Shares of Sacombank were sold.

In the morning of April 2, trading of Sacombank’s STB shares began with a sharp drop amidst rumors of the bank’s leaders being involved in a legal case. The shares of STB plummeted significantly, almost reaching the floor level at one point, with a retreat to 29,600 VND, 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. Prior to this, 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 surrounding Mr. Duong Cong Minh’s involvement in legal matters and restrictions on his travel plans, Sacombank stressed that he was actively managing the bank’s affairs and ensuring customers’ safety. As a seasoned economist with previous leadership experience in various companies before joining Sacombank as its Chairman of the Board of Directors, Mr. Minh has proven his ability to effectively manage complex financial matters and navigate difficult situations.

As uncertainty surrounds Sacombank’s leadership team and their involvement in legal matters, investors have shown caution and hesitancy towards investing in banking stocks such as STB. While some may view this as an opportunity for investors to buy low before reaping potential profits later on if Mr. Minh is cleared of any wrongdoing or if he successfully navigates any ongoing economic case he may be involved in legally while maintaining normal business operations at Sacombank

By Sophia Gonzalez

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