Ministry of Public Security rejects rumors on Sacombank chairman’s exit ban

Vietnam’s Ministry of Public Security has rejected rumors that chairman of Ho Chi Minh City-based Sacombank Duong Cong Minh has been banned from leaving the country which led to the dumping of the bank’s shares on Tuesday.

Sacombank chairman Duong Cong Minh is not included in any list of exit restriction or ban at the moment, Lieutenant General To An Xo, the ministry’s spokesperson said in a statement.

Shares of Sacombank, listed on the Ho Chi Minh Stock Exchange (HoSE) as STB, closed Tuesday down 3.82% at VND30,200 ($1.21) apiece. They hit an intraday low at VND29,600, or down 5.7%.

More than 105 million STB shares, valued at VND3.16 trillion ($127 million), changed hands. The value accounted for 11.5% of total trading on the HoSE in the day.

“The Ministry of Public Security rejects all false information meant to sabotage and negatively affect the normal operations of the financial and banking system. Any act of spreading false information will be detected and strictly dealt with in accordance with the law,” the ministry stressed.

Before mid-day, Sacombank sent a letter to relevant authorities, including the Ministry of Public Security and press outlets, asking for proper handling of the owner of the verified Facebook account “Thang Dang”, who is believed to be Dang Tat Thang, former chairman and CEO of Bamboo Airways.

Thang claimed that Minh was involved in the Van Thinh Phat scandal and banned from exiting the country.

Sacombank in 2022 joined the management of Bamboo Airways, months after the arrest of Trinh Van Quyet, chairman of FLC Group – the parent of Bamboo Airways, on charges of stock market manipulation. Thang, who succeeded Quyet, was forced to leave the carrier in July 2022.

Bamboo Airways is undergoing a restructure that has seen the close of all international routes and trimming of several domestic services.