More than 5,000 victims who bought Tan Hoang Minh bonds will receive money before September 30.

Having invested 300 million VND in buying Tan Hoang Minh bonds, on June 18, Ms. Vu Thi Mai (33 years old, residing in Lang Son City) submitted a request to get her money back, three months after the first instance trial of Tan Hoang Minh's owners, Do Anh Dung and Do Hoang Viet.

Currently, Mai is "heartbroken and worried" because in her hometown there are several people "in the same situation" who have received money.

Sharing the same concern, Ms. Ngo Anh Phuong (70 years old, living in Hanoi) said that her family has three people who bought Tan Hoang Minh bonds and all submitted requests for compensation since mid-June. Up to now, she and her children and grandchildren have not received any money.

The Hanoi Civil Judgment Enforcement Agency confirmed that as of July 18, 1,500 victims who purchased Tan Hoang Minh bonds have received their money. It is expected that by the end of this week (July 21), another 500 people will receive their money.

The unit will complete the full refund to 6,630 victims by September 30, possibly as early as mid-September.

The incident at Tan Hoang Minh Group is the first property fraud case in which the defendants have fully recovered the exceptionally large amount of money embezzled, more than VND8,600 billion. The Hanoi Civil Judgment Enforcement Agency assessed this as an "advantage" because the enforcement agency does not have to handle and recover the property.

"However, the difficulty is that the victim has the mentality that the money to remedy the consequences is already available, but why is the enforcement agency paying slowly? This is a huge pressure," said Mr. Phan Viet Binh, an enforcement officer of the Hanoi Civil Enforcement Agency, on July 18.

According to Mr. Binh, the payment of money to the victims must go through many procedures. In which, many accounting tasks must be done manually... Each compensation decision is manually entered into the computer system, after comparison, the enforcement officer will make the payment authorization. Each payment authorization for the victim will have 4 signatures of the director, so in order for all 6,630 victims to receive compensation, a total of 50,000 signatures are needed.

Six bailiffs are currently assigned to handle the case. "We hope that the victims will share the pressure from the enforcement agency. Those who have a case will receive their money back," said Mr. Binh.

At the first instance trial on March 27, the Hanoi People's Court sentenced Tan Hoang Minh Chairman Do Anh Dung to 8 years in prison, and his son Do Hoang Viet to 3 years in prison, both for fraud and property appropriation.

The Court acknowledged the sincere attitude and active efforts of the defendants, especially Mr. Dung and his son, in remedying the consequences, who have paid more than VND5,600 billion. Together with the amount of money Tan Hoang Minh confiscated by the authorities during the investigation phase, the Trial Panel confirmed that all the consequences of the case, more than VND8,600 billion, have been remedied.

The court ordered this amount to be returned to 6,630 victims who purchased Tan Hoang Minh bonds. However, the Trial Panel did not accept the request to pay interest.

The verdict determined that Tan Hoang Minh owed the bank 20,000 billion VND. To solve financial difficulties, Mr. Dung directed his son to raise capital by issuing bonds.

Mr. Dung and his son did not use the Tan Hoang Minh legal entity because they did not meet the conditions, so they chose companies under the group to issue bonds, including Ngoi Sao Viet Company, Soleil, and Cung Cung Mua Dong. Viet and his subordinates contacted two auditing companies to "beautify the financial statements" to meet the conditions for issuing bonds.

The defendants fabricated non-existent economic activities through fictitious contracts such as stock trading and investment cooperation to make investors believe that the bonds to implement the project were real.

More than 90 million Tan Hoang Minh bonds sold during the period of July 2021 - April 2022 are priced at VND 100,000 - 100 million per bond, with 4 annual interest rates of 11%, 11.5%, 11.75% and 12%.

Although the bonds all had a term of 2-5 years, Tan Hoang Minh then divided the term into weeks and months to buy and sell many times, earning nearly 14,000 billion VND.

Of this amount, more than VND5,000 billion was used by Tan Hoang Minh to get later buyers to pay earlier buyers. Therefore, the amount of money the defendants embezzled was determined by the Procuracy to be more than VND8,600 billion.