Today (March 19), Hanoi People's Court brought defendant Do Anh Dung, Chairman of Tan Hoang Minh Group and his accomplices to trial for the crime of Fraudulent appropriation of property.
15 defendants were brought to trial for the crime of Fraudulent appropriation of property, including:
1. Do Anh Dung, Chairman of Tan Hoang Minh Group;
2. Do Hoang Viet (Deputy General Director of Tan Hoang Minh);
3. Phung The Tinh (former Director of Finance and Accounting of Tan Hoang Minh);
4. Hoang Quyet Chien (former Deputy Director of the Finance and Accounting Center, concurrently Director of the Finance and Accounting Department of Tan Hoang Minh Hotel Service Trading Company Limited);
5. Le Thi Mai (former Deputy Director of Capital Department, Tan Hoang Minh Hotel Service Trading Company Limited);
6. Vu Le Van Anh (former Deputy Director of Capital Resources Department, Tan Hoang Minh Hotel Service Trading Company Limited);
7. Nguyen Van Khan (Deputy Head of Budget Department, Finance and Accounting Center, Tan Hoang Minh Hotel Service Trading Company Limited);
8. Le Van Thinh (Deputy General Director of Tan Hoang Minh);
9. Nguyen Manh Hung (former Chairman of the Board of Directors of Viet Star Real Estate Investment Company Limited);
10. Tran Hong Son (Chairman of the Board of Directors of Soleil Hotel Investment and Services Joint Stock Company);
11. Nguyen Khoa Duc (Chairman of the Board of Directors and General Director of Winter Palace Joint Stock Company);
12. Bui Thi Ngoc Lan (former director of Nam Viet Financial Accounting and Auditing Consulting Services Company Limited, Northern Branch);
13. Le Van Do (General Director of Hanoi Auditing and Accounting Company Limited);
14. Phan Anh Hung (former Deputy Director of Hanoi Auditing and Accounting Company Limited);
15. Nguyen Thi Hai (former Deputy General Director of Hanoi Auditing and Accounting Company Limited).
The panel of judges includes the Chief Judge of the trial, Judge Nguyen Xuan Van; Judge Nguyen Thanh Nha; Alternate Judge Tran Duc Hieu and 3 People's Jurors.
The representatives of the Procuracy attending the trial included prosecutors: Dang Nhu Vinh, Nguyen Nhat Tuan, Nguyen Duc Long, Nguyen Thanh Lam and Ms. Vu Thi Anh Dao. There were more than 20 lawyers participating in defending the defendants.
In connection with the case, 6,630 investors identified as victims were summoned to court. Before the trial, the Hanoi People's Court received more than 1,000 "Petition for Sentence Reduction" from investors requesting sentence reduction for the defendants, especially defendants Do Hoang Viet and Do Anh Dung.
In the petition, the investors asked the Court and the Procuracy to consider reducing criminal liability for all defendants.
According to the indictment, due to financial difficulties, in order to have money to maintain the working apparatus, business operations, investments, and pay debts of Tan Hoang Minh Group, from June 2021 to March 2022, Mr. Do Anh Dung agreed on the policy and through his son Do Hoang Viet directed and authorized the defendants to use the legal entities of 3 companies (Viet Star Real Estate Investment Company Limited, Soleil Hotel Investment and Services Joint Stock Company, Winter Palace Joint Stock Company) to issue 9 separate corporate bond packages, with a total value of 10,030 billion VND to raise money for Tan Hoang Minh Group.
Through the illegal purchase and sale of 9 bond packages, Tan Hoang Minh Company raised a total amount of more than 13,972 billion VND. The investigation results determined that the 9 bond packages issued had terms ranging from 2-5 years, but the defendants of Tan Hoang Minh Company divided the terms into weeks and months to sell the bonds and used the money from the bond revenue to pay.
Tan Hoang Minh used more than VND 5,165 billion of money from people/contracts who bought bonds later to pay people/contracts who bought bonds that matured earlier. Therefore, at the time of prosecution, the crime was discovered, prevented, and the entire remaining principal balance of more than VND 8,643 billion of 6,630 investors (victims) was determined.
To issue bonds, the defendants colluded in 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..., which were not real, between the companies of the Group.
The defendants colluded with the auditors to legalize the financial statements of the three issuing companies and gave their opinions of full acceptance to qualify for bond issuance.
The defendants also signed "fake" contracts to transfer bonds and run "fake" cash flows, showing that Tan Hoang Minh paid for bonds and cash flows from 3 issuing companies according to investment cooperation contracts; creating "virtual" values for bond packages, legitimizing bondholders for this group.
The accusation is that the defendants used assets from the “fake” investment cooperation contracts as collateral for the bonds. From there, they created trust, used the legal entity and the Tan Hoang Minh brand to mobilize and appropriate a total of more than VND 8,643 billion from 6,630 investors.
This money was used by the defendants for many different purposes, not for the purpose of issuing bonds. To date, the families of Mr. Do Anh Dung and Do Hoang Viet have recovered 100% of the damage with an amount of about 8.6 trillion VND (deposited into the temporary account of Department C03).
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