Trial of former Chairman of Louis Holdings, what is happening to the 'Louis family' stock group now?

Among the defendants in the stock manipulation case at companies related to Louis Holdings, also known as the Louis "family" group, are Do Thanh Nhan, Chairman of the Board of Directors of Louis Holdings JSC; Do Duc Nam, General Director of Tri Viet Securities JSC; Pham Thanh Tung, Chairman of the Board of Directors of Tri Viet Securities JSC, and also Chairman of the Board of Directors of Tri Viet Asset Management Group JSC.

Mr. Do Thanh Nhan was arrested in April 2022, immediately after that, stocks related to the "Louis family" were sold off, and the board of directors also changed continuously. Specifically, TGG shares of Louis Capital Joint Stock Company (a subsidiary of Louis Holdings) fell to a bottom of 2,300 VND in mid-November 2022, evaporating more than 92% from the peak of over 28,000 VND in early 2022. To date, TGG shares are standing at 4,400 VND.

The trial of former Louis Holdings Chairman Do Thanh Nhan did not take place on the morning of April 10 as scheduled.

The company also held its second extraordinary general meeting of shareholders in 2023, approving the change of the company's name to The Golden Group Joint Stock Company. At the same time, shareholders dismissed all members of the Board of Directors, re-elected a new Board of Directors and appointed Mr. Ngo Quang Tuan as Chairman of the Board of Directors of the company from March 27.

Similarly, BII shares of Louis Land JSC plummeted to VND1,900 in November 2022 and are currently at VND2,000/share. Compared to the price of VND15,600 at the beginning of 2022, BII has decreased by nearly 90%. Another code related to the Louis group, VKC - VKC Holdings JSC - has also decreased to VND1,200, losing nearly 92% compared to the beginning of 2022.

Recently, the Hanoi Stock Exchange announced the possibility of mandatory delisting of BII and VKC shares due to the auditor's refusal to give an opinion on the 2022 financial report.

Meanwhile, TVB shares of Tri Viet Securities JSC are trading at VND4,560, down more than 80% compared to the price of over VND24,000 in early 2022, before Mr. Pham Thanh Tung, Chairman of the Board of Directors of the company, was prosecuted for stock price manipulation.

According to the indictment of the Supreme People's Procuracy, Do Thanh Nhan and Do Duc Nam planned to manipulate the stock market with the motive of illegal profit. Specifically, BII shares of Louis Land Joint Stock Company (Bao Thu Industrial Investment and Development Joint Stock Company) when the defendants Nhan's group bought them in January 2021 were only priced at 5,700 - 6,200 VND/share, and by September 18, 2021, they peaked at 33,800 VND/share; TGG shares of Louis Capital Joint Stock Company, when purchased in February 2021, were priced at about VND 1,800/share, and by September 22, 2021, they peaked at VND 74,800/share... As a result, by October 6, 2021, the group of defendants Nhan ended their manipulation of the stock market by selling both stock codes, thereby illegally profiting a total of more than VND 154 billion...

Source: https://thanhnien.vn/xet-xu-cuu-chu-tich-louis-holdings-nhom-co-phieu-ho-louis-gio-ra-sao-185230410111435906.htm