Louis Holdings Chairman Sentenced to 5 Years and 6 Months in Prison for Stock Manipulation

On the afternoon of May 12, the Hanoi People's Court sentenced defendant Do Thanh Nhan, former Chairman of Louis Holdings Company, to 5 years and 6 months in prison for "Stock market manipulation".

For the same crime, the court sentenced Do Duc Nam, former General Director of Tri Viet Securities Company, to 4 years in prison, and Pham Thanh Tung, Chairman of the Board of Directors of Tri Viet Securities Company, to 3 years in prison but with a suspended sentence.

The remaining five defendants received sentences ranging from six months to 15 months in prison.

Regarding civil matters, the panel of judges said that the investigation agency had not received any reports of damage from any victims, so the court had no basis to consider it. In addition, the court ordered Mr. Nhan to pay back more than 140 billion VND (recording that he had paid over 4 billion VND to remedy the situation).

Louis Holdings Chairman Sentenced to 5 Years and 6 Months in Prison for Stock Manipulation - 1 — Former Chairman of Louis Holdings Company Do Thanh Nhan at court. (Photo: Viet Dung).

Announcing the verdict, the presiding judge assessed that the defendants’ actions violated securities laws and committed the crime of stock market manipulation. These actions helped the defendants profit more than VND154 billion.

In addition, the panel of judges determined that the defendants' violations had a negative impact, causing a loss of confidence among securities investors and disrupting social order and security... Therefore, the defendants need to be brought to trial and given appropriate punishments that are sufficiently deterrent.

Assessing the nature, extent of the act and consequences, the court assessed that Nhan played the main role, was the initiator, discussed with defendant Do Duc Nam to manipulate the stock market, and made illegal profits. Nhan also directed other defendants and relatives to sign loan contracts with Tri Viet Securities Company to borrow capital and manipulate the prices of the two stock codes BII and TGG.

Meanwhile, Do Duc Nam committed the crime as an accomplice with Nhan, colluding with the Chairman of Louis Holdings to manipulate stock codes. In addition, Nam also directed his subordinates to carry out acts such as matching internal orders, creating fake supply and demand... thereby helping defendant Nhan gain illegal profits.

However, the panel of judges also acknowledged that the defendants had confessed honestly, repented, and had many mitigating circumstances.

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