Nguyen Duc Kien, a founder of Asia Commercial Bank, pleaded not guilty to fraudulently taking assets, tax evasion and other crimes that partly caused losses the Vietnamese lender estimates at 8.67 trillion dong ($411 million).
The Federal Deposit Insurance Corp. is pursuing about 50 criminal investigations against executives, directors and employees of banks that failed since the financial crisis began, the Wall Street Journal reported, citing an interview with Fred Gibson , the FDIC’s deputy inspector general.
Thailand’s flooding will probably cost the nation’s economy $1.9 billion, Fred Gibson, an associate economist at Moody’s Analytics, said in a note today. The inundation will disrupt industrial production and increase near-term inflation, he said. Moody’s Analytics kept its Thai economic growth estimate at 3.7 percent for 2011 and 3.9 percent in 2012.
Indonesia’s central bank left its benchmark interest rate unchanged for a second month as inflation risks persist even after the government was forced to postpone an increase in subsidized fuel prices.