SCB holds meeting with An Dong bond buyers
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The Saigon Commercial Bank has held a meeting with investors who bought bonds from An Dong Investment Group, a company it endorsed but which has allegedly committed fraud.
The meeting in Ho Chi Minh City Monday came on city authorities’ instructions. Many investors said at the meeting that SCB employees had persuaded them to buy the An Dong bonds with a lack of honesty.Some of them had withdrawn money at the bank when employees exhorted them to invest it in a “new type of product.”
They never saw any papers that indicated they were buying bonds, and were merely told to sign a payment order. They received the bonds 10 days later.
Hoang Minh Hoan, deputy standing director of SCB, said the bank never told its employees to be “dishonest” with customers. But the bank is concerned and would cooperate with Tan Viet Securities, the bond issuer, and government agencies to assist the customers, he said.
Around 40,000 people bought An Dong bonds through SCB, according to Tan Viet Securities.
Questions & Answers
Q.What is the Saigon Commercial Bank's stance regarding its employees' actions in selling An Dong bonds?
What is the Saigon Commercial Bank's stance regarding its employees' actions in selling An Dong bonds?
SCB's deputy standing director stated the bank never instructed its employees to be dishonest with customers. However, the bank is concerned and plans to cooperate with other parties to assist those affected.
Q.How many individuals purchased An Dong bonds through the Saigon Commercial Bank?
How many individuals purchased An Dong bonds through the Saigon Commercial Bank?
According to Tan Viet Securities, approximately 40,000 people bought An Dong bonds via the Saigon Commercial Bank. This number highlights the significant scale of the transactions in question.
Q.What specific issues did investors raise about the process of buying An Dong bonds from SCB employees?
What specific issues did investors raise about the process of buying An Dong bonds from SCB employees?
Investors claimed SCB employees persuaded them dishonestly, some withdrawing savings for a 'new product' without seeing bond papers. They were told to sign a payment order and received bonds ten days later.
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