On March 19, the Hanoi People’s Court opened a trial for defendant Do Anh Dung (born in 1961), Chairman of Tan Hoang Minh Hotel Services Trading Company Limited (Tan Hoang Minh Group), and 14 accomplices on charges of “Fraudulent Misappropriation of Assets.” Before proceeding with the questioning, the Court ordered the isolation of Mr. Do Anh Dung from a separate room.
The defendants in court this morning
During the trial, defendant Do Hoang Viet (son of Do Anh Dung), Deputy General Director of Tan Hoang Minh Group, testified that he was responsible for managing the finances of Tan Hoang Minh Group. In 2021, the group faced difficulties in raising credit, so it allowed three subsidiaries – Cong Ty Ngoi Sao Viet, Cong Ty Soleil, and Cong Ty Cung Dien Mua Dong – to issue bonds to raise capital from the public.
According to Viet, in 2021, due to the COVID-19 pandemic, credit was tightened, and the group had many due debts that it couldn’t pay. Therefore, the group issued bonds to raise capital.
Viet stated that during that time, defendant Do Anh Dung proposed the plan to issue bonds to raise capital. After receiving instructions from the chairman, Viet convened meetings with his subordinates to choose the form of bond issuance.
In court, the Deputy General Director of Tan Hoang Minh admitted that the documents of the bond issuance were fake and fabricated. “Contacting the auditors and preparing the plan documents were also fake. At that time, I did not realize the serious consequences this would cause,” Viet confessed.
Viet also admitted that at that time, the bonds issued by the three companies were not legally compliant. At that time, defendants and their accessories created fake documents and a “buy-and-sell” cash flow to issue bonds in a deceptive manner.
According to Viet’s testimony, defendant Do Anh Dung was aware of the creation of fake documents for bond issuance. As a result, he reported this to his father, Chairman of Tan Hoang Minh.
When asked by the presiding judge, the defendant admitted that the indictment presented by the Prosecutor’s Office was accurate. To date, the family and the relevant agencies have fully refunded the damages caused by the case, totaling over 8.6 trillion VND.
In court, former employees and staff members of the group also admitted their involvement in the group’s meetings to raise capital. All the defendants acknowledged their contribution to creating fake documents for bond issuance.
Before the trial, while in custody, Chairman Do Anh Dung confirmed that most of the assessments and evaluations made by the investigating agencies and the Supreme People’s Procuracy were accurate and consistent with the case’s developments and the defendants’ actions.
Defendant Dung claimed that when he agreed to the plan and bond issuance, he did not have the intention or consciousness of using this to take money from the public. When issuing the bonds, the defendants identified the bondholders as strategic investors. Without them, the defendant’s business plan would have been difficult to succeed, so there was no intention to defraud the public. Furthermore, the defendant stated that he believed in borrowing and repaying, and at that time, he was developing many projects. If the bonds were issued without repayment, it would have caused a significant decline in his and Tan Hoang Minh Group’s reputation, negatively affecting the business activities and sales of all the projects, resulting in much greater losses.
According to defendant Dung, while working with the litigation authorities, he understood that although his personal intentions did not involve embezzlement, his actions were not permitted by law. The defendant sincerely regrets that his insufficient understanding led to the current consequences.
Immediately after the incident, the defendant voluntarily offered to sell his assets to compensate the victims. During the investigation process, the defendant consistently urged his family, friends, and loved ones to mobilize all resources to fully compensate for the total damages of more than 8.643 trillion VND.
Chairman Do Anh Dung sincerely apologizes to investors, his family, close friends, and employees of Tan Hoang Minh Group who have worked diligently, worried, and faced many difficulties over the past two years. The defendant accepts the highest responsibility.
