Hanoi (VNA) – The People’s Court of Hanoi on May 7 announcedsentences for 15 defendants involved in the case of obtaining property by fraud,manipulating securities prices, and falsifying documents at the Central Mining and Mineral ImportExport JSC (MTM).

The court sentenced Tran Huu Tiep, former management board chairman of MTM and one of themasterminds, to life imprisonment for obtaining property by fraud.

With the same charge, Tiep’s accomplices – Vu Thi Hoa andNguyen Le Truong – received 12 years in prison each.

Two other defendants of the case – Bui Thien Ly and Do HuuTai – each received a 30-month suspended sentence for manipulating securitiesprices.

At the same time, Nguyen Van Dinh, Nguyen Thi Hien, Ngo VanHien, Le Thi Hang Nga, and Tran Thi Mai Lan were accused of fabricating anorganisation's seal or documents. Dinh got four years in jail, while the othersreceived between 30-36 months of probation.

Sentences of between 20 months of probation to 20 months inprison were given to defendants who were charged with falsifying documents,including Ho Xuan Ly, Le Dac Ha, Dang Manh Hung, Nguyen Thi Hien, and Vu TheVinh.

According to the verdict,Dinh bought the legal documents for MTM in 2010. The company had nocharter capital and no business operation.

Dinh and Tiep collaborated with bank officialsto falsify the company’s portfolio, which showed MTM had 103 shareholders with31 million shares – equal to 310 billion VND (13.8 million USD) – in 2014 tomeet listing requirements.

Bank officials in 2013-2015 helped the twodefendants counterfeit financial invoices worth 485 billion VND (20.78 millionUSD) to validate shareholders’ capital contributions and the firm’s businessresults.

While completing requirements to list MTM shareson the stock market, Dinh was put into custody and accused of counterfeitingbusiness stamps and documents to avoid taxes and violating lending rules inanother case.

Tiep and his partners continued to put MTMshares on the stock market in mid-April 2016, while he owned half of thecompany’s total post-listing shares, worth 155 billion VND of charter capital.

In June 2016, when the false nature of MTMshares was discovered, the company had had more than 1,150 investors, 71percent of whom had reported the case to the police for investigation.

MTM shares were immediately de-listed from thestock market.

According to the court, the accused caused a 56billion VND (2.4 million USD) loss to individuals, including 43 billionVND from 1,065 MTM stock investors. Tiep sold MTM shares to two other investorsto appropriate 355 million VND. –VNA