KUALA LUMPUR – Thousands of curious onlookers, including scam victims, poured into the Hanoi People’s Court to watch a property tycoon stand trial for cheating investors in a US$355 million (RM1.68 billion) bond scam.
Do Anh Dung, head of the Tan Hoang Minh group, which builds luxury offices and apartments, is on trial with his son Do Hoang Viet and 13 others.
They have been accused of defrauding 6,630 individuals – all of whom have been invited to attend the court proceedings, which are expected to take three weeks.
The bond scam reportedly came about when the Tan Hoang Minh group was struggling since January 2022 with debts amounting to US$810 million because of stalled projects and the impact of the Covid-19 pandemic.
After the case came to light, state media reported that the father and son repaid the US$355 million they embezzled. – March 19, 2024