Mr. Pham Quyet Thang, former General Director of the Global Petroleum Joint Stock Bank (GP Bank), was arrested by police on March 18.

The arrest is the next stage in an investigation into violations of regulations on lending activities at the bank, according to police.

Three accomplices were also arrested: Mr. Nguyen Anh Dung, former Chief Accountant of GP Bank, Mr. Nguyen Ngoc Nam, General Director of the Sao Bac Company, and Mr. Hoang Cong Hop, Chairman of the Thanh Trung Company.

Police have previously detained Mr. Ta Ba Long, former Chairman of GP Bank, and Mr. Doan Van An, former Deputy Chairman, in the same case.

Mr. Thang was appointed General Director in November 2009 after joining the bank in 1995.