Mr. Do Thanh Nhan and the group that manipulated stocks, benefited 154 billion, appeared in court

Also appearing in court with Mr. Do Thanh Nhan were the defendants: Do Duc Nam (former General Director of Tri Viet Securities Joint Stock Company), Pham Thanh Tung (former Chairman of the Board of Directors of Tri Viet Asset Management Group Joint Stock Company and Chairman of the Board of Directors of Tri Viet Securities Joint Stock Company), Le Thi Thu Huong (former Deputy General Director of Tri Viet Securities Joint Stock Company), Le Thi Thuy Lien (financial services employee of Tri Viet Securities Joint Stock Company), Trinh Thi Thuy Linh (former Administrative Director of Louis Holdings Company), Vu Ngoc Long (former Deputy General Director of Louis Holdings Company) and Ngo Thuc Vu (former General Director of Louis Capital Joint Stock Company, former Deputy General Director of Louis Holdings Company).

According to the accusation, at the end of 2020, Mr. Do Thanh Nhan knew about the situation of Bao Thu Industrial Investment and Development Joint Stock Company (later changed to Louis Land Joint Stock Company), stock code BII, with business losses, bad debt, and shares at risk of being delisted.

At this time, Mr. Nhan agreed with Mr. Nguyen Van Dung (Chairman of the Board of Directors of the Company) to buy 10,000 shares of BII code from Mr. Dung.

Mr. Do Thanh Nhan, Chairman of the Board of Directors of Louis Holdings Joint Stock Company before being arrested. Photo: Louis Holdings

To have the funds to carry out the scheme, through Mr. Dung, Mr. Nhan met with Mr. Do Duc Nam to discuss, agree, and collude with Mr. Nam in using securities accounts registered under other people's names, using the funds of Tri Viet Asset Management Company (loaned in the form of a securities investment cooperation contract) to direct the leaders and employees under his authority to carry out transactions to buy, sell, and manipulate the stock market for stocks with codes BII and TGG.

Because he wanted to benefit, Mr. Nam agreed and agreed with Mr. Nhan to manipulate the stocks of two codes BII and TGG toillegal profits.

The stock manipulation was carried out by using securities accounts opened at Tri Viet Securities Company registered in the names of relatives, leaders and trusted employees in Mr. Nhan's companies so that the two tycoons could direct leaders and employees under their authority to use these accounts to continuously place orders, match buy and sell orders to manipulate stocks coded BII and TGG at Tri Viet Securities Company to push up the prices of stocks coded BII and TGG.

Mr. Do Duc Nam reported and received Mr. Pham Thanh Tung's approval to use Tri Viet Asset Management Company's money to lend to Mr. Nhan's group, assigning Mr. Nam to approve the policy, resolve the loan for the acquisition; then continue to lend to buy and sell transactions, manipulate, create fake supply and demand and new closing prices for the above 2 stock codes.

This is to create liquidity, push up the stock prices of BII and TGG, attract investors to buy and sell, so that Tri Viet Asset Management Company and Tri Viet Securities Company can benefit.

Benefit more than 154 billion VND

According to the accusation, Mr. Pham Thanh Tung directed, operated, and guided Mr. Nam to approve policies, resolve loans, and arranged for Mr. Nhan's group to borrow more than 748 billion VND, used to carry out transactions to buy, sell, and manipulate stocks code BII.

From this source of money, Mr. Nam and Mr. Nhan directed others to use 17 securities accounts to continuously place orders, match buy and sell orders for stocks BII and TGG, creating fake supply and demand and continuously placing buy orders for these two codes with a controlling volume at the time of market closing, creating new closing prices, manipulating the stock market for stocks BII (from January 8 to October 6, 2021) and TGG (from February 3 to October 4, 2021).

Mr. Do Thanh Nhan also directed his subordinates to open accounts, borrow money for Mr. Nhan to use, receive money, withdraw money, transfer money around securities accounts; sign orders and legal documents to help Mr. Nhan complete transactions to buy, sell, and manipulate the stock market for the above two stocks, making illegal profits.

The defendants' actions in manipulating the stock market created fake supply and demand and created new closing prices for stocks BII and TGG, attracting many investors to participate in buying and selling transactions, causing the stocks of these two codes to continuously have many ceiling price sessions, large buying and selling volume, and high liquidity.

When the defendants finished all acts of manipulating the stock market for stocks coded BII and TGG and selling these stocks, they illegally profited more than 154 billion VND.