Louis Holdings Chairman Do Thanh Nhan cried, said 'family is very difficult'

This afternoon, May 9, the Hanoi People's Court continued to hear the case of stock manipulation at Louis Holdings Corporation and Tri Viet Securities Corporation. Representatives of the prosecutor's office and defense attorneys participated in the questioning.

Defendant Do Thanh Nhan, Chairman of the Board of Directors of Louis Holdings Joint Stock Company

Defendant Do Thanh Nhan, Chairman of the Board of Directors of Louis Holdings JSC, gradually admitted his actions, but still claimed that he had no knowledge of securities, and that the manipulation of the two stock codes BII and TGG was directed by defendant Do Duc Nam, General Director of Tri Viet Securities JSC.

According to the accusation, in order to have money to collect stocks, Mr. Nhan asked Mr. Nam to connect and borrow more than 748 billion VND from Tri Viet Asset Management Group Corporation. In addition to paying the usual interest, Mr. Nhan also had to pay an additional interest of 4% to Mr. Nam and actually spent 500 million VND.

The prosecutor cited Mr. Nhan's statement that he did not have enough money so he had to borrow, raising the question "If you do not have money, why do you still accept to pay an additional interest of 4% outside the contract? When borrowing normally, you only pay interest, why do you have to pay additional interest? Is this 4% to pay for consulting on stock manipulation?".

In response, Chairman of Louis Holdings said, "Nam said the loan conditions are like that, if you agree, then borrow", the defendant has the mindset of a borrower, whatever conditions the lender gives, he must listen.

The prosecutor's representative holds the right to prosecute in the trial.

According to the accusation, BII shares when Mr. Nhan's group bought them in January 2021 were only priced from 1,000 - 6,500 VND/share, by September 18, 2021 they peaked at 33,800 VND/share; TGG shares when bought in February 2021 were priced from 1,800 - 5,000 VND/share, by September 22, 2021 they peaked at 74,800 VND/share.

On October 6, 2021, the group of Chairmen of Louis Holdings JSC sold 2 stocks, thereby illegally profiting a total of more than 154 billion VND.

The prosecutor asked Mr. Nhan whether the companies that owned these two stocks actually did any business that could have allowed them to continuously increase their prices in so many trading sessions. The defendant affirmed that the stocks increased in price because the companies that owned them were doing well and had large assets.

The cross-buying and selling between 17 accounts was intended to increase virtual liquidity, pushing up the prices of BII and TGG shares, as Mr. Nhan said, to "vibrate the market". If investors actively sold shares, the defendant would be able to buy enough of the necessary quantity to gain control of the companies he owned.

More than once, the defendant stated that at first he did not know that this behavior was a violation, and only when he was prosecuted and worked with the investigation agency did he realize that it was wrong.

At the end of the questioning, Chairman Louis Holdings cried and asked for a light sentence because his family was in difficult circumstances, with 5 children, the youngest of whom was not yet one year old, and his parents were old and weak.

On his part, defendant Do Duc Nam continued to deny his role as "director" of the plan to manipulate the two stock codes BII and TGG. Mr. Nam said that he and his employees only carried out normal transactions of the securities brokerage company, based on the request of the customer, namely Mr. Nhan.

Defendants in court

Previously, defendant Do Thanh Nhan stated that the reason for opening many securities accounts was to buy many stocks and borrow a lot of money. After opening, the accounts were handed over to Tri Viet Securities Joint Stock Company for full decision-making on buying and selling, while the defendant himself only cared about arranging the source of money to deposit into the accounts.

On the contrary, defendant Do Duc Nam affirmed that the opening of many accounts was according to the needs of defendant Nhan. After opening the accounts, the defendant Nhan's group would use them, and how they would be bought and sold would be decided by the Chairman of Louis Holdings, "whatever Mr. Nhan requested, Tri Viet would place the order".

Due to conflicting statements and accusations against each other, the jury asked the two defendants to confront each other. After two rounds of questioning, both defendants Nhan and Nam maintained their original opinions.

Mr. Pham Thanh Tung, Chairman of the Board of Directors of Tri Viet Securities Joint Stock Company, and also Chairman of the Board of Directors of Tri Viet Asset Management Group Joint Stock Company, only admitted to lending money to the defendants Nhan group to buy BII and TGG shares, not knowing and not directing the lending to serve stock manipulation. The defendant said that he was only the one lending money, and whether or not to manipulate was up to the will of the stock buyers and sellers.

The defendant also denied destroying evidence, asserting that he did not instruct employees to replace hard drives or delete messages to conceal criminal acts as alleged by the prosecutor.

Source link: https://thanhnien.vn/chu-tich-louis-holdings-do-thanh-nhan-khoc-noi-gia-dinh-rat-kho-khan-185230509201445229.htm