The Five Tigers Group.
Recently, the Cyber Security and High-Tech Crime Prevention Department of Ho Chi Minh City Police summoned members of the Five Tigers Group (including Ưng Hoàng Phúc, Khánh Phương, Lâm Chấn Huy, Dương Ngọc Thái, and Lưu Hưng) for questioning regarding their music video “Anh em trước sau như một.”
Released on September 18th, the MV prominently featured a betting website logo throughout, appearing on clothing, packaging, and even during a website interface browsing scene. These images quickly went viral on social media, sparking widespread criticism.
Singer Khánh Phương, after years of relative obscurity, has regained public attention. Known in Vietnam’s entertainment industry for his hit “Chiếc khăn gió ấm,” Khánh Phương also gained notoriety in real estate due to his association with his wife, Vũ Thị Thúy, Chairwoman of Nhật Nam Group.
Mrs. Vũ Thị Thúy and singer Khánh Phương.
Khánh Phương and Vũ Thị Thúy’s “Takeover” of Sông Đà 1.01
Since mid-2022, singer Khánh Phương began acquiring SJC shares at extremely low prices. After accumulating over 45%, both he and his wife joined the SJC Board of Directors.
According to the State Securities Commission, Mr. Phạm Khánh Phương (singer Khánh Phương) started buying SJC shares of Sông Đà 1.01 on June 23rd, 2022. His “stockpile” continued for over four months, seemingly concluding in late October 2022.
On October 14th, 2022, Khánh Phương became a major shareholder, increasing his holdings from 289,200 shares (4.17%) to 385,800 shares (5.56%). However, he failed to report this change to the HNX.
Over the next two weeks, Khánh Phương continued buying SJC shares, reaching 3,156,000 shares (45.5%) by October 28th, 2022.
On November 25th, 2022, Khánh Phương sold half his shares to his wife, Vũ Thị Thúy. Post-transaction, he held 1,603,000 shares (23.12%), while she held 1,631,000 shares (23.53%). On December 9th, 2022, Khánh Phương bought a small amount, increasing his holdings to 1,682,000 shares (24.26%).
Mrs. Vũ Thị Thúy was elected Chairwoman of Sông Đà 1.01’s Board of Directors in late 2022.
On December 23rd, 2022, the State Securities Commission reported that Khánh Phương held 1,712,000 shares and had just bought 100,000 while selling 21,800, increasing his holdings to 1,790,000 (25.81%) without a public tender offer.
Additionally, Khánh Phương frequently bought and sold SJC shares, altering his ownership percentage without timely reporting. The State Securities Commission fined him a total of 245 million VND for these 2022 violations.
After jointly acquiring 23% of SJC, both Khánh Phương and Vũ Thị Thúy were elected to the 2022-2027 SJC Board of Directors. The election successfully made Vũ Thị Thúy Chairwoman and CEO, with Khánh Phương as a Board Member.
By March 31st, 2023, Vũ Thị Thúy sold nearly all her SJC shares. The buyers were Nam Nhật Khang Investment Company (purchased 881,600 shares, post-transaction holding 1,019,000 shares, 14.69%) and Sông Đà Nhật Nam Group (purchased 700,000 shares, post-transaction holding 706,000 shares, 10.18%). Mr. Phương and related entities completely divested.
Wife of Singer Khánh Phương Accused of Defrauding 26,000 Investors of Over 9.113 Trillion VND
According to the investigation, in July 2019, Mrs. Vũ Thị Thúy established Nhật Nam Company with a registered capital of 50 billion VND but no actual capital contribution. To access funds for personal use, Thúy promoted Nhật Nam’s activities and solicited investor cooperation.
Nhật Nam acquired numerous high-value properties nationwide, used as collateral for business cooperation contracts with investors. The company also invested in profitable projects, restaurants, and hotels. Investors would share profits from these activities.
To demonstrate assets to investors, Thúy used a small portion of their contributions to purchase properties in Thanh Hóa, Tây Ninh, Kiên Giang, Đắk Lắk, and Sơn Tây (Hanoi), including agricultural land and villas.
The Nhật Nam Chairwoman offered high returns of 7-8%/month (168-192% annually) with profit sharing starting just two days after contract signing and payment. She guaranteed no capital loss for investors. Additionally, she provided monthly rewards like vouchers, gold, travel tickets, and contract value bonuses during company events and holidays.
Thúy also directed staff to organize events inviting investors, providing transportation and meals for those from distant provinces. A 2022 event at the National Convention Center in Mỹ Đình attracted over 5,000 attendees, who were assured of the company’s profitability and the involvement of former government officials.
For contracts over 5 billion VND, investors received strategic shareholder certificates with quarterly dividends. These short-term offers (10-30 days) created urgency, leaving investors little time to consider.
Using these tactics, from July 2019 to June 2023, Thúy defrauded 25,925 individuals through 43,314 contracts, collecting over 9.113 trillion VND. She used 4.297 trillion VND to pay principal and interest to investors, embezzling the remaining 4.816 trillion VND for personal use, eventually unable to pay.
In late 2024, Hanoi Police concluded their investigation, proposing to prosecute Vũ Thị Thúy for fraud. The initial conclusion stated that Mr. Phương was not an accomplice but had helped Thúy purchase some properties related to the case.
Regarding this, Khánh Phương claimed to be a Nhật Nam investor, suffering losses like others, even more so. The singer of “Chiếc khăn gió ấm” expressed empathy for affected investors, stating, “Khánh Phương is also an investor facing losses.”
