Nguyen Duc Kien, former Vice Chair of the founding council of the Asia Commercial Bank (ACB), will face to the court sometime in the near future. — Photo dantri.com.vn

HA NOI (Biz Hub) — The Police Investigation Agency, under the Ministry of Public Security, has completed its one year investigation of Nguyen Duc Kien, former Vice Chair of the founding council of the Asia Commercial Bank (ACB) and his seven accomplices for charges of illegal trading, misappropriating assets and tax avoidance.

They were also charged with deliberate violations of the State's regulations on economic management, causing serious consequences to the ACB and several companies in HCM City.

Kien's accomplices included, Tran Xuan Gia, former Chairman of ACB; Pham Trung Cang, Le Vu Ky, Trinh Kim Quang, former vice chairmen of ACB; Ly Xuan Hai, former CEO of Hanoi ACB; director Tran Ngoc Thanh and chief accountant Nguyen Thi Hai Yen of Hanoi ACB investment Joint Stock Company.

The agency has seized Kien and his wife's real estate properties in HCM City, which included a more than 2,400sq.m property in Binh Thanh district.

According to a report in July of this year by Fitch Ratings, a global rating agency, the ACB was given a negative outlook for potential future impairments to its financial profile due to exposure at six companies where Nguyen Duc Kien was either chairman or a member of the board of management, with one of the companies reportedly being under external investigation following Kien's arrest in August 2012.

The State Bank of Vietnam helped ACB recover its prestige in the market. Photo vietpress.vn

Following Kien's arrest, share values plummeted for about 20 days and many depositors came to the ACB to withdraw money from the bank. The situation normalized once the State Bank of Vietnam pledged that it would supply the needed capital to ensure the ACB's liquidity.

Kien and his accomplices will face the court sometime in the near future.— VNS