Posted on 04/11/2024 9:27:02 PM PDT by SeekAndFind
HANOI, Vietnam (AP) — Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh City in southern Vietnam in the country’s largest financial fraud case ever, state media Vietnam Net said.
The 67-year-old chair of the real estate company Van Thinh Phat was formally charged with fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP.
Lan illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 and allowed 2,500 loans that resulted in losses of $27 billion to the bank, reported state media VnExpress. The court asked her to compensate the bank $26.9 million.
Despite mitigating circumstances — this was a first-time offense and Lan participated in charity activities — the court attributed its harsh sentence to the seriousness of the case, saying Lan was at the helm of an orchestrated and sophisticated criminal enterprise that had serious consequences with no possibility of the money being recovered, VnExpress said.
Her actions “not only violate the property management rights of individuals and organizations but also push SCB (Saigon Joint Stock Commercial Bank) into a state of special control; eroding people’s trust in the leadership of the Party and State,” VnExpress quoted the judgement as saying.
Her niece, Truong Hue Van, the chief executive of Van Thinh Phat, was sentenced to 17 years in prison for aiding her aunt.
Lan and her family established the Van Thing Phat company in 1992 after Vietnam shed its state-run economy in favor of a more market-oriented approach that was open to foreigners. She had started out helping her mother, a Chinese businesswoman, to sell cosmetics in Ho Chi Minh City’s oldest market, according to state media Tien Phong.
(Excerpt) Read more at huffpost.com ...
“She didn’t make it”
Is that in Saigon or in Hanoi?
You know, say what you will, it would be completely impossible for a billionaire to get the death penalty here, no matter how many lives their crime destroyed.
Probably not good for her that her mom is a Chinese businesswoman either. Vietnamese aren’t big China fans.
Saigon (Ho Chi Minh city)
How about a government official getting the death penalty, no matter how many lives their crimes destroyed?
Impossible. And they would get promoted!
Nothing of this scale can happen without government and bureaucratic collusion.
It took 35yrs for the Nikkei to recover from the bank fraud 35 yrs ago.
The honorable Japanese didn’t even send anyone to jail.
You know, say what you will it is completely impossible for a billionaire to get the death penalty except in extremely few nations on earth. Most of which, had they greased the right palms would not be executing them.
Thank you. I don’t remember made-up names.
Would they be interested in SBF?
How’s about George Soros?
Considering how much damage they have done.
Me rob you long time
Me soooooo greeedy....
So, she paid off the wrong bureaucrats?
Or just didn’t pay enough?
LOL!
Executions were once carried out by a firing squad of seven police officers, in which the prisoners were blindfolded and tied to stakes.
The firing squad was replaced by lethal injection in November 2011.
The link below has an interesting list of the “Penal Code Articles with Capital Punishment”, and mentions various exemptions.
https://en.wikipedia.org/wiki/Capital_punishment_in_Vietnam
Madoff got a life sentence. But he stole from the wrong people.
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