At the beginning of this morning’s trading session, Sacombank’s STB shares were sold off amid rumors that the bank’s leaders were involved in an economic case being tried.
In the morning session of April 2, Sacombank’s STB shares dropped sharply, sometimes nearly reaching the floor level. This stock at one point retreated to the threshold of 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 downward momentum had narrowed to less than 3%.
The decline in banking stocks is part of the reason why the market dropped. VN-Index at one point lost the 1,270 point mark, down more than 10 points in the middle of the morning session.
Sacombank’s STB code was sold off before the news that last night a personal account on social networks posted news that Mr. Duong Cong Minh, Chairman of the Board of Directors (BOD) of Sacombank was banned from leaving the country due to his involvement in a case. economics is on trial.
This afternoon, Sacombank denied this information. This bank said it is taking necessary measures to handle the matter according to the law, as well as prevent acts of posting false information, distorting and defaming the honor of Sacombank leaders.
“Chairman of the Board of Directors Duong Cong Minh is directly managing the affairs at Sacombank,” Sacombank’s announcement read, 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). In the years 1984-1993, he was an officer of the import-export company under the Ministry of National Defense. During the period 1994-1997, he was Director of the 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 a number of other companies.
Before joining Sacombank’s Board of Directors, Mr. Minh was Chairman of the Board of Directors of another bank, LienVietPostBank (currently LPBank) for many years. After that, he divested all of nearly 15% of Him Lam’s equity capital at this bank.
At the 2017 annual shareholder meeting, he was elected Chairman of the Board of Directors of Sacombank. In early 2018, he officially withdrew from Him Lam and three other companies to focus on the process of restructuring this bank.