Log in
Business

Chairman of Tan Hoang Minh Group arrested

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.

Reactions:
Share:
Trending
Most Viewed
Related news
Hanoi calls for investment in innovation infrastructure

Hanoi calls for investment in innovation infrastructure

Under the revised Capital Law, the city refines the legal groundwork for technology exchanges, venture capital, and startup hubs.

Vietnam’s 1st AI Alliance launched 

Vietnam’s 1st AI Alliance launched 

The Au Lac AI Alliance is a partnership of leading institutions aiming to build homegrown Vietnamese-language AI models.

Vietnam opens door to foreign carbon credit traders

Vietnam opens door to foreign carbon credit traders

Foreign corporations like Amazon and Italy’s energy giant Eni have expressed interest in purchasing Vietnam’s forest carbon credits.

Fitch issued  BB+ rating for Vietnam's sovereign debt

Fitch issued  BB+ rating for Vietnam's sovereign debt

“Vietnam's 'BB+' rating reflects the country's solid medium-term growth outlook.

Tech giant CMC Group advises Hanoi to build an innovation center

Tech giant CMC Group advises Hanoi to build an innovation center

According to CMC Group's CEO and Chairman Nguyen Trung Chinh, the establishment of an innovation center at the Hoa Lac Hi-Tech Park would reinforce Hanoi's commitment to advancing science, technology, and innovation.

OECD urges bold reforms as Vietnam targets inclusive, double-digit growth

OECD urges bold reforms as Vietnam targets inclusive, double-digit growth

The Organization for Economic Co-operation and Development (OECD) reaffirms its commitment to supporting the country’s long-term development goals.

HP eyes US$3 billion production expansion in Vietnam

HP eyes US$3 billion production expansion in Vietnam

Vietnam welcomes a stronger US-Vietnam tech partnership as HP commits to deeper investment and innovation transfer.

Vietnam’s Sunhouse expands international market share

Vietnam’s Sunhouse expands international market share

Sunhouse's production, export, and international cooperation capacity is proven through its experience working with dozens of global partners, including Amazon, Alibaba, Coppel, Newsan, and Tospo.