Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank , affirmed that he has nothing to do with Ms. Truong My Lan and Van Thinh Phat Group.
On April 26, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) held its 2024 Annual General Meeting of Shareholders.
At the congress, Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, said that he is the largest shareholder and Chairman of this bank. Therefore, rumors about him will have a certain impact on the bank, thereby affecting the shareholders.
Sharing about the rumor that he was banned from leaving the country due to his involvement in the Van Thinh Phat case, Mr. Minh affirmed: “I have nothing to do with Ms. Truong My Lan or Van Thinh Phat. This is a rumor Mr. Thang Dang wrote on Facebook.
...What Mr. Thang wrote on Facebook is not true. If it had anything to do with Ms. Truong My Lan, I would never be able to sit here. I assure you, in every case, I will turn to the bank, for the bank."
The Chairman of Sacombank's Board of Directors shared that in 2017, Sacombank's expected profit was more than its charter capital. Sacombank should have been among the weak zero-dong banks, but the State Bank allowed Sacombank to restructure itself. Thanks to that, Sacombank was able to keep its assets and shares. Meanwhile, shareholders of other zero-dong banks lost all their capital.
Up to this point, after 7 years, Sacombank has equity of more than 45,000 billion VND, a typical example of a bank successfully restructuring itself. Total assets and outstanding credit have also grown over the years. Bad debt and stagnant assets are about 94,000 billion VND on outstanding loans of 222,000 billion VND (42%).
At the time of restructuring, half of Sacombank's credit was bad debt, but now this ratio is only nearly 7%.
Currently, Sacombank has only one issue left to complete the restructuring project, which is related to Mr. Tram Be's shares. Sacombank is waiting for the State Bank to approve the sale of 32% of the charter capital related to these shares. Once completed, the restructuring will be successful.
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