The Police Investigation Agency of the Ministry of Public Security has announced that it arrested Ly Xuan Hai, former Director General of the Asia Commercial Bank (ACB) on August 23.

The arrest was made for allegations of Hai’s deliberate violation of the State’s regulations on economic management causing serious consequences under Article 165 of the Criminal Code, said the agency.

Hai, born in 1965, is being held in custody at the Ministry of Public Security’s detention centre for a four-month period, from August 23, 2012, to serve further investigations.-VNA