On March 19th, the Hanoi People’s Court will bring defendant Do Anh Dung (born in 1961), Chairman of Tan Hoang Minh Hotel Trading Service Company Limited (Tan Hoang Minh Group), and 14 accomplices to trial for the charge of “Fraudulent misappropriation of property”. The trial, presided over by Judge Nguyen Xuan Van, is expected to last for 20 days.
Mr. Do Anh Dung (left) and the co-defendants in the case. Photo: Ministry of Public Security
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 Investment and Hotel Service Joint Stock Company, Deputy General Director of Tan Hoang Minh Hotel Trading Service Company Limited; Nguyen Khoa Duc, Chairman of the Board of Directors and Director of Winter Palace Joint Stock Company; Le Van Thinh, Deputy General Director of Tan Hoang Minh Group; Tran Hong Son, Deputy General Director of Tan Hoang Minh Group; Nguyen Khoa Duc, Assistant Deputy General Director of Tan Hoang Minh Group, Director of Winter Palace Company; Nguyen Manh Hung, Chairman of the Board of Directors of Ngoi Sao Viet Company; Bui Thi Ngoc Lan, former Director of Nam Viet Audit Company North Branch; Le Van Do, General Director of Hanoi Audit and Accounting Company; Phan Anh Hung, former Deputy Director of CPA Hanoi Branch in Ho Chi Minh City, and Nguyen Thi Hai, former Deputy General Director of CPA Hanoi Company.
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More than 20 lawyers participated in the defense of the rights and legitimate interests of the defendants. Among them, lawyer Giang Hong Thanh (Giang Thanh Law Office) defended defendant Do Anh Dung; lawyer Nguyen Van Tu (FANCI Law Firm) defended defendant Do Hoang Viet. 6,630 investors who were identified as victims were also summoned to the court.
According to the accusation, in June 2021, Tan Hoang Minh faced financial difficulties due to large debts, undeveloped projects, and the impact of COVID-19. The company had a credit debt of over 18,500 billion dong.
In January 2022, Tan Hoang Minh increased its debt to nearly 20,000 billion dong, not including the debt from 8 bond issuances in 2021. Faced with the need to repay many debts and having money for expenses, 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 subsidiaries that could not be audited in a timely manner. Instead, 3 subsidiary companies would proceed to privately sell bonds, including Ngoi Sao Viet Company, Soleil Company, and Winter Palace Company.
Subsequently, these subsidiary companies conducted 9 separate bond auctions with a total value of over 10,000 billion dong. Through this, Do Anh Dung and his accomplices raised nearly 14,000 billion dong.
The amount of money collected was spent by defendant Dung and his accomplices on different purposes, not in accordance with the purpose of bond issuance. The prosecution agency accused the 15 defendants in the case of misappropriating 8,643 billion dong, and this amount has been surrendered to reimburse the victims.
