2024-04-13 08:34:00
Truong My Lan, Vietnam’s richest oligarch and head of construction company Van Thinh Phat, was accused of embezzling US$19 billion and causing $41 billion in damages, about 6% of Vietnam’s 2023 GDP. The businesswoman was sentenced to death.
The BBC reports this.
On Thursday, April 11, Lan and her co-conspirators were sentenced in a decade-long fraud case involving the Saigon Commercial Bank (SCB). Eighty-six defendants appeared in court in Ho Chi Minh City, including former central bank executives, government officials and SCB top managers.
The five-week trial involved allegations of bribery, abuse of power, misappropriation of funds and violation of banking laws.
Prosecutors said total losses from the scam amounted to US$27 billion, with Truong My Lan allegedly pocketing US$12.5 billion. At the same time, she denies her guilt.
The tycoon was accused of falsifying loan applications to siphon money from SCB, in which she controls 90% of the shares. Bank depositors still cannot get their funds back.
Police seized more than 1,000 properties belonging to Truong My. It also became known that the defendant and her banker accomplices allegedly paid bribes to officials in the amount of $5.2 million – the largest amount in the history of Vietnam.
Last week, in her final plea in court, Lan admitted she had contemplated suicide.
“In desperation, I thought about death. I was so angry that I did the stupid thing of getting involved in this very tough environment – the banking sector, which I know little about,” she said.
Truong My Lan was arrested as part of the fight against corruption that has engulfed many officials and the business elite of Vietnam in recent years. Since 2021, the country has charged more than 4,400 people in 1,700 corruption cases.
Cursor also reported that the producer of the popular Netflix series was sentenced to death in China.