Chairman of Tan Hoang Minh Group pleads guilty

According to the Supreme People's Procuracy's accusation, due to financial difficulties, in 2021, defendant Do Anh Dung, Chairman of Tan Hoang Minh Group, issued a policy to issue bonds to raise capital. Following the direction, the group's employees, including Mr. Dung's son, Do Hoang Viet, Deputy General Director, selected 3 companies to issue bonds: Winter Palace, Vietnamese Star and Soleil.

Start "beautifying" the books

It is worth mentioning that the business results of all 3 companies were not satisfactory, so defendant Viet and some employees of the group "colluded" with auditing companies to "beautify" the financial records. After successfully issuing 9 bonds, the defendants continued to "run" the fake cash flow, signed fake contracts, helped Tan Hoang Minh Group become the primary owner of the bonds, and then sold them to investors.

Defendant Do Anh Dung in court

With the above series of actions, the prosecution agency determined that defendant Dung and his accomplices appropriated more than VND 8,600 billion from 6,630 victims.

Due to the large number of participants in the proceedings, the court arranged two large trial halls, along with an outdoor theater area. Of the 6,630 victims summoned, nearly 1,000 were present; most of them lived in Hanoi , but many also came from Thanh Hoa, Nghe An...; some brought their children, taking the bus the night before to the capital to be on time for the trial.

Confident... with 30 years of experience

Before proceeding with the questioning, the jury requested that defendant Do Anh Dung be isolated to ensure objectivity. The group of defendants, including Mr. Dung's son, all stated that Mr. Dung was the one who initiated the issuance of 9 bonds. They admitted that the bond issuance documents were fabricated, "running" the cash flow to legalize bondholders for Tan Hoang Minh Group, then selling them to investors. During the process of carrying out the series of violations, the defendants under his authority all reported to Mr. Dung.

Returning to the courtroom after more than half a day of isolation, defendant Do Anh Dung admitted that he was the one who initiated the bond issuance, because in 2021, Tan Hoang Minh's capital needs were increasing, the group had to find more sources of capital mobilization, not just depending on banks. The defendant was confident with "30 years of experience in business management", many other corporations had also issued millions of billions of dong in bonds, so he saw this as an effective capital mobilization channel.

The judge asked: In addition to the above reason, is the purpose of issuing bonds to solve the problem of Tan Hoang Minh not being able to borrow money from the bank? Defendant Dung denied this, saying that the group still has assets to mortgage; the purpose of issuance is only to serve business and investment activities.

Notably, defendant Dung said that since the policy of issuing bonds was established, "he never had the thought of appropriating investors' money." In his mind, the defendant was only aware that this was a way to raise money to serve the group's business activities.

In response to the above testimony, the presiding judge immediately questioned: "Was it right to mobilize capital like that?" Defendant Dung said that at the time of implementation, he did not fully understand, but now he knows it was wrong. That is why, after being prosecuted and temporarily detained, the defendant wrote a petition requesting the prosecution agency to create conditions for him to remedy the consequences. In just over 1 year, despite very difficult conditions, through 2 meetings with his family, the defendant paid to remedy all the consequences of the case, with an amount of more than 8,600 billion VND, even about 1 billion VND more than the alleged damage.

Buy bonds because you see "Tan Hoang Minh is strong"

Talking to Thanh Nien , dozens of investors said they bought bonds of Tan Hoang Minh Group for two reasons. First, they were invited by friends who are employees of the group, asking them to "run quotas". Second, they believed in the potential of the group and wanted to invest for profit.

Her husband worked far away, and the house was short of people, Ms. Hong (40 years old, from Nghe An ) carried her 2-year-old son to the court early in the morning. Pulling a suitcase full of milk, diapers, and snacks for her child, Ms. Hong said that she had a close friend working in the group. In April 2022, her friend asked her to buy bonds to "run the quota", and she agreed, withdrawing 150 million VND from her savings to buy bonds with a one-month term. However, the next day, the case was prosecuted, the father and son of the chairman of Tan Hoang Minh Group were arrested, she had not yet had time to get the contract, documents, and had not received any interest.

Having "lost sleep" for many days, Ms. Hong said the amount of money that was embezzled was equivalent to about 25 months of her accountant's salary. At first, she was very confused because she did not know if she could get it back or not, but now that she knows that the defendants have returned all the money to fix the problem, she feels more secure. Because of this, Ms. Hong and more than 1,200 other investors have submitted a petition for leniency for the father and son of the chairman of Tan Hoang Minh Group.

Another victim, Ms. Phuong (71 years old, living in Hanoi) learned about Tan Hoang Minh Group's bonds through the introduction of a bank employee. "Seeing that the group is powerful, I trusted it and did not hesitate to buy it," Ms. Phuong said, adding that she invested 500 million VND in buying bonds. When she saw the profit at first, she also asked her own child to invest another 2 billion VND.

Source link: https://thanhnien.vn/chu-tich-tap-doan-tan-hoang-minh-nhan-toi-185240319230722496.htm