On the afternoon of March 19, Ha Noi City People’s Court continued to try 15 defendants in a case that occurred at Tan Hoang Minh Trading and Service Hotel Company Limited (Tan Hoang Minh Corporation).
After being isolated all morning, Mr. Do Anh Dung – Chairman of Tan Hoang Minh Group – was brought back to the courtroom for questioning by the judicial support police.
Before questioning, the court informed Mr. Do Anh Dung that the defendants at Tan Hoang Minh Corporation, including his son Do Hoang Viet, all claimed that the bond issuance was decided by him. During the implementation process, these defendants all reported to Mr. Dung, from the bond issuance, selling to Tan Hoang Minh Corporation to become the beneficial owner, to the act of embezzling funds…
Answering the judges, Mr. Dung admitted that he gave the decision to issue the bond and assigned his son Do Hoang Viet to implement it. The reason for issuing is that in 2021, the capital demand of Tan Hoang Minh is increasing, the corporation needs to find more sources of capital, not just from banks.
Mr. Do Anh Dung and the defendants in court.
According to Mr. Dung, before Tan Hoang Minh Corporation implemented the bond issuance, the defendants knew that “other corporations had issued trillions of dong”. With 30 years of experience in business management, the defendants understood that bonds are an effective capital mobilization channel.
The presiding judge asked whether the purpose of issuing bonds was to solve the problem that Tan Hoang Minh cannot borrow money from banks. Mr. Dung denied it, affirming that the corporation “still has some assets to mortgage”.
Regarding whether subordinates reported the bond issuance plan as being created or not, the Chairman of Tan Hoang Minh Corporation said that as the chairman and CEO, he only set the general policy and did not give detailed instructions.
When the Presiding Judge mentioned the act of embezzling virtual money to transfer 9 bond packages of 3 companies Cung Dien Mua Dong, Soleil, and Ngoi Sao Viet to Tan Hoang Minh Corporation, Mr. Do Anh Dung said, ”
from the aspect of virtual money, it can be seen that it is not real, but in fact, both the corporation and the 3 companies are owned by me
“.
Admitting the responsibility of the top manager at Tan Hoang Minh Corporation, Mr. Dung said he respected the allegations of wrongdoing in the indictment and the conclusion of the investigation.
However, the defendants affirmed that
“from the moment the bond was issued, they never intended to misappropriate the money of bond buyers”.
The defendants only realized that this is raising money to serve business and investment purposes.
“Is this capital mobilization correct?”
, the presiding judge asked. Chairman of Tan Hoang Minh Corporation said at that time, he did not fully understand the bond issuance, but now he realizes it is wrong.
“The indictment shows that the majority of the funds raised from the bond are used for the wrong purpose?”,
the presiding judge questioned. Mr. Dung admitted that basically it is true as indicted.
The defendants added that as soon as they were prosecuted, temporarily detained, and explained about their own wrongdoing by the investigators, they wrote a letter to request the prosecuting agency to create conditions for them to minimize the consequences.
“Although the conditions are difficult, I only met my family twice, but I tried to recover and fix all the consequences in the case. Up to now, more than 8,600 billion dong has been submitted to the State to return to the victims. In addition, I also contributed more than 1 billion dong to overcome the consequences”,
said the Chairman of Tan Hoang Minh.
.
