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ACB offers compensation for gold exchange error
Asia Commercial Bank (ACB), which runs the Saigon Gold Exchange, told gold traders Monday that it would compensate them for losses they incurred due to a technical error that halted trading on the exchange last week.
“At 9:30 a.m. last Friday, the computer system slowed down so we switched to a backup one,” ACB general director Ly Xuan Hai recounted.
“At 2:30 p.m. in the day, we decided to halt all transactions to search for the error.”
Hai said the bank had received 89 complaints about the error from traders.
“Our staff was too busy to respond to traders’ complaints in a timely manner on Friday. We deeply apologize for that,” he said.
To resolve the problem, Hai suggested that traders whose transactions were undone due to the error wouldn’t have to pay the lending rate on loans they borrowed from ACB to trade gold.
For those who could prove that their selling orders hadn’t been carried out during the stoppage, the bank would buy those selling amounts at the price of VND18.83 million ($1,134) per tael, matching the price recorded at 2:30 p.m. last Friday, when trading was officially halted.
Some traders, however, disagreed with ACB’s suggestion, saying that the compensation price was too low.
“I bought gold at more than VND19 million per tael but ACB will buy back at the lower price of VND18.83 million per tael,” said Nguyen Thi Hoa, a trader. “I will lose big.”
One tael is equal to 37.5 grams.
Le Phuoc Hiep, another trader, said similar issues had occurred at the exchange previously.
“But it was strange this time that buying orders were matched while sales and cancellations didn’t go through,” he said.
Thanhnien
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