Do Anh Dung, Chairman of Tan Hoang Minh, was sentenced to eight years in prison, while his son and Deputy General Manager Do Hoang Viet will spend three years in jail.
Other defendants got jail terms ranging from 18 to 24 months, of them five receiving a 18-month suspended sentence.
According to the first-instance judgement, between July 2021 and March 2022, Dung, through his son, authorised subordinates to use three subsidiary companies to issue nine separate bond packages worth VND10.3 trillion (US$450 million ) in order to steal over VND8.6 trillion from 6,630 investors.
The court said that Dung was the mastermind who initiated the scheme from the beginning and gave directions on how to spend the money appropriated from the victims.
Viet was a major accomplice but was sincere in admitting his crime and followed his father’s orders without fail, the court said.
