Louis Holdings Chairman Do Thanh Nhan arrested: State Securities Commission speaks out

Mr. Do Thanh Nhan - Chairman of Louis Holdings has just been arrested for manipulating the stock market.

Mr. Do Thanh Nhan (President of Louis Holdings), Do Duc Nam (General Director of Tri Viet Securities) were also arrested for allegedly manipulating the stock market, earning hundreds of billions of dong.

On April 20, Mr. Nhan, Nam and Trinh Thi Thuy Linh (Louis Holdings CEO), Le Thi Thuy Lien (financial service staff of Tri Viet Securities Company) were investigated by the Police Agency (Ministry of Science and Technology). Police) prosecuted, detained for investigation on the crime of stock market manipulation.

These are the first four suspects when authorities investigate Tri Viet Securities Joint Stock Company, Louis Holdings Joint Stock Company and a number of related companies. The case was filed on the same day.

The arrest and prosecution took place in the context of the stock market falling for many sessions. VN-Index returned to the price range half a year ago when selling pressure spread from small-cap, speculative stocks to mid-cap and large-cap stocks.

According to Lieutenant General To An Xo, a spokesman for the Ministry of Public Security, from January 4, 2021 to October 6, 2021, Mr. Nhan was accused of colluding with Mr. Nam and some people "using multiple securities trading accounts". to buy, sell and entice others to manipulate the stock price of Louis Capital Joint Stock Company (ticker code TGG), Joint Stock Company Louis Land (code BII) and other securities codes". This behavior is considered illegal, earning hundreds of billions of dong illegally.

In 2021, the market price of TGG once increased more than 50 times, BII increased more than 10 times. In addition to TGG and BII, other listed companies with "shadow" of Louis Holdings appeared, such as AGM, APG, DDV or SMT also recorded consecutive ceiling gains. Popular gain over 100%, far outpacing other stocks in the market.

In mid-September 2021, TGG's leaders sent a document to the Securities Commission (SSC), confirming: "Louis Capital has never and will never commit acts of manipulating the stock market".

In March this year, Louis Holdings was fined more than 160 million dong by SSC and suspended from trading activities for 2 months because the transaction of TGG shares exceeded the registered value. Specifically, on 11/11/2021, Louis Holdings registered a transaction to buy 3.6 million TGG shares, but the actual number was more than 4.6 million.

Louis Capital, belonging to the "Louis" ecosystem, was also fined VND 232.5 million for many errors such as information disclosure violations, failure to ensure the structure and number of independent BOD members, and failure to appoint a person in charge of governance. regulated company...

Previously, on January 28, Tri Viet Securities Company (code TVB, listed HSX) was fined VND 250 million by SSC for providing securities advance payment service to customers but failed to report and was not approved by SSC. acceptance.

Tri Viet was also fined an additional VND 60 million for arranging employees without a practicing certificate to perform securities operations. In addition, the company received the additional penalty of suspending its pre-sale service for two months.

A representative of the State Securities Commission said that the prosecution and detention of those who have manipulated securities is not the first time on the stock market. However, to be able to provide quick handling results like the case involving "Louis group" is a great effort and determination from the Investigative Police Agency of the Ministry of Public Security.

According to a representative of the State Securities Commission, the behavior of manipulating the stock market is always hidden in any stock market. "From the time of detecting abnormal transactions, to the time of handling a securities manipulation case, the authorities must conduct a close investigation, which requires many complex and costly operations. The results of the investigation continue to be a practical demonstration that shows the Government's very drastic direction in strictly handling violations, in order to enhance transparency, health and sustainability for the market. stock market," said a representative of the State Securities Commission.

Based on the results of supervision and information reflected in the press about the price increase of some shares related to Louis group, the representative of the State Securities Commission said that the committee has directed the relevant authorities to: As a result, the Stock Exchanges closely monitor the transactions of these securities. At the same time, request the Stock Exchanges to report on monitoring analysis of shares trading of the Louis group.

The State Securities Commission determined that this was a complicated case, affecting the stock market, so it actively discussed and coordinated with the police agency to handle the case. Specifically, the Securities Commission has inspected transactions for TGG and BII shares.

On the basis of the inspection results of TGG and BII stock transactions, the Securities Commission determined that there were signs of price manipulation for TGG and BII shares of the group of accounts related to Do Thanh Nhan, Chairman of the Company. Louis Holdings Joint Stock Company.

Due to the fact that the case showed signs of violating the criminal law, the Securities Commission transferred to the Investigation Police Agency of the Ministry of Public Security all dossiers and documents related to the results of the inspection of TGG and BII shares transactions. for investigation and handling in accordance with the law.

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