2024-04-12 15:11:33
She is at the origin of one of Vietnam’s biggest financial scandals. Truong My Lan, head of the Van Thinh Phat conglomerate, has just been sentenced. Results of ten years of embezzlement: 42,000 people defrauded and 25 billion euros in financial damage. His real estate company ripped off the country’s largest private lender, Saigon Joint Stock Commercial Bank (SCB), by taking out dozens of illegal loans through shell companies to “finance real estate projects.” These never saw the light of day and put the SCB in financial embarrassment. Consequence: thousands of savers lost their funds almost overnight.
Arrested in October, Truong My Lan was charged with embezzlement, corruption and violating banking regulations. At the end of a month of XXL trial, 85 people were convicted. The head of the company received the death penalty, in a country known for having one of the strictest laws on financial fraud in the world.
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