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Shares of Sacombank were sold.

Amid rumors of legal cases involving Sacombank’s leaders, the trading of its STB shares began on April 2 with a sharp drop. The shares plummeted significantly, almost reaching the floor level at one point, representing a nearly 5.7% loss. However, by the end of the morning session, the downward momentum narrowed to less than 3%.

The decline in banking stocks, particularly STB, contributed to the overall market drop, with the VN-Index losing over 10 points during the morning session. Social media posts alleged that Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, was restricted from leaving the country due to his involvement in an ongoing economic case. Sacombank later denied this information and clarified that the bank’s operations were normal, with necessary measures being taken to address the situation legally.

Despite rumors and speculation, Sacombank stressed that Mr. Minh was actively managing the bank’s affairs and ensuring the safety of customers. Mr. Duong Cong Minh has a background in economics and has previously held leadership positions in various companies before joining Sacombank. Prior to his role at Sacombank, he served as Chairman of the Board of Directors at LienVietPostBank.

In response to uncertainty surrounding Sacombank’s leadership, the market experienced fluctuations with banking stocks driving declines. As the situation unfolds, Sacombank aims to uphold its integrity and handle any legal matters appropriately while maintaining normal business operations.

By Samantha Jones

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