Notable Points at the Trial of Tan Hoang Minh Group Chairman

The trial of Tan Hoang Minh Group Chairman, Mr. Do Anh Dung, along with 14 accomplices, is currently underway at the Hanoi People’s Court. Over the course of four days, several noteworthy developments have emerged during the trial.

Hesitation to Claim Reimbursement

On the first day of the trial, despite the cold weather and drizzling rain, nearly a thousand victims lined up outside the Hanoi People’s Court from 5 am to attend the proceedings. Among them was Ms. Tran Thi M., who had traveled from Nghệ An province to demand compensation for her investment of 150 million Vietnamese dong in bond purchases.

Many victims expressed their frustration but remained forgiving. For example, Mrs. Nguyen Thi L., who had invested her family’s entire assets in Tan Hoang Minh bonds, acknowledged that the company was not solely responsible for the wrongdoing, as state securities management agencies and banks had also committed misconduct.

According to lawyer Nguyen Van Tu, who defended the accused Mr. Do Hoang Viet (Deputy General Director of Tan Hoang Minh), 1,420 victims had submitted petitions requesting leniency for Do Anh Dung and his son. Furthermore, Mrs. L. believed that there was no need to demand interest on the money that Tan Hoang Minh had deposited in the State Treasury, stating, “Those who commit mistakes cannot do anything.”

Additional Demands for Interest Payments

During the trial, some victims voiced their demand for interest on their bond investments. For instance, Mrs. Nguyen Thi H., representing a group of 73 victims, claimed that some individuals had entered into bond contracts that should have been settled before the case was brought to court. They still hadn’t received payment, and the court should ensure the promised profits.

Before concluding the debate, several victims stood up and requested the court to show leniency and reduce penalties for the defendants. They expressed their desire for the court to quickly render a verdict so that they could recover their investments. Regarding this, Chairman Do Anh Dung acknowledged his responsibility for the interest payments due before his arrest. However, he stated that the interest accrued after his arrest would be subject to the court’s decision.

Chairman Do Anh Dung Assumes Full Responsibility

Throughout the four days of questioning, Chairman Do Anh Dung and his 14 accomplices sincerely confessed their mistakes and expressed remorse. Chairman Dung, in particular, accepted the main responsibility without blaming his subordinates or asking them to bear the financial burden.

“When issuing the bonds, I never intended to embezzle money from investors. I thought it was a way to raise funds for business purposes,” explained Chairman Dung.

Similarly, Do Hoang Viet, Chairman Dung’s son, admitted his involvement in the misconduct related to the bond issuance process. He requested permission from the investigating agency and the prosecutor’s office to contact his relatives to fulfill his obligation to remedy the consequences. Consequently, within a short period, he and his father raised over 8.6 trillion Vietnamese dong, which was paid to the State Treasury.

Prosecution Recommends Reduced Penalties

The trial also witnessed new developments. Chairman Dung pledged to reimburse more than 1 billion Vietnamese dong, and the representative of Ngôi Sao Việt Company (a subsidiary of Tan Hoang Minh) presented a receipt for an additional 2 billion Vietnamese dong, expressing a desire to share the burden with the investors.

The prosecuting authority noted these new developments and recommended reduced penalties for the defendants. As a result, the proposed sentence for Chairman Do Anh Dung was reduced from 8-9 years to 8-9 years, and Do Hoang Viet’s sentence was reduced from 5-6 years to 4-5 years. The remaining defendants were recommended to be transferred from imprisonment to probation or given reduced sentences ranging from 6 months to 1 year.

Swiftest Reimbursement Ever

Lawyer Giang Hong Thanh, representing Chairman Do Anh Dung, expressed gratitude for the forgiveness shown by many victims. Referring to Chairman Dung’s statements during the investigation, Lawyer Thanh emphasized that Chairman Dung did not have any intention to deceive the people when issuing bonds. At that time, Tan Hoang Minh was involved in numerous projects. After being indicted, Chairman Dung promptly reimbursed over 8.6 trillion Vietnamese dong to minimize losses for investors. Lawyer Thanh remarked that this reimbursement was “the largest to date” in cases related to fraud and embezzlement.

Following two years of legal entanglement, Tan Hoang Minh, which formerly employed over 2,000 people, now has only around 100 staff members. Lawyer Thanh hoped that the court would be lenient in order for the defendants to return and restore the company’s operations.

In his final statement before the verdict, Chairman Do Anh Dung expressed gratitude to the court and the prosecution for allowing him to exercise his rights and fulfill his obligations throughout the trial. With tears in his eyes, he pleaded on behalf of his colleagues, stating, “We hope the court will show mercy to these individuals. A heavy punishment would be meaningless. Let them return to society and continue to contribute to it.”