On June 19, the Ministry of Public Security’s Criminal Investigation Agency (CSDT) announced that following an investigation into Z Holding JSC, a criminal case was initiated on June 17.

Arrest warrants, indictments, and search orders were executed against several individuals involved, under charges of “violating accounting regulations causing serious consequences” and “producing and trading counterfeit food.”

The individuals indicted include Hoang Quang Thinh (CEO and Chairman), La Khac Minh (Deputy CEO), and Nguyen Van Minh (Deputy CEO), all facing both charges mentioned above.

Also charged with “violating accounting regulations causing serious consequences” are Tran Hai Binh (Deputy CFO), Hoang Thi Hien (Head of Accounting), and Nguyen Quoc Vuong (Head of Finance).

Le Van Duyen (independent trader), Nguyen Thi Thu Hien (Director of Nature Made Trading and Production JSC), and Pham Duy Tan (former Director of Nature Made) were indicted for “producing counterfeit food.”

Tran Xuan Chien, Director of Alama Business and Technology Co., Ltd., was charged with “trading counterfeit food.”

Authorities are continuing to expand the investigation to uncover further misconduct by the accused and any other individuals or organizations involved.

The investigation confirmed that the HIUP 27 nutritional product - a colostrum-based milk powder advertised for height enhancement - was manufactured at Nature Made’s plant between August 8, 2024, and March 5, 2025. These products, packaged in cans (420g, 650g, and 800g) and some liquid forms, failed to meet the registered nutritional composition and content as declared in their official product registration.

According to Clause 7(b), Article 3 of Decree No. 98/2020/ND-CP dated August 26, 2020, by the Government on sanctions for administrative violations in commerce, production, and sale of counterfeit or banned goods, as well as consumer protection, the HIUP 27 products are classified as counterfeit.

Dinh Hieu