Big Vietnam bankers – one and all fall ill

VietNamNet Bridge – The year 2012 would be marked in the banking history as a “CEO’s resignation year.” A lot of CEOs have resigned from their posts, for the same reason – personal or health problems.

On September 19, 2012, Tran Xuan Gia, former Minister of Planning and Investment (MPI) got the approval for his letter of resignation.

Gia explained that he decided to step down from the post of ACB President because of the health problem. He suffered from cancer and it is now the time for him to spend time on treatment.

At that time, two other key persons of ACB also informed their resignation – Le Vu Ky, Deputy Chair of the Board of Directors and Trinh Kim Quang, also a Deputy Chair.

Together with the three managers of ACB, Pham Trung Cang has also stepped down from the post of Deputy Chair of the Board of Directors of Eximbank, for personal reasons.

The letters of resignations by the three big bankers were immediately approved by the banks which they worked for.

However, the resignation of the VIPs is just the beginning of a lot of thorny matters in the banking sector.

One week after the resignation, the Ministry of Public Security released the decision to prosecute Tran Xuan Gia and the other two high ranking executives of ACB for “deliberately violating the current laws on economic management.”

Mr Tran Xuan Gia

Mr Tran Xuan Gia


Cang has also been prosecuted for the same count.

It’s still unclear how serious Gia’s disease is. However, it is obvious that with the accusation by the investigation agencies, ACB “has its disease.”

However, just some minutes after the information about the prosecution was released, ACB made an official statement that the happening with Gia was in no way related to ACB.

ACB’s Deputy General Director Nguyen Thanh Toai stated that since Gia has stepped down, he now has no relation with ACB.

It seemed that everything was arranged in a very reasonable way. Gia’s resignation was made public first, and then the information about the prosecution was released. This gave ACB a good reason to prove that ACB did not get involved in Gia’s case.

Just one week ago, another famous banker – Dang Van Thanh – also resigned from his post as the Chair of the Board of Management of Sacombank. Thanh also cited personal matters and health problems to explain his resignation.

Some days later, Thanh stepped down from his post as the Member of the bank’s Board of Directors, since November 5.

Just one day later, Dang Van Thanh and his son Dang Hong Anh was summoned by the investigation agency of the Ministry of Public Security.

The two big cases have given a new lesson to people that the big guys in the banking sector seem to like falling sick together with their banks. While CEO reasoned their health problems to step down, they also showed the health problems of their banks as well.

People have every reason to have doubts that banks themselves have suffered diseases for a long time already. High ranking officials just stepped down some days before they were called to see the investigators for suspected wrongdoings during their management terms.

Gia, former Minister of Planning and Investment, held the post of President of ACB from 2008 to September 18, 2012. He has made a great contribution to the national economic development, who joined the team of building up the Enterprise Law, which, with open provisions, is described as a reform in the economy.

Thanh is the founder of Sacombank and he deserves credits of developing the small bank into a big bank nowadays.

Phuoc Ha

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