Thousands hope for compensation in $349 million bond scam

March 21, 2024 | 17:35

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Thousands who invested in a $349 million bond scam by Tan Hoang Minh Group are hoping to get their money back soon.

Thousands hope for compensation in $349 million bond scam

Do Anh Dung, head of Tan Hoang Minh Group, which specialises in luxury offices and apartments, went on trial in Hanoi on March 20 alongside his son Do Hoang Viet and 13 others on fraud charges. They have been accused of illegally acquiring $349 million in a bond sale to 6,630 investors.

Accordingly, Dung directed his subordinates to raise capital by issuing bonds to three subsidiaries: Viet Star Real Estate Investment Ltd., Winter Palace JSC, and Soleil Hotel Services and Investment JSC. The capital was used to cover Tan Hoang Minh's expenses and pay debts, given difficult business activities.

During the investigation, the Police Investigation Agency retrieved of nearly $349 million.

Thousands of bond investors were summoned to attend the trial as victims in the case. Many investors expressed their hope that the court would soon issue a verdict against the defendants and close the case. Thus, they can soon receive the money they invested in the bond scam.

The prosecution agency also received nearly 1,500 applications from investors, who were victims in the case, to consider a reduced sentence for the defendants.

Investors have asked the Court and the Procuracy to consider reducing the criminal liability of the defendants because all the defendants have actively cooperated with the investigation agency and prosecutors.

In addition, the victims also proposed a special leniency for defendant Do Anh Dung and defendant Do Hoang Viet because they made efforts to retrieve the money in a short time to repay the bond buyers.

	How would Tan Hoang Minh corporate bond cancellation affect to banks and property firms? The unusual cancellation of nine of Tan Hoang Minh’s private bond sales has raised a ruckus in the domestic economy.

How would Tan Hoang Minh corporate bond cancellation affect to banks and property firms?

The unusual cancellation of nine of Tan Hoang Minh’s private bond sales has raised a ruckus in the domestic economy.

	Tan Hoang Minh would sell 2-3 properties to pay back to bondholders Do Hoang Minh, the newly-minted chairman of property group Tan Hoang Minh, revealed that the corporation would offload at least two or three projects to ensure bondholders’ rights and obligations.

Tan Hoang Minh would sell 2-3 properties to pay back to bondholders

Do Hoang Minh, the newly-minted chairman of property group Tan Hoang Minh, revealed that the corporation would offload at least two or three projects to ensure bondholders’ rights and obligations.

	Securities firms, issuers fined for bond issuance violations After inspecting 21 securities companies and nine issuers since last October, 14 units were found violating bond issuance regulations, said Le Cong Dien, director of the Public Enterprises Supervisory Department under the State Securities Commission (SSC).

Securities firms, issuers fined for bond issuance violations

After inspecting 21 securities companies and nine issuers since last October, 14 units were found violating bond issuance regulations, said Le Cong Dien, director of the Public Enterprises Supervisory Department under the State Securities Commission (SSC).

By Vy Bui

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