Free Republic

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...

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...