VnExpress News The News Gateway of Vietnam
Real estate developer Tan Hoang Minh is set to shut down its offices across the country to focus on repaying investors after authorities canceled its bond issuances and arrested top leaders.
Only its Hanoi headquarters would remain operating starting July 1 to reduce expenses to the minimum, said Deputy CEO Do Hoang Minh, who is leading the company after his father and company Chairman Do Anh Dung was arrested.
The State Securities Commission of Vietnam in early April canceled the nine bond issuances of Tan Hoang Minh valued at a total VND10 trillion ($437 million).
Police then arrested Dung and six others for alleged fraud as investigators found that Tan Hoang Minh’s subsidiaries had been buying bonds from each other and inviting investors to become “partners” in such purchases.
Since then, the defrauded investors have been showing up at Tan Hoang Minh’s headquarters and the Ministry of Finance and State Securities Commission of Vietnam (SSC) to seek justice.
Minh said the “unfortunate events” had caused negative impacts on all aspects of the company, including its customers.
Tan Hoang Minh has arranged around VND2.1 trillion to refund its customers and is set to raise a total 50-60 percent of what investors had bought to pay them back by next month.
The company is set to sell its real estate projects to further reimburse investors.
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