Tan Hoang Minh chairman receives 8-year sentence for bond fraud
By Ha Linh
March 27, 2024 | 09:59 PM GMT+7
All defendants in the Tan Hoang Minh bond fraud trial were sentenced below the prosecution's indictment range, owing to newly emerged mitigating factors.
Tan Hoang Minh chairman Do Anh Dung was taken to the trial. Photo by HA
Tan Hoang Minh's chairman, Do Anh Dung, was today handed an eight-year prison term by the Hanoi People's Court on Friday for orchestrating a fraudulent scheme involving the sale of bonds worth over VND8.6 trillion ($348 million).
Following a five-day trial, the court delivered its verdict, with Dung's son, Do Hoang Viet, the deputy general director of Tan Hoang Minh Group, also facing legal consequences with a three-year prison sentence on charges of fraud and misappropriation of assets.
The trial saw several other defendants, including executives and employees of Tan Hoang Minh Group, as well as two auditing firms, receiving sentences ranging from 18 to 30 months, albeit some with suspended sentences.
In a case involving a total of 15 defendants, all accused of embezzlement, the court's judgment fell below the indictment range, owing to mitigating factors brought forth during the proceedings.
Throughout the trial, defendants acknowledged their involvement in the scheme, contending that their actions aimed at alleviating financial strains for the company, rather than deliberately deceiving bond purchasers, whom they claimed they did not anticipate causing significant harm to.
Tan Hoang Minh officials admitted to adhering to directives without personal gain. Notably, Dung asserted efforts to mitigate the aftermath, having transferred the entire sum of VND8.644 billion in damages for restitution to affected parties, a measure undertaken during the trial process.
Defense attorneys underscored Tan Hoang Minh's substantial restitution efforts during the trial, stating it to be the "largest amount ever" in cases related to asset misappropriation fraud.
In light of fresh mitigating circumstances, prosecution recommendations were revised following a day of hearings, resulting in reduced sentences for both Dung and his son, along with ten other defendants, while three others faced recommendations for conversion from incarceration to suspended sentences.
During his concluding statement before the verdict, Dung exhibited remorse, expressing hope for leniency towards his son and colleagues, advocating for their swift reintegration into society.
Dung also expressed gratitude for the support received from family and friends, highlighting their efforts over the past two years in gathering funds for restitution.
The verdict delineated Tan Hoang Minh's financial struggles since early 2022, prompting strategic capital raising efforts overseen by Dung and Viet.
Financial documents were manipulated to facilitate bond issuance, alongside the fabrication of cooperative project contracts to instill investor confidence.
With over 90 million bonds sold back to Tan Hoang Minh, the group's subsequent resale garnered profits, with a portion utilized for subsequent buyer repayments. Consequently, the court recognized the full rectification of losses incurred during the trial.
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