Man accused of making banking rumors, triggering mass SCB withdrawal

Police of the northern province on Sunday said they are finishing up documents to deal with Nguyen Kien Quyet, 40, who used social media to upload inaccurate information.

On Saturday, Quyet used his personal Facebook account to post and comment “false information” about the banking industry. His actions caused confusion among the public, triggered anxiety and made people withdraw their money from the bank en-masse, police said.

One post, which goes with a photo of people outside a Saigon Commercial Bank office, asked depositors to act quickly before “there’s no money left.”

Crowds have been gathering at branches of SCB since Saturday afternoon to withdraw their money following news of a board member’s death and his relations with property developer Van Thinh Phat Group.

The SCB also affirmed that Truong My Lan, chairwoman of Van Thinh Phat, who was arrested for alleged fraud related to issuance and trading of bonds worth trillions of dong (VND1 trillion = $41.87 million), does not hold managerial or executive positions at the bank.

It also noted that An Dong Investment Corporation, a real estate firm under Van Thinh Phat, which is linked to Truong My Lan’s violations in the issuance and trading of bonds, was not a shareholder of the bank.

The above-mentioned cases have not affected normal operations of SCB, the bank said, assuring that it has adequate solutions and resources to ensure the rights and interests of its depositors as well as partners and customers.