A Vietnamese property developer, Truong My Lan, was sentenced to death for defrauding one of the country’s largest banks of $44 billion over 11 years.
The trial, held in Ho Chi Minh City, was the most significant of its kind in Vietnam. Truong My Lan’s scheme involved taking out massive loans from the Saigon Commercial Bank, owning over 90% of the bank through shell companies.
She used these funds to finance her real estate ventures and bribed officials to evade scrutiny. The verdict reflects the severity of her crime, with her husband and niece also receiving lengthy prison terms.
The case underscores Vietnam’s battle against corruption, led by Communist Party Secretary-General Nguyen Phu Trong.
However, questions remain about how such a scheme could persist for so long and whether cracking down on corruption could hinder economic growth.
Credit : BBC
https://www.bbc.com/news/world-asia-68778636