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On March 19, 2024, a group of 987 out of 8,630 victims attended a preliminary trial at the Hanoi City Court. The accused, Do Anh Dung, Chairman of Tân Hoàng Minh Group, along with 14 accomplices, were escorted by judicial support police to the courthouse.

The Arrival of the Victims

Many victims arrived as early as 6 am to begin the registration process. Some came from distant provinces such as Nghệ An, Thanh Hóa, and Hà Tĩnh. By 8:45 am, the court announced that 987 out of the total 8,630 victims were present for the trial. Additionally, the court summoned over 90 individuals with rights and obligations related to the case, but only 18 of them were in attendance.

The Prosecution’s Perspective

According to representatives from the Prosecution, all absent victims and related individuals have already provided their testimonies. If necessary, additional summonses will be issued during the course of the trial.

For the media, the court requested that journalists only access the courtroom during the trial’s opening and closing sessions. Journalists were directed to use pen and paper for note-taking, as electronic devices such as computers, cameras, and phones were not allowed inside the courtroom.

The Misuse of Corporate Bonds

Around 9 am, the prosecution announced that in June 2021, Tân Hoàng Minh had a credit debt exceeding 18.5 trillion VND, which grew to nearly 20 trillion VND by the beginning of 2022. To raise funds for debt repayment and expenses, Do Anh Dung instructed his subordinates to issue separate corporate bond packages to raise capital.

Due to the complexity of the company’s corporate structure, Tân Hoàng Minh could not directly issue bonds since it had multiple subsidiaries that were unable to undergo timely audits. As a result, Dung and his accomplices engaged in fraudulent activities, using three member companies as proxies to illegally issue nine batches of bonds, with a total value of 10.3 trillion VND.

Throughout the process, Dung and his accomplices colluded with the defendants at Nam Việt Audit Company’s northern branch and CPA Hanoi Company. Their objective was to legitimize the financial reports of the companies involved, manipulating the financial statements of 2020-2021 to meet the bond issuance requirements.

The Misappropriation of Investor Funds

After issuing these bonds, 6,630 customers signed investment and transfer contracts, resulting in a total capital raised of nearly 14 trillion VND. However, after raising the funds, the defendants misappropriated 8.6 trillion VND belonging to the investors.

Prior to the trial, many victims submitted requests to mitigate the sentences of Do Anh Dung and his family members. The entire loss of over 8.6 trillion VND has been recovered by Tân Hoàng Minh and the related individuals during the prosecution phase.

Several victims shared their experiences and hopes for the conclusion of the trial. Nguyen Thi Hong, a resident of Thanh Hoa province, revealed that she had withdrawn 150 million VND from her savings account to invest in Tân Hoàng Minh’s one-month bond. However, shortly after, Do Anh Dung and his family members were arrested. Hong expressed her desire to receive her money back and also mentioned that she had submitted a request to the court to consider reducing the sentences of the defendants, as they had already returned the money to the state treasury.

Similarly, Vu Van Dong from Hanoi stated that he had invested over 3 billion VND in Tân Hoàng Minh bonds but had yet to receive any returns. He hopes to recover his money soon, as he has already lost both time and potential profits from his investment.

Business Today will continue to monitor this case closely and provide updates as the trial progresses.