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Do Thanh Nhan, former Chairman of Louis Holdings JSC, was sentenced to five years and six months in prison for manipulating the stock market. |
On the afternoon of May 12, following five days of trial and deliberation, the Hanoi People's Court delivered a verdict against eight defendants in the case of "Stock market manipulation" that had taken place at Louis Holdings Joint Stock Company and Tri Viet Securities Joint Stock Company.
The trial panel handed down the following sentences: Do Thanh Nhan, former Chairman of the Board of Directors of Louis Holdings Joint Stock Company, was sentenced to five years and six months in prison for manipulating the stock market. Do Duc Nam, former General Director of Tri Viet Securities Joint Stock Company, was sentenced to four years in prison for the same charge.
Pham Thanh Tung, former Chairman of the Board of Directors of Tri Viet Securities Joint Stock Company, received a 3-year prison sentence but was granted a suspended sentence. Le Thi Thu Huong, former Deputy General Director of Tri Viet Securities Joint Stock Company, was sentenced to 15 months in prison. Le Thi Thuy Lien, an employee of Tri Viet Securities Joint Stock Company, and Trinh Thi Thuy Linh, former Administrative Director of Louis Holdings Joint Stock Company, were both sentenced to 12 months and 22 days in prison.
Vu Ngoc Long and Ngo Thuc Vu, who are former Deputy General Directors of Louis Holdings Joint Stock Company, were each sentenced to six months in prison.
The first-instance judgment also included an order for Do Thanh Nhan to pay back more than VND140 billion. The trial panel deemed this case as serious, where the defendants have influenced the State's policy on the stock market and impacted the transparency of the market. In particular, Do Thanh Nhan played the main and highest role as the initiator, discussing with Do Duc Nam and directing employees of Louis Holdings Joint Stock Company to register multiple accounts and sign documents with Tri Viet Securities Joint Stock Company to manipulate the stock codes BII and TGG.
