Posted on 04/10/2024 8:07:45 PM PDT by RandFan
It is the most spectacular trial ever held in Vietnam, befitting one of the greatest bank frauds the world has ever seen.
Behind the stately yellow portico of the colonial-era courthouse in Ho Chi Minh City, a 67-year-old property developer stands accused of looting one of Vietnam's largest banks over a period of 11 years.
The numbers involved are dizzying. Truong My Lan is charged with taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. Prosecutors say $27bn may never be recovered.
The habitually secretive communist authorities have been uncharacteristically forthright about this case, going into minute detail for the media. They say they have summoned 2,700 people to testify. There are 10 state prosecutors and around 200 lawyers involved.
The evidence is in 104 boxes weighing a total of six tonnes. Eighty-five defendants are on trial with Truong My Lan, who denies the charges. She and 13 others face a possible death sentence.
"There has never been a show trial like this, I think, in the communist era," says David Brown, a retired US State Department official with long experience in Vietnam. "There has certainly been nothing on this scale."
The trial is the most dramatic chapter so far in the "Blazing Furnaces" anti-corruption campaign led by the Communist Party Secretary-General Nguyen Phu Trong.
A conservative ideologue steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party's monopoly on power. He began the campaign in earnest in 2016 after out-manoeuvring the then pro-business prime minister to retain the top job in the party.
(Excerpt) Read more at bbc.co.uk ...
Actually, reading the article they were bribed not duped.
Unreal.
Goes to show you these alleged scammers always come undone sooner or later.
Vietnamese billionaire??? I guess we won after all.
this Circus coming soon to a D.J.T near you, even though you will not be able to afford Bread.
Letitia James and Fani Willis are furiously taking notes.
Truong My Lan
New at this Rosetta Stone plan stuff at learning Vietnamese but here’s my reply:
Get off my lawn, too.
How does a commercial bank get that kind of exposure to a single borrower, without securing special treatment? This is an indictment of bank management, bank regulators, and quite possibly the international banking system, which surely has exposure here as well. Was everyone looking the other way?
Bribes according to the article
Amazing isn’t it
“An intricate network of shell companies”.
$44bn in loans she awarded herself in loans, etc. She is facing the death penalty.
Should we interpret the existence of Red Chinese billionaires as a win for us, too?
Truong someone else’s Lan, please.
??
Some of us can’t even get a small business loan at a reasonable rate
yet she has 44bn in loans? 😂😂😂 27 BILLION of which is unrecoverable
How does a commercial bank get that kind of exposure to a single borrower, without securing special treatment? This is an indictment of bank management, bank regulators, and quite possibly the international banking system, which surely has exposure here as well. Was everyone looking the other way?
She owned the bank.
Some reports are claiming she’s convicted and sentenced to death.
Swift justice by the Commies if true
Didn’t know that. That explains the management failure, but not regulators.
It is possible that Chinese billionaires may become a threat to the Chinese CP.
Sure, just like US billionaires are a threat to the US left-wing political machine. Right?
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