Authorities search the headquarters of Tan Hoang Minh Group in Quang Trung Street in Hanoi. (Photo: SGGP)
The Investigation Police Agency has been investigating and verifying some acts with signs of violations of law related to bond issuance and capital mobilization from investors of member companies of Tan Hoang Minh Hotel and Trading Service Co., Ltd., (Tan Hoang Minh Group).
The results of the investigation determined that from July 2021 to March 2022, Do Anh Dung and individuals at Tan Hoang Minh Group committed fraud, using three member companies, namely Viet Star Real Estate Investment Co., Ltd., Soleil Investment and Hotel Services Joint Stock Company, and Winter Palace Joint Stock Company, and related companies to make nine illegal bond issuances with a total value of VND10.3 trillion to raise money from investors but not for business activities according to bond issuance documents.
The Investigation Police Agency, on April 5, issued decisions to prosecute the accused, arrest warrants for temporary detention, and search warrants for Do Anh Dung and six accomplices for the crime of fraudulent appropriation of property under Article 174 of the 2015 Penal Code, amended and supplemented in 2017.
The results of the investigation determined that from July 2021 to March 2022, Do Anh Dung and individuals at Tan Hoang Minh Group committed fraud, using three member companies, namely Viet Star Real Estate Investment Co., Ltd., Soleil Investment and Hotel Services Joint Stock Company, and Winter Palace Joint Stock Company, and related companies to make nine illegal bond issuances with a total value of VND10.3 trillion to raise money from investors but not for business activities according to bond issuance documents.
The Investigation Police Agency, on April 5, issued decisions to prosecute the accused, arrest warrants for temporary detention, and search warrants for Do Anh Dung and six accomplices for the crime of fraudulent appropriation of property under Article 174 of the 2015 Penal Code, amended and supplemented in 2017.
Do Anh Dung, Chairman of Tan Hoang Minh Group, is arrested for fraudulent appropriation of property.
On the Supreme People's Procuracy’s approval, the Investigation Police Agency arrested Do Anh Dung, Chairman cum CEO of Tan Hoang Minh Group; Do Hoang Viet, Deputy CEO of Tan Hoang Minh Hotel Trading Service Company Limited; Nguyen Manh Hung, Chairman of Viet Star Real Estate Investment Joint Stock Company; Tran Hong Son, Chairman of Soleil Investment and Hotel Services Joint Stock Company cum Deputy CEO of Tan Hoang Minh Hotel and Trading Service Company Limited; Nguyen Khoa Duc, Chairman cum Director of Winter Palace Joint Stock Company; Le Van Thinh, Deputy CEO of Tan Hoang Minh Hotel and Trading Service Company Limited; and Phung The Tinh, Former Director of Finance and Accounting Center of Tan Hoang Minh Hotel and Trading Service Company Limited. To ensure the normal operation of the company, Do Anh Dung has authorized Do Hoang Minh, Deputy CEO of Tan Hoang Minh Hotel and Trading Service Co., Ltd., to run Tan Hoang Minh Group. Currently, the Investigation Police Agency has been investigating and clarifying the crimes of the accused, expanding the case, and recovering assets. Besides the land auction scandal in the real estate market, Tan Hoang Minh Group was recently canceled by the State Securities Commission (SSC) for nine bond issuances from July 2021 to March 2022 with a total value of VND10.03 trillion of Viet Star Company, Winter Palace Company, and Soleil Company under Tan Hoang Minh Group. According to the SSC, these three companies are unlisted ones. They made nine private bond offerings with a total value of VND10.03 trillion during the above period but disclosed false information and concealed information in private bond issuance.
The headquarters of Tan Hoang Minh Group in Quang Trung Street in Hanoi. (Photo: SGGP)
On April 5, Tan Hoang Minh Group announced that in case one of the above private bond issuances has to be canceled at the request of the State management agency, this group will work with the bond issuer and the State management agency to refund the mobilized money to clients in accordance with the law. Tan Hoang Minh Group was established in 1993. Do Anh Dung, 61, is the co-founder and contributes up to 97.2 percent stakes, and holds the position of Chairman of the Board of Directors cum CEO of the group. Since 2015, he has also held the position of Chairman of the Board of Directors of Minh Viet Securities Investment Fund Management Joint Stock Company. After nearly 30 years of operation, Tan Hoang Minh Group has participated in many fields, production, and business activities related to the real estate sector.
On January 12, the Investigation Police Agency sent a document to the People's Committee of Hanoi and the departments and agencies of Hanoi, requesting to provide the following documents: Legal documents signed and approved by the People's Committee of Hanoi related to the projects of Tan Hoang Minh Group, including D'.Le Pont D' or Hoang Cau, D'. Palais Louis Nguyen Van Huyen, D'. Le Roi Soleil Quang An - Tay Ho, D'. San Raffles Hang Bai, and Tan Hoang Minh Dai Co Viet - D'. Jardin Royal.
Specifically, the departments and agencies of Hanoi provided all documents related to the approval of investment policy and investment certificate; construction planning, construction permit; master plan, plan on land use, land allocation; financial obligations to the State related to the above projects.
Specifically, the departments and agencies of Hanoi provided all documents related to the approval of investment policy and investment certificate; construction planning, construction permit; master plan, plan on land use, land allocation; financial obligations to the State related to the above projects.
