Rumor monger setting off run on bank deposits identified

Authorities are investigating Ha Nam resident Nguyen Kien Quyet for allegedly posting fake information that caused many people to withdraw their money from the Saigon Commercial Bank (SCB).

The internal political security department and economic security department of the Ministry of Public Security are collaborating with Ha Nam police to gather evidence and handle the case “strictly” under regulations.

Quyet, 40, residing in Phu Ly town, Ha Nam province, allegedly used a personal account on social networks to post and comment on fake news about a run on deposits at banks, triggering panic and confusion among the public.

The public security ministry has recommended that all organizations and individuals who post, share, disseminate or comment in agreement with fake, untruthful and fear mongering news, negatively affecting security and order, be strictly dealt with under the law.

The public security ministry has recommended that all organizations and individuals who post, share, disseminate or comment in agreement with fake, untruthful and fear mongering news, negatively affecting security and order, be strictly dealt with under the law.

On Saturday, Vietnam’s central bank pledged to keep the operations of Saigon Commercial Bank (SCB) stable and ensure the legitimate rights of depositors amidst a run on its deposits since Friday.

The deposit withdrawals seem to have been triggered by news of the sudden death of Nguyen Tien Thanh, chairman and CEO of Tan Viet Securities. Thanh, 49, was an independent board member of the Ho Chi Minh City-headquartered SCB.

The State Bank of Vietnam, the nation’s central bank, recommended that depositors refrain from making withdrawals before the due date of term deposits in order to avoid the loss of interest. It stressed that it was keeping the whole banking system, including the SCB, stable.