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VietNamNews

Eximbank vice-chair in shock resignation

Update: September, 20/2012 - 11:03

HCM CITY (VNS) — Pham Trung Cang, vice chairman of the joint stock Eximbank Viet Nam, resigned yesterday "for personal reasons", according to the bank.

Eximbank chairman Le Hung Dung suggested the resignation was related to Cang's approval of a deposit violation by Ly Xuan Hai, who was then CEO of the Asia Commercial Bank. Hai was arrested last month.

Cang was vice chairman when a new regulation was issued, banning people from assuming executive membership of more than one bank.

Dung said Cang represented a group of ACB shareholders who owned less than 10 per cent of Eximbank's total equities.

He added that the resignation would have little impact on the bank's operation as it had other competent executive members.

Cang's resignation awaits approval from the State Bank of Viet Nam.

The ACB executive board yesterday agreed on the resignation of its three members, chairman Tran Xuan Gia for health reasons, vice chairman Le Vu Ky and another vice chairman, Trinh Kim Quang, for personal reasons.

An ACB press release said the three approved Hai's authorisation for 19 ACB employees to deposit VND718 billion (US$34 million) with Vietinbank.

The ACB executive board selected Tran Hung Huy as the new chairman, and Julian Fong Loong Choon and Luong Van Tu, former trade minister, as vice chairman. — VNS

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