HANOI - Police in Vietnam have arrested a prominent businessman on suspicion of lending fraud.
The Ministry of Public Security says Ha Van Tham, former chairman of the board of the private Ocean Bank, was taken into police custody in Hanoi on Friday for "violating lending regulations.''
The statement did not give details.
The central bank, known as the State Bank of Vietnam, said in a statement it has suspended Tham as chairman of the board of the Ocean Bank after finding he committed "serious law violations'' and to ensure the bank's operations are safe and stable.
Tham's arrest came as Vietnam is trying to clean up bad debts in its banking system. The high levels of bad debt have dragged down economic growth in recent years and caused public anger.