|Defendants at the trial of the Hà Nội People’s Court. — VNA/VNS Photo Nguyễn Cúc|
HÀ NỘI — The Hà Nội People’s Court on Monday resumes a trial legal proceedings against an illegal virtual gold trading floor that involves top managers of the Hà Nội-based Khải Thái Consultant Limited Company (KTIC).
The trial was earlier postponed for three months for further investigation, because in August, during the trial, more victims reported to the court claiming they were cheated by the company.
In court on August 21-23, KTIC General Director Hsu Ming Jung (also called Saga) from Taiwan and his six Vietnamese accomplices were being tried on charges of swindling VNĐ264 billion (US$11.7 million) from more than 700 investors.
Hsu Ming Jung, 42; Đoàn Thị Luyến, 30, managing director of the company; Nguyễn Mạnh Linh, 30, a director of the company; and Trịnh Hoàng Bình, 42, the company’s chief accountant are charged with fraud pursuant to Article 139 of the Penal Code.
Two other Vietnamese – the managing directors of the company’s branches at the Plaschem Building in Hà Nội, Đinh Thị Hồng Vinh, and at the Lotte Building in Hà Nội, Tăng Hải Nam – are also charged with the same offence.
A total of 171 victims were summoned to the court’s first hearing in August – a record number of victims reported to the Hà Nội People’s Court.
While conducting additional investigation, the investigation agency reported the number of victim increased to 724.
The accused were arrested in October 2014 after they were found to have set up an illegal gold trading floor to cheat investors.
According to the indictment, Saga established KTIC in November 2011 with charter capital of VNĐ20 billion. The company opened three branches with 18 business offices.
Between December 2012 and September 2014, the Taiwanese CEO and his accomplices illegally set up a gold trading floor to raise over VNĐ287 billion ($12.75 million) at high interest rates from 724 investors. They then appropriated most of the funds, police said.
The company paid a total of over VNĐ18 billion ($800,000) in interest to the investors and appropriated nearly VNĐ270 billion.
Jung and his accomplices used sophisticated methods to fraudulently embezzle the funds via a fake investment trust, police said.
The court will hear the case for 10 days. — VNS