Monday, May 27, 2024
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The Death Penalty for a Tycoon in a $12.5 Billion Fraud Case Brings Attention to Vietnam’s Corruption Issue

As part of its extensive “blazing furnace” anti-corruption campaign, Vietnam has sentenced a real estate tycoon to death in a $12.5 billion financial fraud case. This is the country’s most recent punishment.

The decision on Thursday against Truong My Lan, the former chairwoman of the real estate company Van Thinh Phat Holdings Group, comes after two presidents resigned in less than a year due to different misconduct charges.

According to analysts, the extent of Lan’s misbehavior has unsettled the populace in a nation that has historically presented an image of authoritarian stability. This has alarmed international investors, who are a major factor in Vietnam’s rapidly expanding economy.

Despite regulations severely restricting large shareholding in lenders, investigators claim she and her accomplices embezzled more than 304 trillion dong ($12.5 billion) from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through dozens of proxies, according to Reuters.

State-owned VN Express International claims that due to Lan’s actions, SCB, one of the nation’s biggest privately held commercial banks, suffered damages of 677 trillion Vietnamese dong ($27 billion). The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy.

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Monday, May 27, 2024

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