JavaScript is off. Please enable to view full site.

Chairman of Vietnamese property giant Tan Hoang Minh arrested in corporate bond scam

Chairman of Vietnamese property giant Tan Hoang Minh arrested in corporate bond scam

Wednesday, April 06, 2022, 14:31 GMT+7
Chairman of Vietnamese property giant Tan Hoang Minh arrested in corporate bond scam
Do Anh Dung (L), chairman of Tan Hoang Minh Group, and Do Hoang Viet, deputy general director of Tan Hoang Minh Trading and Hotel Service Company. Photo: Ministry of Public Security

Do Anh Dung, chairman of Vietnamese real estate giant Tan Hoang Minh Group, was arrested on suspicion of fraud and property appropriation on Tuesday.

Officers under the Ministry of Public Security arrested and initiated legal proceedings against Dung and six other people, including his son Do Hoang Viet, who is deputy general director of Tan Hoang Minh Trading and Hotel Service Company, a subsidiary of Tan Hoang Minh Group.

The arrests had been approved by the Supreme People’s Procuracy.

Aside from his position as the chairman of Tan Hoang Minh Group, Dung has also been the chair of Minh Viet Securities Investment Fund Management JSC since 2015.

Lieutenant General To An Xo, chief of staff and spokesperson of the Ministry of Public Security, confirmed to Tuoi Tre (Youth) newspaper that the agency is verifying several violations related to the issuance of bonds and investment mobilization by Tan Hoang Minh Trading and Hotel Service Company and its member firms.

Preliminary investigations showed that Dung and many individuals in the group used three companies, namely Ngoi Sao Viet Real Estate Investment LLC., Soleil Hotel Investment and Hotel Services JSC, and Cung Dien Mua Dong JSC, to distribute unlawful bonds totaling VND10.3 trillion (US$450 million) in nine sessions from July 2021 to March 2022.

Do Anh Dung and six other suspects are held at the police station. Photo: Ministry of Public Security

Do Anh Dung and six other suspects are held at the police station. Photo: Ministry of Public Security

On Monday, the State Securities Commission announced it had canceled the bond issuance of these three companies within this period, stating that the firms had disclosed false information and concealed information in private bond issuance.

Tan Hoang Minh Group made headlines in late 2021 after its Ngoi Sao Viet Real Estate Investment Company won the auction for a 10,000-square-meter land lot in Ho Chi Minh City’s Thu Thiem New Urban Area.

The firm bought the land plot at VND24.5 trillion ($1.07 billion), over eight times higher than the initial offer.

In January, Dung sent a letter to leaders of the Party, the state, the government, and the Ho Chi Minh City People’s Committee regarding Tan Hoang Minh Group’s decision to withdraw from the land purchase contract, citing the negative effects that his company's winning bid might have had on the real estate market.

Founded in 1993, Tan Hoang Minh Group specializes in various fields including real estate, financial investment, building materials, and furniture, among others, according to its website.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Duy Khang - Than Hoang / Tuoi Tre News

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news