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ACB’s gold trading floor breaks down, investors lose money   2008-06-25 - VNN

VietNamNet Bridge – Investors complain that they suffered big losses due to ACB’s gold trading floor breakdown on June 20. ACB said it would compensate investors, but investors have not accepted.

Investors at the meeting with ACB's leaders
The trouble began at 9.30 am on June 20 when investors’ orders to purchase and sell could not be matched.

 
ACB then had to halt the operation of the trading floor at 2.05 pm the same day to find out the reason and solutions for the problem. The trading floor resumed operations at 5.10 pm the same day as ACB put the provisional transaction system into operation, and stayed open until 7 pm instead of 4 pm as usual.
 
At 4.30 pm on June 23, ACB’s director board, which runs the trading floor, had a meeting with investors to listen to suggestions and proposals from investors.
 
Ly Xuan Hai, General Director of ACB, attributed the breakdown to the overly large number of orders placed at the same time, affirming that ACB was not responsible for the breakdown.
 
By the time ACB held the meeting on June 23 in the afternoon, 89 investors had sent petitions to ACB, requesting an explanation for the trouble and asking for compensation for damages.
 
Hai said that the breakdown was outside the control of ACB. As such, ACB does not take responsibility for this under the service contract ACB signed with clients.
 
However, Hai said that ACB still wants to help investors cover losses.
 
For those investors who borrowed dollars, gold and VND to make gold transactions, ACB will not require interest on the loans for four days, from June 20. As for those investors who placed orders but failed to make transactions, ACB will buy back at VND18,830,000/tael, which was the matching price at 2.03 pm on June 20.
 
Meanwhile, investors say that ACB is acting unfairly by putting all risks on investors. They say that the equipment and staffs of the trading floor are provided by ACB, and ACB needs to take responsibility for the troubles.
 
15 investors at the meeting did not accept the explanation about the network breakdown. Kim Lien, a female investor, said that she had two accounts. In the morning on June 20, she placed an order to sell gold at VND19,170,000/tael from one of the two accounts, but the order failed. The staffs here told her that it was because of network trouble. However, in the afternoon on the same day, she successfully placed an order to purchase gold with the other account.
 
“If the trading floor had problems, no transaction could be successfully carried out,” Lien said.
 
Other investors, sharing the same view as Lien, said that the trading floor did not break down. They believe that ACB, which runs the trading floor, did not want the orders to be matched.
 
Investors also did not accept the purchasing price at VND18,830,000/tael offered by ACB, saying that they would incur the loss of VND300,000/tael with the price. One investor said investors may incur the losses of tens of billion VND as the orders could not match.
 
ACB’s Hai said that the bank would be ready to cooperate with investors and state management agencies to find out the true reasons behind the breakdown.


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