Today, Mr. Do Thanh Nhan was tried for stock manipulation, earning more than 154 billion VND.
Louis Holding Chairman Do Thanh Nhan was accused of creating fake supply and demand and cross-trading for two stock codes BII and TGG to "herd chickens".
Today (May 8), the Hanoi People's Court is scheduled to try defendants Do Thanh Nhan (Chairman of Louis Holdings), Do Duc Nam (General Director of Tri Viet Securities Company) and Pham Thanh Tung (Chairman of Tri Viet Securities Company - TVB) on charges of"Stock market manipulation".
Also prosecuted for the same crime are Le Thi Thu Huong (Deputy General Director of Tri Viet Securities Company); Vu Ngoc Long, Ngo Thuc Vu, Trinh Thi Thuy Linh, all senior leaders of Louis Holdings and Le Thi Thuy Lien (residing in Phong Phu commune, Binh Chanh district, Ho Chi Minh City).
 |
| Defendants Do Thanh Nhan and Trinh Thi Thuy Linh. |
Previously, the first instance trial was scheduled to take place on April 10 but had to be postponed due to the failure to extract the defendant (take the defendant out of detention) and a lawyer requesting a postponement of the trial.
According to the indictment, Do Thanh Nhan is the Chairman of the Board of Directors of Louis Holdings, whose main business is rice import and export. Since 2020, Louis Holdings has acquired shares in many more companies, including 6 listed companies on the stock exchange, to create the Louis Holdings "ecosystem" group. Do Thanh Nhan directly represents 3 companies.
Do Thanh Nhan and Do Duc Nam used securities accounts registered in the names of relatives, leaders, and trusted employees of Mr. Nhan's companies and used money from Tri Viet Asset Management Company to trade and manipulate the two stock codes BII and TGG.
During the implementation process, Do Duc Nam reported and was approved by Pham Thanh Tung (Chairman of the Board of Directors of Tri Viet Securities Company, also Chairman of the Board of Directors of Tri Viet Asset Management Company), thereby lending Do Thanh Nhan's group more than 748 billion VND.
From this source of money, defendants Do Thanh Nhan and Do Duc Nam directed their subordinates to use 17 securities accounts to continuously place orders and match orders to buy and sell stocks with codes BII and TGG to create fake supply and demand.
Defendant Nhan also created a social network group called Louis Family with more than 10,000 participants, then shouted and made comments that BII's price would increase many times, with the purpose of "herding chickens".
By October 6, 2021, the defendants ended their actions of manipulating the stock market for stocks coded BII and TGG and sold these stocks, illegally profiting a total of more than 154 billion VND.