Security ministry rejects rumors more major enterprises face criminal charges

Vietnam is intensifying its years-long anti-graft drive, but authorities are not criminalizing economic activities and civil ties, Ministry of Public Security spokesperson To An Xo said Tuesday.

The Lieutenant General made the statement to reject rumors recently spread via social media that a number of major corporations in Vietnam were facing criminal charges.

The spokesperson said these untrue rumors have caused social insecurity and market uncertainties, negatively affecting investors.

Xo listed Viet A Company, FLC Group, Tan Hoang Minh Group, and An Dong Investment - a unit of Van Thinh Phat Group as typical criminal cases because of fraud and violations.

“Our efforts aim to assure that the stock market, financial market, corporate bond market, and banking system operate stably, transparently, safely, and sustainably, thereby protecting the legitimate interests of people, investors, and enterprises.”

The police general said that while the cases are being investigated, bad people have spread fake and false information on social networks, causing social disorder and insecurity and confusing the public.

“The Ministry of Public Security will investigate and strictly handle the acts of spreading false information. The ministry asks people not to believe or spread false information, and only absorb official information from competent authorities.”

On October 8, the ministry announced Truong My Lan, chairwoman of Ho Chi Minh City-based Van Thinh Phat, had been arrested for fraud. Lan and her accomplices allegedly misappropriated trillions of Vietnamese dong (VND1 trillion = $41.87 million) from the public in the 2018-2019 period via the issuance and trading of corporate bonds.

In April, Do Anh Dung, chairman of property developer Tan Hoang Minh Group, was detained for alleged fraudulent appropriation of property via bond issuances. In March, Trinh Van Quyet, chairman of FLC Group, one of Vietnam's leading real estate developers, was arrested on charges of “manipulating” and “concealing information in securities activities.”

Novaland said Monday that recent rumors spreading on social networks about its projects and business operations were false. The rumors have negatively affected the corporation, its clients and employees, the Ho Chi Minh City-based property developer said in a press release.