More than 1,200 investors request a reduction in sentence for the Chairman of Tân Hoàng Minh
The Chairman of Tân Hoàng Minh Group, Đỗ Anh Dũng, along with 14 accomplices, is expected to appear in the Hanoi Municipal Court on March 19th to face charges of “Fraudulent misappropriation of assets.”
Notably, prior to the trial, the prosecution received more than 1,200 requests from investors who are victims in the case, seeking a reduction in sentences for the defendants. In their petitions, these investors have requested the court and the Prosecutor’s Office to consider mitigating the criminal responsibility of the defendants due to their active cooperation with the investigative authorities, sincere confession, remorse for their wrongdoing, and full restitution of the entire amount (over 8,600 billion VND) to the State Treasury.
The victims believe that the defendants’ efforts to make amends for the consequences of their actions demonstrate repentance and serve to alleviate the concerns of the affected individuals, thus restoring public confidence in the competent authorities.
In this case, Đỗ Anh Dũng, along with 14 co-defendants, is accused of “Fraudulent misappropriation of assets.” The accomplices include Đỗ Hoàng Việt, Deputy General Director of Tân Hoàng Minh Group (son of Đỗ Anh Dũng); Nguyễn Mạnh Hùng, Chairman of the Board of Directors of Ngôi Sao Việt Real Estate Investment Company, Deputy General Director of Tân Hoàng Minh Group; Trần Hồng Sơn, Chairman of the Board of Directors of Soleil Hotel Investment and Service Joint Stock Company, Deputy General Director of Tân Hoàng Minh Hospitality Service Trading Company Limited; Nguyễn Khoa Đức, Chairman of the Board of Directors cum Director of Winter Palace Joint Stock Company; Lê Văn Thịnh, Deputy General Director of Tân Hoàng Minh Group…
The Tân Hoàng Minh Case and Đỗ Anh Dũng
In this case, Đỗ Anh Dũng is represented by lawyer Giang Hồng Thanh (Giang Thanh Law Firm), while his son, Đỗ Hoàng Việt, is represented by lawyer Nguyễn Anh Tú (Bắc Giang Lawyers Association).
According to the allegations, in June 2021, Tân Hoàng Minh Group faced financial difficulties due to large debts, undeveloped projects, and the impact of COVID-19. The group had a total debt of over 18,500 billion VND.
In January 2022, Tân Hoàng Minh Group’s debt increased to nearly 20,000 billion VND, excluding the debts from 8 bond issuances in 2021. Faced with the need to repay multiple debts and having expenditure requirements, Đỗ Anh Dũng instructed his subordinates at Tân Hoàng Minh to issue separate corporate bonds to raise capital.
The defendants unanimously agreed that Tân Hoàng Minh Group would not directly issue bonds due to having numerous subsidiaries, making it difficult to audit in a timely manner. Instead, three subsidiaries of the group, Ngôi Sao Việt Company, Soleil Company, and Winter Palace Company, would independently issue their own bonds.
Subsequently, these subsidiaries conducted 9 rounds of private bond offerings, with a total value of over 10,000 billion VND. Through this process, Đỗ Anh Dũng and his accomplices raised nearly 14,000 billion VND.
The raised funds were used for various purposes unrelated to the bond issuances’ stated objectives. The prosecution alleged that the 15 defendants misappropriated 8,643 billion VND, and this amount has now been handed over for full restitution to the victims.
In this case, Đỗ Anh Dũng, as the person responsible and the main figure, has several mitigating circumstances on record, such as participating in charitable activities and receiving commendations from central agencies. Particularly, Đỗ Anh Dũng actively sought to redress the consequences of the case.
Link to the original article: Business Today