Song Hong
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Vietnam's central bank sought to calm markets after investors sold financial stocks and customers of the nation's fifth-largest commercial bank raced to withdraw their money following a police probe into a prominent real estate tycoon.
Early on Monday (Oct 10), Vietnam's benchmark index and bank stocks plunged after the police over the weekend announced the detention of Truong My Lan, chairman of real estate conglomerate Van Thinh Phat Holdings, and other company officials for allegedly obtaining property through fraudulent means.
The move was in relation to an ongoing investigation into the issuance and trading of bonds of some companies where trillions of dong were allegedly appropriated in 2018 and 2019, the Ministry of Public Security said in a statement on its website.
The State Bank of Vietnam worked to calm customers of privately held Saigon Commercial Bank (SCB), the fifth-largest commercial bank by deposits and assets, after customers descended on its branches across the country to withdraw money.
Lan and her conglomerate were believed to be major stakeholders in SCB, the local news website Tri Thuc Tre reported in 2014.
Thirty-three-year-old Nguyen The Hai joined a throng of other customers at an SCB branch in Hanoi to pull his money out.
"I have been suffering from insomnia," said Mr Hai, who has personal savings of about 2 billion dong (S$120,290) in the bank. He said he was told by the bank it would take several days for him to retrieve his funds.
www.straitstimes.com
Early on Monday (Oct 10), Vietnam's benchmark index and bank stocks plunged after the police over the weekend announced the detention of Truong My Lan, chairman of real estate conglomerate Van Thinh Phat Holdings, and other company officials for allegedly obtaining property through fraudulent means.
The move was in relation to an ongoing investigation into the issuance and trading of bonds of some companies where trillions of dong were allegedly appropriated in 2018 and 2019, the Ministry of Public Security said in a statement on its website.
The State Bank of Vietnam worked to calm customers of privately held Saigon Commercial Bank (SCB), the fifth-largest commercial bank by deposits and assets, after customers descended on its branches across the country to withdraw money.
Lan and her conglomerate were believed to be major stakeholders in SCB, the local news website Tri Thuc Tre reported in 2014.
Thirty-three-year-old Nguyen The Hai joined a throng of other customers at an SCB branch in Hanoi to pull his money out.
"I have been suffering from insomnia," said Mr Hai, who has personal savings of about 2 billion dong (S$120,290) in the bank. He said he was told by the bank it would take several days for him to retrieve his funds.
Vietnam central bank calms market after bank run tied to probe
Customers of the nation's fifth-largest commercial bank raced to withdraw their money following a police probe into a prominent real estate tycoon. Read more at straitstimes.com.
