Speaking to the media yesterday about the bond market and arrests of businessmen for bond issuance violations, Phoc said the Ministry of Finance (MOF) has advised the government to issue Decree 65 that amends and supplements some articles of Decree 153 on the offering and transaction of corporate bonds issued privately in the domestic and international markets.

“We believe that with the developing macro economy, our financial market is a good market,” Phoc said.

Noting that some securities companies have violated laws when providing false information to deceive clients and have faced criminal proceedings, Phoc said that the guarantee of investors’ interests still can be done strictly, because issuers guarantee investors’ interests.

“When securities companies that provide consultancy services are dealt with by the law, we work with issuers to ensure investors’ interests,” Phoc said.

“The companies that issue bonds all have committed to pay debts on schedule for the bonds to mature. We will actively supervise the process and ensure transparency for the benefit of investors,” he stressed.

On October 7, the investigation agency of MPS issued a decision to prosecute on the charge of swindling appropriate property, which allegedly occurred at AnDong Investment Group JSC and related units. 

At the same time, the police issued decisions to prosecute the accused, to issue arrest warrants for the accused for temporary detention, and issue search warrants for four defendants: Truong My Lan – Chairwoman of Van Thinh Phat Group; Truong Hue Van - General Director of Van Thinh Phat Group; Nguyen Phuong Hong - Assistant to Van Thinh Phat Group; and Ho Buu Phuong, former chair of Tan Viet Securities, former deputy general director in charge of finance of Van Thinh Phat Group.

In early April, Do Anh Dung, chair of Tan Hoang Minh Group and six accomplices were prosecuted and detained for swindling appropriate assets.

The initial investigation found that from July 2021 to March 2022, Do Anh Dung and other individuals at Tan Hoang Minh committed deceitful behaviors, using three subsidiaries -  Ngoi Sao Viet Real Estate Investment; Soleil Hotel Service and Investment; Winter Palace Joint Stock Company; and Winter Palace JSC - and related companies to carry out nine corporate bond issuance campaigns which were against the law, with total value of VND10.3 trillion. The money was not used for business activities as was declared in the bond issuance documents.

Luong Bang