Đỗ Anh Dũng, Chairman of Tân Hoàng Minh Group, in trial on September 25, 2024. — VNA/VNS Photo Phạm Kiên

HÀ NỘI — Đỗ Anh Dũng, Chairman of Tân Hoàng Minh Group, saw his sentence reduced from eight to seven years in prison by the High-level People's Court in Hà Nội during an appeal hearing on September 25.

The hearing reviewed Dũng's appeal for a lighter sentence. The court acknowledged the appeal, consequently reducing his imprisonment by one year from the original sentence handed down by the first-instance court.

According to the jury, Dung faces punishment for "fraudulent appropriation of property".

During the proceedings, the defendant actively influenced his family to remedy the consequences, returning more than VNĐ8.6 trillion (nearly US$349.7 million) – the entire amount embezzled in the case. Many of his victims had also filed petitions seeking leniency for him before the appeal trial while Tân Hoàng Minh used to engage in numerous charitable activities. These are new details for the court to consider.

According to the first-instance judgement, between July 2021 and March 2022, Dũng, through his son, authorised subordinates to use three subsidiary companies to issue nine separate bond packages worth VNĐ10.3 trillion (nearly $419 million) in order to steal over VNĐ8.6 trillion from 6,630 investors.

The first-instance court said that Dũng was the mastermind who initiated the scheme from the beginning and gave directions on how to spend the money appropriated from the victims.

Other defendants got jail terms ranging from 18 to 24 months, with five of them receiving an 18-month suspended sentence. — VNS