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Sacombank chairman travel ban rumor rejected

The Saigon Times

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HCMC – The Ministry of Public Security (MPS) has rejected a social media rumor that Duong Cong Minh, board chairman of Sacombank, has been banned from traveling abroad.

Speaking at a news briefing on the afternoon of April 2, the spokesperson of the ministry, Major General To An Xo, denied the rumor on a travel ban on Duong Cong Minh.

The rumor began swirling on social media yesterday evening when a social media post said Minh is on the police’s travel ban list due to his alleged involvement in money laundering for Truong My Lan, chairwoman of Van Thinh Phat Holdings Group Corporation, who is standing trial in HCMC.

“The Ministry of Public Security refutes false information meant to harm and negatively affect the regular operations of the financial and banking system. Any dissemination of misinformation will be strictly handled in accordance with the current law,” Xo said.

Sacombank also denied false information about its leadership, saying that it is taking necessary measures to prevent the dissemination of fake news meant to tarnish the reputation of its leadership.

“Chairman of the Board of Directors Duong Cong Minh is directly in charge of the operations at Sacombank,” Sacombank said in a statement, adding that business is as usual at the HCMC-based bank.

The rumor on the travel ban on Minh led to Sacombank’s STB shares to drop by nearly 4% on the stock market on April 2.

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