Selected matters

Defending the Head of Finance in the Z Holding case

An 18-defendant case in which the indictment cited system-wide revenue of nearly VND 6.7 trillion. Our defence focused on individualising liability and separating the execution of management orders from our client’s own intent.

Practice area: Criminal Litigation
Year: 2026
Client: The group’s Head of Finance, charged in connection with accounting violations
Updated: 7 Oct 2026

defendants in the case: 18
system-wide revenue cited in the indictment: Nearly VND 6.7tn
Justix lawyers on the defence team: 2

01Background

On 5 January 2026, the Hanoi People’s Court opened the first-instance trial of 18 defendants in the case at Z Holding and related entities. The indictment described a multi-layered structure: 26 satellite companies, 27 sales systems, more than 200 groups and nearly 180 household businesses, with system-wide revenue of nearly VND 6.7 trillion.

02Legal issue

Our client, the group’s Head of Finance, was charged in connection with accounting violations. In a case of this scale, the headline figures create pressure, while criminal justice requires each defendant’s role, conduct, degree of involvement and consequences to be established individually.

03What Justix did

1
Reviewing the file and cash flows
Reading and cross-checking the financial records, accounting documents and approval processes to establish our client’s actual position in a multi-tiered management system.
2
Individualising liability
Separating our client’s conduct from the headline figures of the whole system, and distinguishing the execution of management orders from personal intent.
3
Clarifying causation
Analysing the nature of the cash flows, documents and accounting procedures to determine our client’s real involvement in relation to the alleged harm.
4
Arguing the case at trial
Asking the trial panel to decide on the principle of “the right person, the right offence, the right law”, with no assumption in place of evidence.

04Case status

First-instance trial opened on 5 January 2026 at the Hanoi People’s Court.

Client details are anonymised. Matters are featured only with the client’s consent.

05Legal basis

Criminal Procedure Code 2015, Article 13 – Presumption of innocence
Criminal Procedure Code 2015, Article 15 – Establishing the truth of the case
Law on Accounting 2015 – duties of accountants and legal representatives

06Takeaways for businesses

Finance and accounting heads should keep written instructions and approvals for every significant transaction.
When asked to record unusual entries, raise the concern in writing and consult a lawyer early.
The earlier a lawyer is involved, the more opportunity there is to gather and verify evidence in the client’s favour.

Sources