What did the defendants in the stock manipulation case testify in court?
Do Thanh Nhan, Chairman of the Board of Directors of Louis Holdings Joint Stock Company, stated that he knew nothing about securities and had no knowledge of the stock market. He explained that the purpose of opening the accounts was to acquire 51% of the shares in order to gain controlling power in the market.
On the afternoon of May 8th, the Hanoi People's Court continued the first-instance trial of the case involving the manipulation of the stock market to illegally profit over 154 billion VND. The three defendants: Do Thanh Nhan (Chairman of the Board of Directors of Louis Holdings Joint Stock Company, member of the Board of Directors of Louis Capital Joint Stock Company and Louis Land Joint Stock Company), Do Duc Nam (General Director of Tri Viet Securities Joint Stock Company - TVB), and Pham Thanh Tung (Chairman of the Board of Directors of Tri Viet Asset Management Group Joint Stock Company, Chairman of the Board of Directors of Tri Viet Securities Joint Stock Company) were identified as playing the main roles in manipulating the stock market.
In court, defendant Do Thanh Nhan admitted to discussing and agreeing with defendant Do Duc Nam on the purchase of 10 million shares of stock code BII. “The buying and selling was agreed upon by me and defendant Nam, to acquire enough shares to gain controlling power. Tri Viet Securities Joint Stock Company placed the buy order, notifying us of the purchase time, price, and quantity. I only handled the money. The funds for the securities purchase came from a loan from Tri Viet Asset Management Group Joint Stock Company. The collateral was the shares purchased,” defendant Nhan testified.
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Defendant Do Thanh Nhan. |
According to defendant Nhan's testimony, in August 2021, he created the Facebook group "Louis Family" solely for the purpose of exchanging information, without intending to entice investors to buy shares to increase their price or liquidity. However, he was unaware of this and did not consider it a violation. He requests the court to reconsider his role in this matter.
"The defendant participated but was unaware that it was stock price manipulation. The defendant knew nothing about stocks and had no knowledge of the stock market. The purpose of opening the accounts was to acquire 51% of the shares in order to gain control of the market," defendant Nhan testified.
Before the witness stand, defendant Do Duc Nam stated that the securities accounts were used by the clients, and the clients were the ones who decided whether to buy or sell securities. "I only provided securities services. Defendant Do Thanh Nhan was the one who decided the purchase price and the timing of the purchase," Nam testified.
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Defendant Do Duc Nam. |
According to defendant Nam's testimony, inflating stock prices was wrong and against the law, but his sole purpose was to provide services to clients. During the process of arranging loans for the group led by defendant Nhân to invest in stocks, he reported the matter to defendant Phạm Thanh Tùng.
Defendant Nam admitted that he received 500 million VND from defendant Nhan as a thank-you gift. "I plead guilty, but I hope the court will consider my role. Due to business pressure, I violated the law," Nam pleaded guilty.
In court, defendant Pham Thanh Tung also admitted responsibility for the incident that occurred at his company. According to Tung's testimony, he was not informed about the stock manipulation. However, during the investigation of the case, he actively cooperated with the investigating authorities, helping them to quickly clarify the matter.
