In April 5 2022, The Vietnam Ministry of Public Security decided to prosecute and issue an arrest warrant for Mr Do Anh Dung, chairman of the Board of Members and General Director of Tan Hoang Minh Group. The Vietnamese police also arrest six people, including Do Hoang Viet, Deputy General Manager of the group. Those suspects are being investigated due to a series of law violations and wrongdoing in relation to the bond distribution, raising capital of Tan Hoang Minh group and its subsidiaries.
The chairman Dung and his staffs were accused of committing fraud by using three subsidiary companies Real Estate Investment LLC, Soleil Hotel Investment and Hotel Services JSC and Cung Dien Mua Dong JSC which distributed unlawful bonds nine-times, totalling 10.3 trillion VND (450 million USD). After the scandal, Tan Hoang Minh group has changed its management board appoint Do Hoang Minh as the group’s Deputy General Manager to ensure the business operation without disruption.
The State Securities Commission (SSC) has found evidence that the group was disclosing false and untrue information, committing violations and concealing the truth in private bond offering activities, organizations and individuals. It will be a criminal offence if the group cause damage to investors from 1 billion VND or more, or gain illegal profits from 500 million VND or more. The SSC has also cancelled nine separate bond issuances worth over VND10 trillion (over $437 million) of Tan Hoang Minh because of submitting false information. Tan Hoang Minh will offer a full refund to investors after authorities cancelled the issuance of bonds worth VND10 trillion ($437 million) by the group.
According to a Tan Hoang Minh Group announcement, since April 5, 2022 Tan Hoang Minh Group will put in place various measures calm the market and plans to stabilize its business operations especially giving priority to issues of bond investment . Mr Do Anh Dung also authorized Mr Do Hoang Minh – Deputy General Director of Tan Hoang Minh Hotel Trading Service Co. Ltd to run Tan Hoang Minh Group. Mr Do Hoang Minh will perform the duties as the Chairman of the Board of Directors of Tan Hoang Minh Hotel Trading Service Co., Ltd. in accordance with its Company’s charter and operating activities under Tan Hoang Minh Group.
Tan Hoang Minh Group have issued an authorised capital of VND10 trillion since incorporation and Do Anh Dung is a majority shareholder holding 51% of its shares. It was reported the group’s total assets estimated over VND20 trillion and its equity reached VND6.9 trillion and Tan Hoang Minh Group will make their best efforts to stabilize all business activities, ensure the legitimate rights of its customers as well as business partners who are trading and cooperating with the group.
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Source: Vietnam Insider