Accordingly, Mr. Do Anh Dung, Chairman of Tan Hoang Minh Group, and his accomplices will be brought to trial for the charge of “Fraudulently Misappropriating Assets” on March 19th.
Judge Nguyen Xuan Van will preside over the trial. The prosecutor’s office will be represented by prosecutors Dang Nhu Vinh, Nguyen Nhat Tuan, Nguyen Duc Long, Nguyen Thanh Lam, and Vu Thi Anh Dao.
More than 20 lawyers will participate in the defense of the defendants. Among them, Mr. Do Anh Dung will be represented by lawyer Giang Hong Thanh (from Giang Thanh Law Office; Hanoi Bar Association).
Chairman of Tan Hoang Minh, Do Anh Dung, and his son, Do Hoang Viet |
In addition to Chairman of Tan Hoang Minh, the defendants include:
Do Hoang Viet (Deputy CEO of Tan Hoang Minh)
Phung The Tinh (Former CFO of Tan Hoang Minh)
Hoang Quyet Chien (Former Deputy Director of Finance and Accounting Center, also Director of Finance and Accounting Department of Tan Hoang Minh Trading and Services Hotel Company)
Le Thi Mai and Vu Le Van Anh both served as former Directors General of the Capital Source Division (Tan Hoang Minh Trading and Services Hotel Company).
Nguyen Van Khan (Deputy Head of Budget Department of Finance and Accounting Center, Tan Hoang Minh Trading and Services Hotel Company)
Le Van Thinh (Deputy CEO of Tan Hoang Minh)
Nguyen Manh Hung (Former Chairman of the Board of Directors of Ngôi Sao Việt Real Estate Investment Company)
Tran Hong Son (Chairman of the Board of Directors of Soleil Hotel Investment and Services Joint Stock Company)
Nguyen Khoa Duc (Chairman of the Board of Directors and CEO of Winter Palace Company)
Bui Thi Ngoc Lan (Former Director General of Nam Viet Financial Consulting and Auditing Services Joint Stock Company’s branch in the North)
The defendants at Hanoi Audit and Accounting Company Limited include: Le Van Do (CEO), Phan Anh Hung (Former Director General), and Nguyen Thi Hai (Former Deputy CEO).
According to the allegations, due to financial difficulties in maintaining the working apparatus, business operations, investments, and payment of debts of Tan Hoang Minh Group, from June 2021 to March 2022, Mr. Do Anh Dung, together with his son, Do Hoang Viet, unanimously agreed and authorized the co-defendants under the legal entities of 3 companies (Ngôi Sao Việt Real Estate Investment Company, Soleil Hotel Investment and Services Joint Stock Company, Winter Palace Company) to issue 9 separate corporate bond packages, with a total issuance value of 10,030 billion VND to raise funds for Tan Hoang Minh Group.
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In order to issue the bonds, the defendants have colluded to carry out numerous fraudulent acts and schemes, including: falsifying business activities through the signing of cooperation agreements, deposits, stock purchases… that do not actually exist within the internal entities of the group.
The defendants colluded with the auditing firm and legitimately accepted the financial reports of the 3 issuing companies, providing full acceptance opinions to meet the requirements for bond issuance.
The defendants also signed “faux” contracts for bond transfers, creating “fake” cash flows to show Tan Hoang Minh Company’s payment for bond purchases and cash flows from the 3 issuing companies under investment cooperation agreements; creating “illusory” values for bond packages, legitimate bondholders for Tan Hoang Minh Company.
According to the allegations, the defendants used the assets of these “faux” investment cooperation agreements as collateral for the bonds. From there, they gained trust, using the legal entities and brand of Tan Hoang Minh Company to raise and misappropriate a total of over 8,643 billion VND from 6,630 investors.
This money was used for various purposes other than the bond issuance purpose.
T. Nhung
