Prosecutors propose lighter sentences for Tan Hoang Minh chairman in $350M bond scam

On Friday, they recommended imprisonment of 8-9 years for Dung and 4-5 years for Do Hoang Viet, the company's CEO, a decrease from their earlier recommendation of 9-10 years and 5-6 years, respectively.

Additionally, they suggested reducing the sentence for the remaining 13 defendants by six months or changing it from imprisonment to a suspended sentence.

They noted that Dung and his son cooperated with investigators and returned the money taken from investors, which helped to "lessen victims' outrage."

Several victims have called for leniency towards the defendants, and the Tan Hoang Minh subsidiary Ngoi Sao Viet contributed VND2 billion in compensation, they further added.

Dung's lawyer mentioned that he had submitted VND8.6 trillion to the Ministry of Public Security, marking the largest restitution in the history of fraud cases.

Tan Hoang Minh, from a 2,000-employee company, now has only 100 staff, the lawyer said and asked for leniency so the company leaders can soon revive the company.

Viet's lawyer stated that Viet had been fully cooperative with the police from the start of the investigation, emphasizing that his client aimed to create jobs and foster the company's growth, albeit with limited legal knowledge.

In early 2022, Tan Hoang Minh was in need of over VND20 trillion to settle its bank debts.

The company's leadership engaged its three subsidiaries in a scheme to issue VND10 trillion worth of bonds through a process involving the bonds' issuance, their repurchase by Tan Hoang Minh, and their eventual sale to retail investors.

This led Tan Hoang Minh to sell the bonds to retail investors, generating VND14 trillion in cash but resulting in a VND8.6 trillion loss for the investors.