Culprits identified behind rumors of BIDV Chairman’s arrest

After four months of a thorough investigation, authorities working under the Ministry of Public Security have arrested three persons who had since February been spreading rumors of the arrest of Tran Bac Ha, Chairman of Bank for Investment and Development of Vietnam (BIDV).

Rumors of arrest of BIDV Chairman badly affected the stock market (Illustrative photo: SGGP)

This news was announced by the General Department of Security II under the Ministry of Public Security on July 16.

Major General Nguyen Hung Linh, head of the Section on Fiscal, Monetary, Investment Security, said that the three culprits were stock brokers working in Hanoi and Ho Chi Minh City.

After their arrest, they admitted to spreading the rumor to make quick bucks on the stock market.

Major General Linh said that they will not prosecute the accused but issue penalties on all three offenders.

The rumor had badly affected the financial and monetary markets on February 21.

VN-Index and HNX-Index went down drastically after the rumor, with investors unloading huge numbers of shares. The stock market lost VND29 trillion (US$1.37 billion) during a single trading session.

Related article:
BIDV rejects rumor on chairman arrest

By Nguyen Quoc – Translated by Hai Mien

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