Former Chairman Sen Tai Thu and daughter borrowed more than 300 billion VND

On January 29, the Investigation Police Agency of Hanoi City Police issued a decision to prosecute Pham Thi Hoa (former Chairwoman of the Board of Directors of Sen Tai Thu Group Joint Stock Company), Nguyen Thi Thuy Linh (former Deputy General Director, daughter of Ms. Hoa) and Nguyen Thi Lan Huong (former General Director of this company) for the crime of Fraudulent appropriation of property.

Initial investigation results determined that since the beginning of 2020, Pham Thi Hoa and Nguyen Thi Thuy Linh invested in expanding the facilities of the Sen Tai Thu system for a long time, so they borrowed a large amount of money, about more than 300 billion (of which the principal was about 100 billion VND, the remaining amount was interest of 200 billion VND).

In 2022, Nguyen Thi Thuy Linh discussed with Nguyen Thi Lan Huong (then General Director) to inflate the company's charter capital from 31 billion to 160 billion VND to issue shares; provide false information about the company's operations, profits, and attractive interest rates so that investors could transfer money to sign contracts; transfer shares and contracts to commit to repurchase shares; and at the same time use Pham Thi Hoa's personal shares to raise capital and sign contracts to sell shares to investors.

Former Sen Tai Thu President Pham Thi Hoa at the police station.

To attract more investors, Nguyen Thi Lan Huong built a sales team (consultants, sales staff, investment solicitors) and a policy of paying commissions % on the value of signed stock transfer contracts. This sales team is mostly employees of banks, securities companies, finance companies... with a ready source of customers with surplus money, saving.

With the reputation of the Sen Tai Thu brand and a business plan that promises to develop many facilities of the system with huge revenue, investment interest rates much higher than savings interest rates, the sales team attracts a large number of investors.

According to preliminary investigation results, from October 2020 to March 2023, more than 400 investors signed to buy and sell shares with Pham Thi Hoa through more than 1,000 contracts, transferring an amount of more than 1,000 billion VND (value on the contract) to Sen Tai Thu Group Joint Stock Company.

After receiving the money, the company cut 7-30% for the sales; Linh and Huong appropriated the rest to pay debts for Pham Thi Hoa, Nguyen Thi Thuy Linh, and the loans brought in by Nguyen Thi Lan Huong.

As of now, the company is no longer able to pay.

The Economic Police Department, Hanoi City Police continue to investigate and expand the case.

Wisdom

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