Vietnamese court sentences tycoon to death in multibillion-dollar fraud case
A Vietnamese court sentenced A business executive has the death THURSDAY In A several billion dollars fraud case as THE country decision Communist To party look for has crack down on corruption.
A court In Ho Chi Minh City sentenced Truong My Lan, A 67 years old real domain magnate, has the death on Mass scale embezzlement charges, State media reported. She received additional 20 years sentences For corruption And violate ready regulations And was order has pay almost $27 million In compensatory damage.
Lan, president of THE real domain farm Van Thin Phat Assets Band, was sentenced of fraudulently siphon $12 billion Since Saigon Joint Action Commercial Bank — which She control For more that A decade, according to has State media reports — In shell businesses. She had grasped control of 91.5 percent of SCB actions, allegedly using co-conspirators as proxies has circumvent strict laws against such extensive power on financial institutions, State media electrical outlets reported. HAS enable THE scheme, She allegedly installed partner in crime executives In high rank positions has THE bank And bribed regulators, according to has State media reports.
AdvertisementTHE total the recipes, according to has THE charges on which She was sentenced, were equivalent has more that 3 percent of THE country raw domestic product as of 2022.
A run on THE bank following Lan's Stop In 2022 strength Vietnam central bank has to intervene. A article In Nhan Dan, THE Communist Party official newspaper, research has repress concerns And dispel "negative rumors" about Lan's detention. THE article quoted THE head of Vietnam central bank, WHO said SCB was "Operating Normally And stably. » Lan, THE article said, "do not socket management Or executive positions has THE bank. »
Her sentence East maybe THE the most prominent display of THE Communist Party efforts has root out Corruption And draw investment Since international companies as companies reduce their presence In China. A 2023 report by THE Organization For Economic Cooperation And Development find that "THE level of Corruption risk" In Vietnam stayed "high," And that fight against corruption efforts would be "bring tangible benefits" In improvement Vietnam economic growth.
A Vietnamese court sentenced A business executive has the death THURSDAY In A several billion dollars fraud case as THE country decision Communist To party look for has crack down on corruption.
A court In Ho Chi Minh City sentenced Truong My Lan, A 67 years old real domain magnate, has the death on Mass scale embezzlement charges, State media reported. She received additional 20 years sentences For corruption And violate ready regulations And was order has pay almost $27 million In compensatory damage.
Lan, president of THE real domain farm Van Thin Phat Assets Band, was sentenced of fraudulently siphon $12 billion Since Saigon Joint Action Commercial Bank — which She control For more that A decade, according to has State media reports — In shell businesses. She had grasped control of 91.5 percent of SCB actions, allegedly using co-conspirators as proxies has circumvent strict laws against such extensive power on financial institutions, State media electrical outlets reported. HAS enable THE scheme, She allegedly installed partner in crime executives In high rank positions has THE bank And bribed regulators, according to has State media reports.
AdvertisementTHE total the recipes, according to has THE charges on which She was sentenced, were equivalent has more that 3 percent of THE country raw domestic product as of 2022.
A run on THE bank following Lan's Stop In 2022 strength Vietnam central bank has to intervene. A article In Nhan Dan, THE Communist Party official newspaper, research has repress concerns And dispel "negative rumors" about Lan's detention. THE article quoted THE head of Vietnam central bank, WHO said SCB was "Operating Normally And stably. » Lan, THE article said, "do not socket management Or executive positions has THE bank. »
Her sentence East maybe THE the most prominent display of THE Communist Party efforts has root out Corruption And draw investment Since international companies as companies reduce their presence In China. A 2023 report by THE Organization For Economic Cooperation And Development find that "THE level of Corruption risk" In Vietnam stayed "high," And that fight against corruption efforts would be "bring tangible benefits" In improvement Vietnam economic growth.
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