Nine investigated for spreading 'false information' about Vingroup chairman

The Ministry of Public Security is investigating nine individuals for reporting that Vingroup chairman Pham Nhat Vuong had been “banned from leaving the country”.

The ministry said Monday that information about controls imposed on the Vingroup chairman was incorrect. It did not reveal details of the people being investigated.

Lieutenant General To An Xo, the ministry's chief of staff and its spokesman, told local media that a number of social media accounts have been spreading information in recent days that Vuong was not allowed to leave the country because he was being investigated.

Xo said the information was "incorrect" and the ministry is verifying who was behind the rumors. Those found responsible will be dealt with strictly as per the law, he added.

Vingroup is Vietnam's largest listed conglomerate by market capitalization and chairman Vuong is the richest billionaire in the country by stock market assets, according to Forbes.

Rumors about such a person, who has certain influence on the stock and corporate bond markets, might not only have severe consequences for the economy but also cause damage to many organisations and individuals. Therefore it can be treated as a criminal offence, analysts said.

The Ministry of Public Security had previously urged Hanoi's Department of Information and Communications to punish To Vi Hoan, a 38-year-old resident of Nam Tu Liem district, for “disseminating false information about Vingroup”.

Hoan’s acts were determined to affect the reputation, legitimate rights and interests of the company, adversely impacting the stock market.

On Monday, the department fined Hoan VND7.5 million ($320) for posting false information on the Zalo social network.

On April 14, Dang Nhu Quynh, a well-known Facebook blogger in Hanoi, was detained over accusations of using social media to disseminate "unverified" information that caused harm to the local stock market.

Quynh was held by the Ministry of Public Security's investigative agency for "abusing freedom and democracy to infringe on the legal interests of the state, organizations and individuals under Article 331 of the Penal Code."

"There are indications that his acts have negatively impacted the finance and stock markets," Lieutenant General Xo said following the arrest.