VnExpress News The News Gateway of Vietnam
Hanoi police on Tuesday have arrested Do Anh Dung, chairman of Tan Hoang Minh for “fraudulent appropriation of assets.”
Dung, 61, was detained shortly after an investigation was launched Tuesday into the fraud to appropriate property at Tan Hoang Minh Group and related units. The agency is investigating and verifying a number of violations with signs of law violations related to the issuance of bonds and the mobilization of money by investors of member companies of the group.
According to State Securities Commission (SSC), companies under the Tan Hoang Minh Group – Viet Star Real Estate Investment Company Limited, Winter Palace Joint Stock Company and Soleil Hotel Service and Investment Joint Stock Company – submitted false information and concealed relevant information when issuing private bonds.
These companies issued private bonds to raise capital of more than VND10 trillion (over $437 million) from July 2021 to March 2022. All these companies are unlisted.
This cancellation is unprecedented and comes after the group successfully mobilized funds from bondholders. It enjoins bond registration and depository organizations to cease ownership transfer of Tan Hoang Minh bonds in these nine issuances. However, it is unclear how the matter of bondholders and refunding their money will be handled.
The obligation to disclose information to the issuer is a provision in Decree 153, which governs private bond offerings and trading.
Accordingly, issuers who fail to comply with regulations will be administratively sanctioned or investigated for criminal liability, depending on the nature and the severity of their violations.
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