Judge Luu Ngoc Canh presided over the trial. The defendants brought to trial included: Do Thanh Nhan (Chairman of Louis Holdings Company), Pham Thanh Tung (Chairman of Tri Viet Securities) and 6 others for the crime of stock market manipulation.
There were about 20 lawyers participating in defending the defendants and 4 prosecutors exercising the right to prosecute and supervise the trial.
According to the Supreme People's Procuracy's accusation, at the end of 2020, Mr. Nhan knew that Bao Thu Industrial Development and Investment Joint Stock Company (later changed to Louis Land Joint Stock Company), stock code BII, had business losses, bad debts, and the risk of shares being delisted, so Louis Holdings Chairman negotiated with Bao Thu Company Chairman Nguyen Van Dung to buy back 10 million BII shares.
To have the funds to do so, Mr. Nhan met with Mr. Do Duc Nam (General Director of Tri Viet Securities Company) to discuss and agree to lend Mr. Nhan money from Tri Viet Asset Management Company to buy stocks. The two parties signed a Securities Investment Cooperation Contract. Accordingly, in addition to paying interest according to the contract, Mr. Nhan also had to pay interest outside the contract to Nam of 4%.
Mr. Do Thanh Nhan (Photo: ST).
At the same time, Mr. Nhan also asked Nam to advise on the control and acquisition of TGG shares of Truong Giang Construction Joint Stock Company (later changed to Louis Capital Joint Stock Company).
With the motive of mutual benefit, Nam and Nhan carried out actions to manipulate stocks coded BII and TGG. Accordingly, the subjects used securities accounts opened at Tri Viet Company, registered in the names of relatives, leaders and employees.
Then, Nhan and Nam directed their subordinates to use these accounts to make arbitrage transactions, matching buy and sell orders to manipulate stock prices.
The People's Procuracy determined that Mr. Nhan registered to open a securities account at Beta Securities Joint Stock Company, an account at Tri Viet Securities Joint Stock Company and asked his ex-wife; brother-in-law; sister-in-law; General Director, Administrative Director, Deputy General Director of Louis Holdings; General Director, Chief Accountant, Head of the Board of Supervisors of Louis Capital and many others to open securities accounts.
The purpose of Louis Holdings Chairman is to use the accounts to sign contracts with Tri Viet Securities Company. From there, there will be more money to trade stocks.
The prosecution agency determined that the defendants' manipulation of the stock market for the two stocks BII and TGG "created artificial supply and demand and created new closing prices for stocks BII and TGG". From there, many investors were attracted to participate in buying and selling transactions, causing the prices of the two stocks to continuously increase to the ceiling price many times, with high liquidity...
Pham Thanh Tung, Chairman of Tri Viet Securities (Photo: ST).
By October 6, 2021, the defendants had ended all manipulation and sold these stocks, illegally profiting nearly VND155 billion. Louis Holdings Chairman then spent more than VND14 billion to pay interest on loans to Tri Viet Asset Management Company.
The Supreme People's Procuracy assessed that Mr. Do Thanh Nhan was the initiator, discussed and colluded with other defendants to commit the crime. At the same time, the Chairman of Louis Holdings also actively directed other defendants to commit the violation, so he had the highest role in the case.
During the investigation, the prosecution agency said that Mr. Nhan confessed honestly, repented, and proactively paid more than 4 billion VND to remedy the consequences.
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