Tan Hoang Minh Group boss and son pay $233 mln to fix bond scam
Do Anh Dung, chairman and CEO of Tan Hoang Minh Group, and his son Do Hoang Viet have persuaded family members and related organizations to hand over more than VND5.65 trillion ($233 million) to authorities to remedy the consequences of a bond scam.
So far, authorities have recovered a total of over VND8.65 trillion ($356.5 million) in the case, including VND2.99 trillion from bond proceeds.
Dung and 14 associates were indicted on Tuesday by the Supreme People's Procuracy of Vietnam for fraudulent appropriation of property in the bond scandal.

Chairman and CEO of Tan Hoang Minh Group Do Anh Dung (left) and his son Do Hoang Viet. Photo courtesy of the Ministry of Public Security.
According to the indictment, Dung was the mastermind of a corporate bond fraud that involved three subsidiaries of Tan Hoang Minh Group - a luxury real estate developer that appropriated VND8.64 trillion ($356 million) from 6,630 victims, mostly amateur bond investors.
Dung directed his subordinates to use three subsidiaries – Viet Star Real Estate Investment Ltd, Winter Palace JSC, and Soleil Hotel Services and Investment JSC – to make false transactions, and hired auditing and price appraisal firms to facilitate nine bond issuances worth a combined VND10.03 trillion ($413 million).
Viet, deputy general director of Tan Hoang Minh, was the main executor of the bond scam with the support of 13 other executives.
During the investigation process, the Ministry of Public Security’s investigative agency collected cash flow originating from bond issuances and temporarily seized the money of the defendants and their family members, Tan Hoang Minh Group and related organizations.
They also froze eight apartments, real estate, securities accounts, and balances on the accounts of the defendants and people involved.
According to the Supreme People's Procuracy, the defendants admitted their wrongdoings and had shown repentance.
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