The defendants from left to right: Đỗ Đức Nam, Trịnh Thị Thuý Linh, Lê Thị Thuỳ Liên, Đỗ Thành Nhân. — Photo courtesy of the Ministry of Public Security.

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

A statement issued on Wednesday on the ministry’s website said Đỗ Thành Nhân, chairman of Louis Holdings Group, Đỗ Đức Nam, CEO and board member of Trí Việt Securities Corp, Lê Thị Thuỳ Liên, financial services executive of Trí Việt Securities, and Trịnh Thị Thuý Linh, managing director of Louis Holdings Group, are in police custody.

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

Lieutenant General Tô Ân Xô, spokesperson of the Ministry of Public Security, told the local media that Đỗ Đức Nam had colluded with Đỗ Thành Nhân 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.

Đỗ Thành Nhân is also a board member of Louis Capital and Louis Land.

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

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