Van Thinh Phat chairwoman sentenced to death in Vietnam’s biggest fraud trial — Radio Free Asia
Truong My Lan, the chairwoman of Vietnamese developer Van Thinh Phat, has been sentenced to death for masterminding a multi-billion-dollar fraud, state-controlled media reported Thursday.
Judges at Ho Chi Minh City’s People’s Court said she was guilty of bribery, embezzlement and violating banking regulations.
Lan owned a 91.5% stake in Saigon Commercial Bank and, over the course of 10 years, ordered bank officials to approve more than 2,500 loans to shell companies she controlled, causing the bank to lose the equivalent of US$27 billion.
Lan ordered subordinates to bribe auditors at the State Bank of Vietnam to cover her tracks.
Head banking inspector Do Thi Nhan received $5.2 million in bribes, while deputy chief inspector Nguyen Van Hung received $300,000, state media said.
A family member told Reuters Lan planned to appeal the verdict.
Edited by Elaine Chan.
Related articles
Xi Signs Presidential Order to Appoint Li Qiang as Premier
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-09Australian police probe why man who stabbed 6 people to death in a Sydney mall targeted women
MELBOURNE, Australia (AP) — Australian police are examining why a lone assailant who stabbed six peo2024-05-09China's intelligently upgraded highways top 3,500 kilometers
(Xinhua) 10:12, September 13, 2023Aerial photo taken on Sept. 2, 2022 shows the connecting line betw2024-05-09Chloe Ferry flaunts the results of her breast reduction surgery in a skin
Chloe Ferry flaunted her smaller bust on Saturday as she headed out for lunch in Newcastle with long2024-05-09CWDF, Federation Hold Vegetable
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-09New toad species found in south China
(Xinhua) 09:33, August 04, 2023GUANGZHOU, Aug. 3 (Xinhua) -- Chinese researchers have described a sm2024-05-09
atest comment