vietnam based on stock reports.
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