On April 20, the Investigative Police Agency of the Ministry of Public Security announced a decision to prosecute alleged stock market manipulation by Tri Viet Securities JSC and Louis Holdings JSC.
|Do Thanh Nhan |
Both arrest and search warrants were issued for four individuals who are allegedly involved in trading manipulation as prescribed by Article 211 of the Penal Code. The accused were employed by Louis Capital JSC, Louis Land JSC, and other related entities.
The four defendants include Do Thanh Nhan, chairman of Louis Holdings JSC and member of the Board of Directors of Louis Capital JSC and Louis Land JSC, Trinh Thi Thuy Linh, administrative director of Louis Holdings JSC, Do Duc Nam, CEO of Tri Viet Securities JSC, and Le Thi Thuy Lien, financial services specialist for Tri Viet Securities JSC.
Representatives from the State Securities Commission (SSC) revealed that it has conducted an investigation into the transactions involving Louis Holdings and Louis Land. It decided that there was evidence of pump-and-dump manipulation for TGG and BII stock transactions based on the findings of tests conducted on a group of accounts linked to Do Thanh Nhan.
Because the case appeared to be in violation of criminal law, the SSC transferred all dossiers and documents pertaining to the results of the stock trading inspection to the Investigative Police Agency for further investigation.
An SSC representative said, "The SSC is continuing to work closely with relevant authorities in order to handle charges relating to the Louis Holdings ecosystem.”
Previously, the Ministry of Public Security launched criminal proceedings and arrested Trinh Van Quyet, chairman of FLC Group JSC, and other individuals at FLC, BOS Securities JSC, and related companies.
Trinh Van Quyet and his accomplices are accused of manipulating the stock market and concealing information in securities activities.