The government spokesman announced Thursday that the indictment against prominent bankers is to clean up the sector, eliminate hostile bank takeover efforts and to restructure weak banks.

At this month’s regular government press conference in Hanoi, Vu Duc Dam, Minister, Chairman of the Government Office told the press that the restructuring of the banking system comprises many tasks, one of which is to duly punish those behind illegal hostile bank takeovers.

The government has instructed concerned authorities to investigate according to the law to reestablish order in this sector with the restructuring of weak commercial banks aimed at stabilizing the banking system.

“There is no forbidden zone”, Minister Dam asserted.

This reflected Prime Minister Nguyen Tan Dung’s statement last month that those behind hostile bank takeovers be punished “no matter who they are”.

The government has considered solutions to ensure stability and no bad effect on banking activities or on depositors, Minister Dam announced, adding that the indictment against some bankers is part of efforts to make the banking system healthy under the principle of equality before the law.

Police Thursday (September 27) announced the indictments against Tran Xuan Gia, former bank chairman and former government minister, and three other bankers.

Gia is former board chairman of Asia Commercial Joint Stock Bank or ACB. The three others are all former deputy chairmen of ACB.

The legal proceedings against them do not affect ACB’s operations. ACB under new leadership operates as normal, Minister Dam assured.

The restructuring of weak commercial banks could be complete by the end of 2013, he said.