Ministry of Public Security (MPS) investigators pressed market manipulation charges against the 43-year-old on December 9, based on Article 211 of the Penal Code.

This is the latest development of the MPS’ probe into market manipulation found at Louis Holdings, Louis Land Joint Stock Company (BII), Louis Capital Joint Stock Company (TGG) and the Tri Viet Securities Company.

Tung served as board chairman at Tri Viet Securities from 2010 to July 2022. On December 5, he was again picked as board chairman at the securities firm, replacing his predecessor Bui Minh Tuan. Tung is also a founding board member and board chairman of Tri Viet Asset Management Corporation, the parent firm of Tri Viet Securities.

According to the investigating results, Do Thanh Nhan, board chairman at Louis Holdings; Do Duc Nam, general director at Tri Viet Securities; Le Thi Thu Huong, deputy general director at Tri Viet Securities; Le Thi Thuy Lien, financial services staff at Tri Viet Securities; and Trinh Thi Thuy Linh, director for administration at Louis Holdings, were charged with stock market manipulation.

The investigative agency said that Nhan had admitted to charges of market manipulation and had made illicit gains of over VND153 billion. Nam approved Nhan’s request to take out loans and directed his subordinates to manipulate stock prices, the local media reported.

In related news, Bui Minh Tuan, former board chairman at Tri Viet Securities, on December 11, sought to withdraw his resignation letter submitted on December 2, saying that he had handled his personal issues and wanted to resume his work at the firm.

Source: Saigon Times