Vietnam Mogul Arrest Sparks Stock Plunge as Tensions Surface
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Vietnam’s arrest of a high-profile banking tycoon triggered the largest stock market drop in almost four years amid investor concern that it signaled wider vulnerabilities in the country’s financial system.
Nguyen Duc Kien, who helped found Asia Commercial Bank, Vietnam’s fourth-biggest lender by market value, was arrested two days ago, according to a central bank statement. Police are investigating violations at three companies managed by Kien, 48, after he allegedly “conducted business illegally,” according to the statement.