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ACB ex-CEO once praised arrested founder

ACB ex-CEO once praised arrested founder

Friday, August 24, 2012, 07:00 GMT+7

“Nguyen Duc Kien is an ambitious businessman who gives ACB a real boost,” Ly Xuan Hai, ex-general director of Asia Commercial Joint Stock Bank, once said in the bank’s magazine, Dat Viet newspaper has reported.

>> ACB ex-boss arrested for ‘economic violations’

>> Nguyen Duc Kien and his luxuries

>> Kien’s arrest “a personal affair”: ACB leader

Hai considered himself a member of the second generation of leaders at the bank in an interview for ACB magazine issued for the 2009 Vietnamese Lunar New Year, or Tet.

"Specific people, like Tran Mong Hung, Nguyen Duc Kien, and Pham Trung Cang, are those with distinguished personalities, making up the backbone of the success of the bank,” Hai said.

“They have helped ACB avoid any problems since the beginning, and they are creating the culture and personality of the bank."

Regarding Nguyen Duc Kien, Hai said Kien “is an ambitious man who transfers his goals, some of which seem impossible, into ACB and achieves these ambitions through fierce determination.”

Also in the interview, when asked why the ACB founders were withdrawing gradually from the administrative apparatus of the bank, Hai said: "When the child grows up, he will receive less attention from his parents.”

“ACB is moving away from a bank bearing the personal imprint to a period marked by an administrative apparatus.”

“The days when the founding shareholders had to consider each loan contract is in the past, this is now the time of the administrative apparatus, which will operate based on professional mechanisms".

Bitter reality

The arrest sent ACB shares plummeting at VND22,500 per share, with 1.1 million shares remaining unsold on Wednesday.

Even worse, a large number of ACB depositors rushed to the bank’s offices and branches to withdraw their money, forcing the State Bank of Vietnam to pump trillions of dong as liquidity aid.

Hai himself was implicated when the police invited him to cooperate in the investigation of Kien’s case.

Ly Xuan Hai was born in 1965 in Hanoi, but currently lives in Ho Chi Minh City. He obtained a Masters of Economics at the University of Paris Dauphine (France), and a PhD in Math - Physics at the National University of Belarus.

Hai is a member of the ACB board of directors and has been the bank’s general director since March 2008.

From 2002 to 2005, Hai held the position of General Director of ACB Securities Company Limited.

From 2004 to 2005, he was Deputy General Director and Director of Finance of ACB.

From 1996 to 2002, Hai was the deputy director and then director of an ACB branch in Hai Phong City.

Thus, Ly Xuan Hai has worked for ACB for over 15 years. When Hai joined ACB, Nguyen Duc Kien was Deputy Chairman of the bank.

At the same time, Kien played a very important role in many other companies as the chairman of the board of directors of MTT Fashion Co and Thien Nam Co; Chairman of Caltex Asphalt Joint Venture and ACB Sports Co; and vice chairman and then chairman of KFC Vietnam Joint Venture Co.

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