Chairman of Tan Hoang Minh Group arrested

Nguyen Tung

Apr 06, 2022 / 02:15 PM

The authorities concluded capital mobilized from investors have not been used for business purposes as intended by the group.

Chairman of the Tan Hoang Minh Group Do Anh Dung, 61, has been arrested for an appropriation of assets by deceit.

Chairman of the Tan Hoang Minh Group Do Anh Dung.

Chief of the Ministry of Public Security’s Office, Major General To An Xo, announced the apprehension on April 5.

Along with Dung, the police have prosecuted five others who are senior executives at subsidiaries of Tan Hoang Minh Group, including the Viet Star Real Estate Investment Company, Winter Palace Company, and Soleil Investment and Hotel Services Company for the same accusation.

The ongoing investigation has identified violations during the nine corporate bond issuances with a combined issue size of VND10 trillion from July 2021 to March 2022, even though all of them have not been publicly traded firms yet.

All these transactions have later been annulled by the State Securities Commission of Vietnam (SSC) on the same day.

The authorities concluded capital mobilized from investors has not been used for business purposes as intended.

Tan Hoang Minh recently gained public attention following its forfeit of an escrow of VND588.5 billion ($25.7 million) in a bid for land plot No.3-12 in Thu Thiem New Urban Area of Thu Duc City (Ho Chi Minh City - HCMC).

Viet Star Real Estate Investment Company was the winning bidder with a proposed price of VND24.5 trillion (US$1 billion), despite its total asset value by late 2020 being at only VND7.6 trillion ($332.4 million).

Tan Hoang Minh Group posted a registered capital of VND10 trillion ($437.4 million) and total assets of over VND20 trillion ($880 million) as of late 2020.

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Tan Hoang Minh said it would refund the capital to investors, in case the bond issuance sessions are canceled upon request from the authorities.

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The real estate group will lose its escrow deposit of VND588.5 billion ($26 million) for unilaterally withdrawing from the purchasing contract.

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