Breaking News: Vietnam 20240411

Tycoon Truong My Lan sentenced to death.

In a case that has gripped the nation, Truong My Lan, the chairwoman of the Van Thinh Phat Holdings Group, has been sentenced to death for her role in a massive financial fraud scandal. The fraud, which involved the creation of fake loan applications and the use of shell companies to siphon billions from Saigon Commercial Bank, has been described as one of the most significant cases of corporate malfeasance in history.

This is a subscriber only post with a summary overview of the story along with a collation and summary of news reports following the verdict which was just handed down minutes ago.

Prosecutors alleged that Lan, a major stakeholder in the bank, orchestrated the embezzlement of approximately $12.5 billion over the course of a decade. The scheme, which implicated high-ranking officials and involved over 1,000 domestic and international subsidiaries, has drawn comparisons to Malaysia's 1MDB scandal.