Sacombank proposes to handle the person who spread false information and defame the Chairman of the Board of Directors

According to Sacombank , at the annual general meeting for the 2022 fiscal year on April 25th, a male shareholder raised questions to the management board regarding the bank's operations and dividend distribution.

Sacombank argues that many of the points raised by this shareholder at the General Meeting of Shareholders were not entirely accurate and did not comply with legal regulations.

Sacombank stated that its business operations have been consistently profitable from 2017 to the present. The cumulative retained earnings as of 2022 reached VND 12,672 billion.

Sacombank's decision not to pay dividends is in accordance with the State Bank of Vietnam's ruling regarding a bank undergoing restructuring.

Currently, Sacombank's leadership is working hard to complete the bank's restructuring plan as soon as possible, in accordance with the approval of the Government and the State Bank of Vietnam, in order to request the State Bank of Vietnam to approve the distribution of dividends to shareholders. All profits remain intact.

Immediately after the video of shareholders questioning Sacombank's leadership went viral on social media, some individuals took advantage of it to tarnish the reputation of Chairman of the Board Duong Cong Minh, distort Sacombank's operations, and damage the image and reputation of the bank and its leadership.

*Chairman Duong Cong Minh. (Photo: Sacombank)*

The bank has submitted a written request to the relevant authorities for handling in accordance with the law.

At the recent General Meeting, after shareholders questioned the dividend distribution, Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, stated that he is the largest shareholder. He himself contributed the most capital and also wants to receive dividends. However, the condition for receiving dividends is successful restructuring, and the bank needs time to implement this.

According to Mr. Minh, the final deadline is 2023. He expects the bank to make efforts this year so that dividends can be distributed at next year's General Meeting.

Mr. Minh also stated that the bank has submitted a plan for dividend distribution and capital increase. However, everything will have to wait for approval from the State Bank of Vietnam.

Shareholders eagerly await dividends, but are furious . The bank shareholders' meeting season is heated with discussions about dividend distribution. "We haven't received any dividends for 7-8 years. You keep beating around the bush. Just get straight to the point: are you going to pay dividends or not?... We contributed money for you to spend, and you haven't given us a single penny."

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