On March 18th, the People’s Court of Hanoi completed preparations for the trial of Do Anh Dung (born in 1961, Chairman and CEO of Tan Hoang Minh Group) and 14 other defendants in the case of Tan Hoang Minh Hotel Trading and Services Company Limited. More than 20 lawyers participated in defending the rights and legitimate interests of the defendants. Regarding the case, 6,630 investors identified as victims were summoned to court. The trial began on March 19th and is expected to last for 20 days. Before the opening, the trial panel summoned 6,630 individuals who were investors (identified as victims of the case). Therefore, the court set up a temporary outdoor theater and arranged enough seats for these people to participate in the proceedings.
An outdoor theater serving thousands of victims attending the trial.
According to the observation of the journalist, on the afternoon of March 18th, the outdoor theater has been fully installed at the court compound. Inside the theater, the functional agencies arranged a large screen connected online with the trial room, along with a sound and lighting system to ensure the entire progress of the trial is reported to people outside.
The work of ensuring security and order for the first-instance trial has also been completed by the judicial assistance and Hoang Mai District Police.
In this case, Do Anh Dung and his son Do Hoang Viet (Deputy CEO of Tan Hoang Minh Company) and the remaining defendants were all prosecuted by the Supreme People’s Procuracy for the crime of fraudulently misappropriating assets under Point 4, Article 174 of the Penal Code.
8 defendants from Tan Hoang Minh Company include:
Phung The Tinh (former Director of the Financial – Accounting Center, and Director of the Finance – Accounting Department),
Hoang Quyet Chien (Deputy Director of the Financial – Accounting Center, and Director of the Finance – Accounting Department),
Le Thi Mai (former Deputy Head of the Capital Source Department), Vu Le Van Anh (Deputy Director of the Capital Source Department),
Nguyen Van Khanh (Deputy Head of the Budget Department of the Financial – Accounting Center),
Le Van Thinh (Deputy CEO),
Tran Hong Son (Deputy CEO of Tan Hoang Minh Company),
Nguyen Khoa Duc (Assistant to the Deputy CEO of Tan Hoang Minh Company, Director of the Winter Palace Joint Stock Company).
The other 5 defendants include:
Nguyen Manh Hung (Chairman of the Board of Directors of Ngoi Sao Viet Real Estate Investment Limited Company),
Bui Thi Ngoc Lan (former Director of Nam Viet Financial – Accounting and Audit Consulting Services Limited Liability Company Northern Branch),
Le Van Do (Director of the Audit and Accounting Limited Liability Company in Hanoi),
Phan Anh Hung (former Deputy Director of CPA Hanoi Company Southern Branch),
Nguyen Thi Hai (former Deputy CEO of CPA Hanoi Company).
The defendants in the case. (Photo: Ministry of Public Security)
According to the indictment, in June 2021, Tan Hoang Minh had a credit debt of more than 18,500 billion VND, which increased to nearly 20,000 billion VND at the beginning of 2022. To repay debt and spend money, Do Anh Dung directed subordinates to issue private corporate bond packages to raise capital. Tan Hoang Minh did not directly issue bonds because it has many subsidiary companies, which cannot be audited in time. Therefore, Dung and his accomplices used deceptive acts, using the legal entity of the three member companies to issue 9 bond series in violation of the law, with a total value of 10,300 billion VND.
During the process, Dung and his accomplices colluded with defendants and persons at Nam Viet Audit Company’s Northern Branch and CPA Hanoi Company. The purpose was to legitimize data, beautify the financial reports of the companies for the years 2020-2021 to meet the conditions for issuing bonds.
After launching 9 separate bond series, over 6,600 customers signed investment contracts for bonds and transfer contracts. From there, Do Anh Dung and his associates mobilized nearly 14,000 billion VND. However, after mobilizing the money, the defendants in Tan Hoang Minh misappropriated 8,600 billion VND from investors.
As of now, the prosecuting agencies have received requests from more than 1,400 victims to consider reducing criminal liability for some defendants.
In particular, Do Anh Dung and Do Hoang Viet (Dung’s son) have been recommended by victims for the prosecuting agencies to consider and apply a special leniency policy.
According to the investors, these two individuals have fully compensated the amount of the bond purchasers to the State Treasury, demonstrating remorse and repentance, helping to alleviate the concerns of investors and create trust in society.
