Vietnam Prosecutors Call on Former Bamboo Capital Chairman Nguyen Ho Nam to Surrender

Overview

Vietnam’s Supreme People’s Procuracy (Vụ 3) has concluded its investigation into an asset-fraud case at Bamboo Capital Group (HOSE: BCG) and publicly called on former chairman Nguyen Ho Nam and three other defendants to surrender. The case concerns alleged fraud tied to Bamboo Capital’s bond issuance and also touches Tiên Phong Bank (HOSE: TPB) through a separate defendant.

Key Facts

• The Supreme People’s Procuracy (Vụ 3) announced the conclusion of its investigation and urged four defendants to surrender, according to a report by Bảo vệ pháp luật.
• The four defendants are Nguyen Ho Nam, former chairman of Bamboo Capital; Huynh Thi Kim Tuyen, chair of BCG’s Capital Committee and vice-chair of Gia Khang; Pham Thi Ngoc Thanh, member of BCG’s Capital Committee and CEO of Helios; and Le Thi Mai Loan, vice-chair of BCG’s Capital Committee and chair of Gia Khang and Helios.
• All four face proposed prosecution for “fraudulent appropriation of assets” under Clause 4, Article 174 of the 2015 Penal Code.
• The investigation file (No. 105) was transferred by the Ministry of Public Security’s investigative police agency (C03) to the Supreme People’s Procuracy on 26 October.
• Nguyen Ho Nam resigned as Bamboo Capital chairman in April 2024 and was later removed from Eximbank’s board after a shareholder group holding over 5% of the bank’s capital requested his dismissal, citing insufficient attendance at board meetings.
• Bamboo Capital said in late February 2025 that it had received notice of the prosecution of Nguyen Ho Nam, without disclosing the charge at that time.
• At a 7 July 2025 Ministry of Public Security press conference, Colonel Vu Thanh Tung said former TPBank vice-chairman Do Anh Tu and 14 others, including Nguyen Ho Nam, had been prosecuted for fraudulent appropriation of assets; TPBank later said the case related to Bamboo Capital’s bond issuance, advised by Tien Phong Securities (TPS).

What Happened

The Supreme People’s Procuracy’s Vụ 3 issued a public notice calling on Nguyen Ho Nam, Huynh Thi Kim Tuyen, Pham Thi Ngoc Thanh and Le Thi Mai Loan to present themselves to the nearest police or procuracy office to surrender and seek leniency, and to exercise their right to defence under Article 60 of the Criminal Procedure Code. The notice warned that if the defendants remain at large, the authorities will consider them to have waived their right to defence and will proceed with prosecution and trial under the law.

The move follows the transfer of the case file by the Ministry of Public Security’s investigative police agency (C03) to the Supreme People’s Procuracy for prosecution. The case concerns alleged fraudulent appropriation of assets at Bamboo Capital and related entities. Nguyen Ho Nam led Bamboo Capital for years before resigning in April 2024, when he was elected to Eximbank’s board; he was later removed from that board. In late February 2025, Bamboo Capital disclosed that it had received notice of his prosecution. At a July 2025 press conference, police named Do Anh Tu, former vice-chairman of TPBank, among those prosecuted, and TPBank subsequently said the case was linked to Bamboo Capital’s bond issuance, with Tien Phong Securities as issuance adviser.

Market Context

Bamboo Capital (BCG) trades on the HOSE. The stock closed at VND 3 on 8 October 2025, down 0.78% on volume of 14.6 million shares, a price level that reflects severe investor caution. TPBank (TPB), also on HOSE, closed at VND 12,650 on 31 October 2026. The legal action adds to a broader pattern of Vietnamese authorities tightening scrutiny of corporate bond issuance and related-party transactions, a theme that has weighed on real estate and financial-sector sentiment since 2022.

Strategic Significance

For long-term investors, the case reinforces the regulatory and legal risks embedded in Vietnam’s corporate bond market, particularly for issuers with complex related-party structures. Bamboo Capital’s exposure to a criminal prosecution of its former chairman, and the link to TPBank through a former vice-chairman, highlights how bond-issuance practices can draw scrutiny across both corporate and banking sectors. The outcome may influence how investors price governance and legal risk in real estate and financial-services names, and could affect BCG’s access to capital and its restructuring plans.

What to Watch

• Whether Nguyen Ho Nam and the three other defendants surrender, and any subsequent official charges or trial dates.
• Any regulatory or exchange statements on BCG’s listing status or disclosure obligations.
• Updates on Bamboo Capital’s bond repayment schedules and any restructuring announcements.
• TPBank’s disclosures on the scope of its involvement and any impact on its operations.
• Progress of related cases, including the prosecution of Do Anh Tu and 14 others.