Nguyen Duc Kien, a famous banker and football investor was arrested Monday, August 20. 

An official from the Ministry of Public Security told VietNamNet that Kien was arrested for investigating his economic-related violations.

On the evening of August 20, police searched Kien’s house in Tay Ho District, Hanoi. The search lasted for around one hour. Investigators seized some documents.

Kien, 48, is the Vice Chairman of the Vietnam Professional Football JS Company (VPF), Chairman of the Hanoi FC and the co-founder of many commercial joint stock banks like the Asia Commercial Bank (ACB), Kien Long Bank, etc.

Kien was born in 1964. He studied at the Zalkamate Military Technology College in Hungary after graduating from the University of Military Technology. 

After eight years working in the textile and garment industry, he began investing in the banking sector and became the Vice Chair of ACB, one of the largest commercial joint stock banks in Vietnam, at the age of 30.

Kien was named in the list of the top 100 richest men in the stock market of Vietnam, with around VND805.9 billion (more than $400 million) worth of his shares at ACB. The total value of ACB shares held by Kien’s family was estimated at VND2 trillion by the end of 2010.

According to ACB’s report 2010, Kien was not a member of the bank’s management board but he is considered the major shareholder of many big banks.

Source: VNN