Banks seized a series of houses and luxury cars of giants arrested for manipulating securities

Saigon – Hanoi Commercial Joint Stock Bank (SHB) has just announced the seizure and handling of security assets of Louis Rice Import-Export Joint Stock Company (formerly known as Louis Rice Company Limited).

SHB’s announcement stated that Louis Rice signed credit contracts with SHB Phu Nhuan branch on April 7. However, SHB has informed customers of its decision to terminate the loan and recover all debts before the due date from May 4, after Mr. Do Thanh Nhan, founder of Louis Holdings, was arrested. prosecuted and detained on April 20 to investigate the behavior of manipulating stock prices on the stock exchange.

The car model that the bank announced to tighten the debt, among the assets of Louis Rice, is for sale online for more than 9.1 billion VND.

On May 10, SHB sent a notice requesting debt payment or handing over security assets for debt settlement and recovery. However, up to now, Louis Rice Import-Export Joint Stock Company still has not delivered the security assets at the request of SHB. The guarantors for this debt are Louis AMC Asset Management and Exploitation Company, Louis Trade Center Investment and Trading Joint Stock Company, and Louis Holdings Joint Stock Company (2 among the member companies of the ecosystem. state Louis).

Therefore, SHB announced that it will seize all collateral assets for Louis Rice’s loan under the credit contract signed on April 7, 2021 and the attached appendices and documents between the bank and this company. The seized property includes 5 cars of all kinds, including luxury cars such as Porsche 911 Targa 4S registered in October 2021 (this model is currently priced at about 9.1 billion VND) or Maybach belonging to the Mercedes brand registered in October. 1-2022. SHB did not specify which Maybach model, but these models have the lowest price from 7 billion VND…

In addition, there are a number of land use rights and assets attached to land in An Giang, Long An, Ho Chi Minh City, Ba Ria – Vung Tau owned by Louis Holdings Joint Stock Company.

SHB said that it will seize the above assets to handle and recover loans after 15 days from the date of publicizing the seizure information for real estate assets. The guarantors for the loans of Louis Rice Import-Export Joint Stock Company are also companies in the Louis Holdings ecosystem.

Previously, on April 20, Mr. Do Thanh Nhan, Chairman of the Board of Directors of Louis Holdings Joint Stock Company, was arrested for investigation for securities manipulation. The Investigative Police Agency of the Ministry of Public Security issued a Decision to prosecute the case of “Stock market manipulation” occurring at the above 3 companies and related units; at the same time, issued a decision to prosecute the accused, arrest warrants for temporary detention, and search warrants for 4 individuals for the crime of “manipulating the stock market”.

A day before his arrest, Mr. Do Thanh Nhan announced his resignation from the position of chairman at the 3 companies mentioned above for personal reasons.