Investor fails in court bid for ACB compensation
By Huong Pham - The Saigon Times Daily
HCMC – The gold investor who raised a lawsuit against Asia Commercial Bank (ACB) to claim compensation worth 8,450 gold taels ended up losing his case.
The HCMC People’s Court on Monday ruled that the investor’s request was unfounded and the time allowed for the case had run out.
The lawsuit was filed by an investor identified as Ng. demanding compensation of 2,700 gold taels from ACB. Also, he said he would return VND42 billion to the bank.
On the trading day of December 24, 2007, as mentioned in his lawsuit, Ng. received a wrong notice from ACB gold trading floor, leading to his order to sell short 2,700 gold taels. After that, on March 10, 2008, ACB canceled the trading contract with Ng. without his knowledge.
Later on March 21, ACB sold 3,000 gold taels in Ng.’s account due to the change of gold reference price leading to a drop in security deposit rate. From March 27 to April 1, Ng. made an order to sell 2,750 taels because he had not known of the canceled contract.
Overall, Ng. incurred a loss of 8,450 gold taels due to the mistakes in transaction.
The panel of judges from the city court said Ng. had lost at the most VND85 million with 2,700 gold taels being sold short.
In addition, the time to declare a civil transaction null and void is two years. Therefore, the time allowed for the case had run out when Ng. made a request on October 5 this year.
Ng.’s request to disable the transaction from March 27 to April 1, 2008 was also turned down because of the same reason.
The panel also rejected his demand for 3,000 gold taels sold by ACB on March 21, 2008, saying ACB was not guilty because back then his debt rate exceeded the regulated limit.