Four business execs arrested on 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.

The four are accused of manipulating the stock market for illegal gains.

Lieutenant General To An Xo, spokesperson of the Ministry of Public Security (MPS), 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 some other firms to manipulate their prices.

Do Thanh Nhan is also a board member of Louis Capital (stock code: TGG) and Louis Land (stock code: BII).

This illegal trading practice earned them hundreds of billions of Vietnam 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.