Four business execs arrested on charges of stock market manipulation

Thursday, Apr 21, 2022 10:36

The defendants from left to right: Do Duc Nam, Trinh Thi Thuy Linh, Le Thi Thuy Lien, Do Thanh Nhan. — Photo

The Ministry of Public Security has arrested four more business executives on alleged charges of stock market manipulation.

A statement issued today on the ministry’s website said Do Thanh Nhan, chairman of Louis Holdings Group, Do Duc Nam, CEO and board member of Tri Viet Securities Corp, Le Thi Thuy Lien, financial services executive of Tri Viet Securities, and Trinh Thi Thuy Linh, managing director of Louis Holdings Group, are in police custody.

They are accused of manipulating the stock market for illegal gains.

Lieutenant General To An Xo, spokesperson of the Ministry of Public Security, told the local media that Do Duc Nam had colluded with Do Thanh Nhan and others over a period of nine months, from January 4 to October 6, 2021, to use multiple stock trading accounts to buy and sell shares of Louis Capital, Louis Land and other firms to manipulate prices.

Do Thanh Nhan is also a board member of Louis Capital and Louis Land.

This illegal trading practice earned them hundreds of billions of Vietnamese dong.

In mid-March, Louis Holdings was fined and suspended from stock trading for two months because of its undisclosed purchases of shares of its subsidiaries. — VNS

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