On 9/1, the People's Procuracy of Hung Yen province announced its approval of the Investigative Police Agency's decision to prosecute Thien for property appropriation fraud. Thien also holds the position of deputy general director at Ngoc Thien Co., Ltd.

According to the initial investigation, Thien fraudulently used various companies under his management to issue three non-compliant bond tranches, collectively valued at over 1,253 billion VND. He subsequently raised over 456 billion VND from secondary investors.

Thien did not use the mobilized funds for business activities as committed in the bond issuance documents. Instead, he appropriated the entire amount for personal use, which led to insolvency.

General Director Trinh Phan Thien. Photo: Ngoc Thien Global

Previously, in early 12/2025, the State Securities Commission Inspectorate administratively fined Ngoc Thien Global Group 92,5 million VND for failing to disclose required information. Investigators determined the enterprise had not submitted disclosure content to the Hanoi Stock Exchange for numerous financial and audited reports.

Ngoc Thien Global originated as a long-standing lead casting and metal recycling village, specializing in metal trading, hazardous waste treatment, and non-ferrous metal recycling. The company later expanded into minerals, real estate, and financial investment.

In 3/2017, Ngoc Thien Global increased its charter capital from 7,5 billion VND to 500 billion VND, reaching 990 billion VND by the end of 2021. Thien held over 99% of the charter capital.