Pham Cong Danh (left) and Phan Thanh Mai. — File Photo

HA NOI (VNS) — Three top officials of the HCM City-based Thien Thanh Group Ltd Company were arrested yesterday for allegedly violating Viet Nam's Penal Code's Article 165.

The Article deals with deliberate acts against the State's regulations on economic management, leading to serious consequences.

The arrested persons are the company's Chairman of the board of directors Pham Cong Danh, 49; former Director General-cum-member of the board of directors Phan Thanh Mai, 43; and another former member of the board of directors Mai Huu Khuong, 31.

They were also top managers at Viet Nam Construction Bank, a commercial bank with registered capital of VND3 trillion. On Monday, a day before they were arrested, State Bank of Viet Nam announced that the three top executives had been dismissed from service to ensure normal operations of the bank.

Thien Thanh Group Ltd Co is a subsidiary of the Thien Thanh Group, based in HCM City. Its businesses include construction materials, auto services, real estate, finance and hotels. —  VNS