Investigators from Vietnam's Ministry of Public Security have identified three investors alleged to have spread false information about the arrest of a bank chairman, which significantly hurt the local stock market in February.
The three people, whose names were not released, were born in 1976, 1980 and 1985 and hail from either Hanoi or Ho Chi Minh City, VTV news website reported without citing its source.
The trio allegedly spread rumors that Tran Bac Ha, chairman of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) had been arrested. BIDV is Vietnam's largest partly private bank by assets.
They are now facing fines of between VND10 million and VND20 million for libel, an officer of the police's Bureau of Information and Telecommunication Security told Thanh Nien.
According to VTV, investigators learned the suspects were small investors motivated by their own financial gain and did not intend to cause damage to the stock market.
The rumors not only damaged financial market, but also diminished the public's trust in the government's macro-economic management, VTV reported.
Following the rumors, the VN-Index fell 18 percent, the biggest drop in six months, landing at 476.73. Meanwhile, the forex market saw the Vietnamese dong descend to VND21,000 per dollar for the first time in many months.
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