On the afternoon of March 19, the Hanoi People's Court continued to try 15 defendants in the case that occurred at Tan Hoang Minh Hotel Service Trading Company Limited (Tan Hoang Minh Group).
After being isolated all morning, Mr. Do Anh Dung - Chairman of Tan Hoang Minh Group - was brought back to the courtroom by the judicial police force to answer questions.
Before the trial, the court informed Mr. Do Anh Dung that the defendants at Tan Hoang Minh Group, including Mr. Dung's son, Do Hoang Viet, all stated that the issuance of bonds was initiated by Mr. Dung. During the implementation process, these defendants all reported to Mr. Dung, from the issuance of bonds, selling them to Tan Hoang Minh Group to become bondholders, to "running" the fake cash flow...
Responding to the People's Court, Mr. Dung admitted that he had issued the policy of issuing the bonds and assigned his son Do Hoang Viet to carry them out. The reason for the issuance was because in 2021, Tan Hoang Minh's capital needs were increasing, and the group had to find additional sources of capital mobilization, not just from banks.
Mr. Do Anh Dung and the defendants in court.
According to Mr. Dung, before Tan Hoang Minh Group issued bonds, the defendant knew that "other corporations had issued millions of billions of dong". With 30 years of experience in business management, the defendant clearly understood that bonds are an effective capital mobilization channel.
The chairman asked, in addition to the above reason, whether the purpose of issuing bonds was to solve the problem of Tan Hoang Minh not being able to borrow money from the bank. Mr. Dung denied this, affirming that the group "still has some assets to mortgage".
Regarding whether or not subordinates reported that the bond issuance plan was created, the Chairman of Tan Hoang Minh Group said that as the Chairman and General Director, he only gave general guidelines and did not give detailed instructions.
When the Chairman mentioned the act of "running" virtual money to transfer 9 bond lots of 3 companies: Winter Palace, Soleil and Vietnamese Star to Tan Hoang Minh Group, Mr. Do Anh Dung said, " Looking at it from the perspective of cash flow, it can be seen that it is virtual, but in fact the whole group and 3 companies are owned by me ".
Acknowledging the responsibility of the highest executive at Tan Hoang Minh Group, Mr. Dung said he respected the allegations of wrongdoing in the indictment and the investigation conclusion.
However, the defendant affirmed that "from the time of issuing the bonds, there was never any intention of appropriating money from bond buyers". The defendant was only aware that this was a way to raise money for business and investment purposes.
"Is it right to raise capital like that?" , the chairman asked. The Chairman of Tan Hoang Minh Group stated that at that time his awareness of bond issuance was not complete, and now he realizes that his awareness was wrong.
"The indictment shows that most of the money raised from bonds was used for the wrong purposes?", the presiding judge asked. Mr. Dung admitted that it was basically as the indictment said.
The defendant further stated that as soon as he was prosecuted, temporarily detained and the investigating officer explained his wrongdoings, he wrote a petition requesting the prosecution agency to create conditions for him to remedy the consequences as much as possible.
“Despite the difficult conditions, I only met the family twice, but I still tried to recover and remedy all the consequences of the case. Up to now, more than 8,600 billion VND has been paid to the State to return to the victims. In addition, I also paid more than 1 billion VND to remedy the consequences,” said Chairman of Tan Hoang Minh.
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