On March 19, the Hanoi People’s Court is expected to bring defendant Do Anh Dung (born in 1961), Chairman of Tan Hoang Minh Hotel Service Trading Company Limited (Tan Hoang Minh Group), and 14 accomplices to trial for the crime of “swindling and appropriating property”.
Defendants Do Anh Dung (left) and Do Hoang Viet. Photo: Ministry of Public Security
Notably, prior to the trial, the prosecuting authorities received petitions from over 1,200 investors who were victims in the case, requesting a reduction in sentences for the defendants. In their petitions, these 1,200 investors asked the court and the prosecutor’s office to consider reducing the criminal liability of the defendants as they had actively cooperated with the investigating agencies, sincerely confessed and repented for their wrongdoings.
Furthermore, the victims requested the prosecuting authorities to consider applying special leniency policies to Mr. Do Anh Dung and his son Do Hoang Viet, as they had made efforts to fully compensate 100% of the amount paid by bondholders (over VND 8,600 billion) to the state treasury within a short period of time.
The victims believe that the defendants’ efforts to remedy the consequences of the case demonstrate their remorse and repentance. This helps the victims relieve their anxiety and fosters public trust in the competent authorities.
In this case, defendant Do Anh Dung and his 14 accomplices are charged with “swindling and appropriating property”. The 14 accomplices of Mr. Dung include: Do Hoang Viet, Deputy General Director of Tan Hoang Minh Group (son of defendant Do Anh Dung); Nguyen Manh Hung, Chairman of the Board of Directors of Ngoi Sao Viet Real Estate Investment Company Limited, Deputy General Director of Tan Hoang Minh Group; Tran Hong Son, Chairman of the Board of Directors of Soleil Hotel Investment and Service Company Limited, Deputy General Director of Tan Hoang Minh Trading and Services Company Limited; Nguyen Khoa Duc, Chairman and General Director of Winter Palace Joint Stock Company; Le Van Thinh, Deputy General Director of Tan Hoang Minh Group …
Tan Hoang Minh Do Anh Dung Case
In this case, defendant Do Anh Dung is represented by lawyer Giang Hong Thanh (Law Office of Giang Thanh). His son, Do Hoang Viet, is also represented by lawyer Nguyen Anh Tu (Bac Giang Bar Association).
According to the indictment, in June 2021, due to large debts, unfinished projects, and the impact of COVID-19, Tan Hoang Minh faced “financial difficulties”. The group had outstanding loans of over VND 18,500 billion.
In January 2022, Tan Hoang Minh increased its debts to nearly VND 20,000 billion, not counting the debts from 8 bond issuances in 2021. Faced with the need to repay many debts and having funds for spending, Do Anh Dung instructed his subordinates at Tan Hoang Minh to issue separate corporate bonds to raise capital.
The defendants agreed that Tan Hoang Minh would not directly issue bonds because it had many subsidiary companies that could not be audited in a timely manner. Instead, 3 subsidiary companies of the group, including Ngoi Sao Viet, Soleil and Winter Palace, would proceed to privately issue their own bonds.
Afterwards, these subsidiary companies conducted 9 rounds of private bond offerings, with a total value of over VND 10,000 billion. Through these offerings, Do Anh Dung and his accomplices raised nearly VND 14,000 billion.
The raised funds were spent by Do Anh Dung and his accomplices for different purposes, not in line with the purpose of bond issuance. The prosecuting authorities accused the 15 defendants in the case of misappropriating VND 8,643 billion and this amount has been surrendered to compensate the victims.
In this case, defendant Do Anh Dung bears responsibility and plays a leading role, but the investigative authorities acknowledged that he has several mitigating circumstances such as involvement in charity activities and receiving praise from central agencies. Particularly, Do Anh Dung actively remedied the consequences of the case.
