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Billionaire Executed for $27 Billion Corruption Scheme in Vietnam

Billionaire Executed for $27 Billion Corruption Scheme in Vietnam

In a landmark corruption case in Vietnam, a prominent property tycoon, Truong My Lan, was handed a death sentence following convictions related to a massive swindle amounting to an estimated $27 billion in damages. The trial, held in Ho Chi Minh City, involved a panel comprising three jurors and two judges who unanimously dismissed all defense arguments put forth by Lan, who serves as the chair of major developer Van Thinh Phat.

Lan was found guilty of siphoning funds from Saigon Commercial Bank (SCB) over a period of ten years. The verdict cited that her actions had severely undermined public trust in the leadership of the Communist Party and the state.

Despite denying the charges and attributing blame to her subordinates, Lan was sentenced to death, a notably severe punishment for such financial crimes. The trial also implicated 85 others who are awaiting verdicts and sentencing for various offenses such as bribery, abuse of power, appropriation, and violations of banking laws.

Originally accused of embezzling $12.5 billion, the prosecutors updated the total damages caused by the scam to $27 billion, representing six percent of Vietnam's GDP in 2023.

The case against Lan and others forms part of a broader national anti-corruption campaign that has targeted numerous officials and influential figures within Vietnam's business circles in recent years.

During her final remarks to the court, Lan hinted at feelings of desperation and contemplated suicide, expressing regret for her involvement in what she described as a fiercely competitive and unfamiliar business environment, particularly within the banking sector.

The severity of the sentence and the scale of the corruption scandal underscore the Vietnamese government's determination to combat graft and restore public trust in its institutions.

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Billionaire Executed for $27 Billion Corruption Scheme in Vietnam

Billionaire Executed for $27 Billion Corruption Scheme in Vietnam
In a landmark corruption case in Vietnam, a prominent property tycoon, Truong My Lan, was handed a death sentence following convictions related to a massive swindle amounting to an estimated $27 billion in damages. The trial, held in Ho Chi Minh City, involved a panel comprising three jurors and two judges who unanimously dismissed all defense arguments put forth by Lan, who serves as the chair of major developer Van Thinh Phat.

Lan was found guilty of siphoning funds from Saigon Commercial Bank (SCB) over a period of ten years. The verdict cited that her actions had severely undermined public trust in the leadership of the Communist Party and the state.

Despite denying the charges and attributing blame to her subordinates, Lan was sentenced to death, a notably severe punishment for such financial crimes. The trial also implicated 85 others who are awaiting verdicts and sentencing for various offenses such as bribery, abuse of power, appropriation, and violations of banking laws.

Originally accused of embezzling $12.5 billion, the prosecutors updated the total damages caused by the scam to $27 billion, representing six percent of Vietnam's GDP in 2023.

The case against Lan and others forms part of a broader national anti-corruption campaign that has targeted numerous officials and influential figures within Vietnam's business circles in recent years.

During her final remarks to the court, Lan hinted at feelings of desperation and contemplated suicide, expressing regret for her involvement in what she described as a fiercely competitive and unfamiliar business environment, particularly within the banking sector.

The severity of the sentence and the scale of the corruption scandal underscore the Vietnamese government's determination to combat graft and restore public trust in its institutions.

 
 
 
 
 

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