AFP NewsAFP News – Thu, Aug 23, 2012

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Vietnam arrested another top banker Thursday, state media said, widening a police probe into the communist country’s banking sector which has rattled markets and triggered a run on deposits.

The arrest of Ly Xuan Hai for “deliberate wrongdoing causing serious consequences” came just hours after the Asia Commercial Bank announced he had resigned from the position of director general, Thanh Nien online reported.

Police have raided the French-educated banker’s house in southern Ho Chi Minh City and his office, the report said.

Hai’s arrest deepened the problems facing ACB, which has seen its share price dive nearly 20 percent and had jittery depositors withdraw more than $200 million of deposits since its flamboyant founder was arrested Monday.

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Courtesy of http://sg.news.yahoo.com