As reported by VietNamNet, the Supreme People's Procuracy has just completed the indictment to prosecute Mr. Do Anh Dung, Chairman of Tan Hoang Minh Group and his son Do Hoang Viet (Deputy General Director of Tan Hoang Minh) and 13 other defendants for the crime of Fraudulent appropriation of property.
Do Hoang Viet was detained from April 5, 2022. On September 19, 2023, defendant Viet was replaced by a preventive bail measure.
Of the 15 defendants, the following defendants are being subject to preventive measures of being prohibited from leaving their place of residence: Le Thi Mai (former Deputy Head of the Capital Resources Department, Tan Hoang Minh Hotel Service and Trading Company Limited), Vu Le Van Anh (Deputy Director of the Capital Resources Department, Tan Hoang Minh Hotel Service and Trading Company Limited), Nguyen Van Khan (Deputy Head of the Budget Department of the Finance and Accounting Center of Tan Hoang Minh Company), Bui Thi Ngoc Lan (former Director of the Northern Branch of Vietnam Accounting and Auditing and Financial Consulting Services Company Limited) and Nguyen Thi Hai (former Deputy General Director of Hanoi CPA Company).
Defendant Do Anh Dung is currently being detained at the Ha Nam Provincial Police Detention Center. Previously, in August 2022, Mr. Vu Dinh Luyen, Deputy Director of Tan Hoang Minh Hotel Service Trading Company Limited, had a meeting with Tan Hoang Minh bond investors to answer questions surrounding the issue of corporate bonds.
According to Mr. Luyen, if there is the presence of group leaders in running business operations, such as Mr. Do Hoang Viet or Mr. Do Anh Dung, they will play an important role in the process of arranging finance to repay investors.
"We hope that the competent authorities will allow some senior leaders of the group to be released on bail so that they can directly participate in managing the group's operations," emphasized a representative of Tan Hoang Minh.
According to the accusation, in order to issue bonds, the defendants colluded to commit many fraudulent acts and tricks, legalizing conditions, issuance documents, offering procedures, and bond transactions: falsifying business activities by signing legalized investment cooperation contracts, deposits, and stock sales and purchases... that did not exist between companies within the Group.
The defendants colluded with the auditing unit to legalize the financial statements of the three issuing companies and gave their opinions of full acceptance to legalize the conditions for bond issuance.
The defendants also signed "fake" contracts to transfer bonds and run "fake" cash flows, showing that Tan Hoang Minh Company paid for bonds and cash flows from 3 issuing companies under many investment cooperation contracts; creating "virtual" values for bond packages, legitimizing bondholders for Tan Hoang Minh Company.
In addition, the defendants used assets from the “fake” investment cooperation contracts as collateral for the bonds. Thereby creating trust, using the legal entity and brand of Tan Hoang Minh Company to mobilize and appropriate a total of more than VND 8,643 billion from 6,630 investors.
The defendants used this money for various purposes, not for the purpose of issuing bonds. Up to now, Mr. Dung and his son have influenced the family and related organizations to pay more than 5,651 billion VND to remedy the consequences of the case.
During the investigation and prosecution process, the Investigation Agency has recovered the money used from the proceeds of bond sales, temporarily detained the money of the defendants and their families; Tan Hoang Minh Company and related organizations have deposited into the temporary account of the Investigation Agency and the Hanoi City Civil Judgment Enforcement Department a total of more than VND 8,645 billion to remedy the consequences of the case.
The investigation agency also seized and frozen transactions on assets including 8 apartments, houses, land; securities accounts, and money balances in the accounts of the defendants and people involved in the case.
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