Sacombank shares sold off

At the beginning of this morning's trading session, Sacombank 's STB shares were sold off due to rumors that the bank's leaders were involved in an economic case under trial.

In this morning's trading session, Sacombank's STB stock price fell sharply, at times almost touching the floor price. This stock at one point fell to 29,600 VND, losing nearly 5.7% and a few hundred VND from the floor price. By the end of the morning session, STB's decline had narrowed to less than 3%.

The plunge in banking stocks was partly responsible for the market decline. The VN-Index lost the 1,270-point mark at one point, down more than 10 points in the middle of the morning session.

Sacombank Chairman Duong Cong Minh. Photo: STB

Sacombank's STB code was sold off after last night's news that a personal social media account posted that Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, was banned from leaving the country due to his involvement in an economic case under trial.

This afternoon, Sacombank denied this information. The bank said it is taking necessary measures to handle the situation according to legal regulations, as well as prevent acts of posting false information, distorting and defaming the honor of Sacombank's leaders.

"Chairman of the Board of Directors Duong Cong Minh is directly managing the work at Sacombank," Sacombank's announcement wrote, adding that the bank's operations are normal, ensuring safety for customers.

Mr. Duong Cong Minh was born in 1960 in Bac Ninh, is a bachelor of economics (National Economics University). From 1984 to 1993, he was an officer of an import-export company under the Ministry of National Defense . From 1994 to 1997, he was the Director of a construction enterprise - Thanh Binh Company, also under the Ministry of National Defense. After that, Mr. Minh held the leading role at Him Lam Joint Stock Company and several other companies.

Before joining the Board of Directors of Sacombank, Mr. Minh was the Chairman of the Board of Directors of another bank, LienVietPostBank (currently LPBank) for many years. He then divested all of Him Lam's nearly 15% of shares at this bank.

At the 2017 annual shareholders' meeting, he was elected Chairman of Sacombank's Board of Directors. In early 2018, he officially withdrew from Him Lam and three other companies to focus on restructuring the bank.

Minh Son

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