On April 5, 2022, the Vietnamese Ministry of Public Security decided to: sue and issue an arrest warrant for Mr. Do Anh Dung, Chairman of the Council of Members and General Manager of Tan Hoang Minh Group. Vietnamese police also arrest six people, including Do Hoang Viet, the group’s deputy general manager. Those suspects are under investigation for a series of law violations and misdeeds related to the distribution of bonds, raising capital of the Tan Hoang Minh group and its subsidiaries.

Chairman Dung and his staff were charged with committing fraud using three subsidiaries Real Estate Investment LLC, Soleil Hotel Investment and Hotel Services JSC and Cung Dien Mua Dong JSC, which issued illegitimate bonds nine times, totaling 10, 3 trillion VND (450 million USD). † After the scandal, the Tan Hoang Minh group changed its board of directors. Do Hoang Minh has been appointed deputy general manager of the group to ensure uninterrupted business operations.

The State Securities Commission (SSC) found evidence that the group was revealing false and untrue informationcommit violations and hiding the truth in private bond offering activities, organizations and individuals. It is punishable if the group of investors causes damage from 1 billion VND or more, or makes illegal profits from 500 million VND or more. The SSC has also canceled nine separate bond issues worth more than VND 10 trillion (more than $437 million) from Tan Hoang Minh for filing false information. Tan Hoang Minh will offer investors a full refund after authorities cancel the bond issuance of VND 10 trillion ($437 million) by the group.

According to a Tan Hoang Minh Group AnnouncementSince April 5, 2022, Tan Hoang Minh Group will take various measures to calm the market and plans to stabilize its business, in particular by prioritizing bond issuances. Mr. Do Anh Dung also appointed Mr. Do Hoang Minh – deputy general manager of Tan Hoang Minh Hotel Trading Service Co. Ltd, authorized to lead Tan Hoang Minh Group. Mr. Do Hoang Minh will perform the duties as Chairman of the Board of Directors of Tan Hoang Minh Hotel Trading Service Co., Ltd. in accordance with the charter and the company’s operating activities under the Tan Hoang Minh Group.

Tan Hoang Minh Group has issued a registered capital of: VND10 trillion since its inception and Do Anh Dung is a majority shareholder holding 51% of its shares. It was reported that the total assets of the group were estimated at more than VND 20 trillion and the shareholders’ equity reached VND 6.9 trillion and Tan Hoang Minh Group will do its best to stabilize all business activities, protect the legitimate rights of its customers and business partners who act to ensure and cooperate with the group.

Source: Vietnam Insider


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