15 people behind property developer Tan Hoang Minh’s $349M fraud

Do Anh Dung, chairman and CEO of Tan Hoang Minh

Dung, 63, allegedly directed his son Do Hoang Viet to issue bonds to raise capital to pay debts.

He approved the issuance of bonds by Tan Hoang Minh subsidiaries and then let the parent company buy the bonds back to sell to investors. Tan Hoang Minh, however, never fully paid for the bond.

Dung established a bond business center in the company and gave it to his son to manage. He received reports of how many bonds were sold each day.

He ordered Tan Hoang Minh employees to use the money raised from the bonds for other purposes and not what had been promised to investors.

A total of 6,630 investors lost VND8.6 trillion in purchasing the bonds.

Do Hoang Viet, deputy CEO of Tan Hoang Minh

Do Hoang Viet, 30, allegedly followed the direction of his father to issue illegal bonds and worked with two audit companies to falsify the financial health of three issuing companies so that they were eligible to make issuances.

Tan Hoang Minh chairman and CEO Do Anh Dung (L) and his son Do Hoang Viet seen at a police station. Photo courtesy of the Ministry of Public Security

He is accused of ordering the moving around of money so Tan Hoang Minh became the issuer of the bonds and not the three subsidiaries. This allowed Tan Hoang Minh to steal from investors.

Viet even discussed how to use the money raised illegally with his father.

Le Van Thinh, deputy CEO of Tan Hoang Minh

Le Van Thinh, 46, allegedly followed the order of chairman Dung to sign collaboration contracts with Ngoi Sao Viet, one of three subsidiaries of Tan Hoang Minh that issued illegal bonds.

Thinh signed contracts to make it seem that Tan Hoang Minh had made deposits to buy VND4 trillion worth of bonds from Ngoi Sao Viet.

Thinh also approved the sale of the bonds to retail investors, helping Dung steal VND4 trillion.

Phung The Tinh, head accountant of Tan Hoang Minh

Phung The Tinh, 51, allegedly followed the order of Do Hoang Viet to falsify the financial reports of three Tan Hoang Minh subsidiaries so they could be eligible for bond issuance.

Tinh ordered his employees to complete the paperwork on issuing five lots of bonds and help Dung steal VND4.5 trillion.

Nguyen Manh Hung, deputy CEO of Tan Hoang Minh and chairman of Ngoi Sao Viet

Nguyen Manh Hung, 46, allegedly carried out the order of Dung and his son to approve the bond issuance of Ngoi Sao Viet so that Tan Hoang Minh could buy them back.

He is accused of helping Dung steal VND2.6 trillion from investors.

Of the remaining 10 defendants, six were employed by Tan Hoang Minh while four were leaders of two auding companies Nam Viet and CPA Hanoi which falsified the financial reports of three Tan Hoang Minh subsidiaries so they could issue the bonds.

The 15 defendants will be tried on March 19 for fraudulent appropriation of assets, nearly two years after they were arrested. The trial is set to last 20 days.