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
Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
ST. PAUL, Minn. (AP) — A plan to boost pay for Uber and Lyft drivers in Minnesota that lawmakers bel2024-05-21Chrissy Teigen puts on a VERY leggy display in a rhinestone
Chrissy Teigen looked glamorous alongside Christie Brinkley and Brooks Nader at the star-studded 2022024-05-21Juventus fires coach Massimiliano Allegri for his outburst toward the refs in the Italian Cup final
TURIN, Italy (AP) — Juventus fired coach Massimiliano Allegri on Friday for his ugly outburst toward2024-05-21Buffalo Bills promote Matt Bazirgan to director of college scouting in series of scouting moves
ORCHARD PARK, N.Y. (AP) — The Buffalo Bills promoted Matt Bazirgan to the role of director of colleg2024-05-21Candice Swanepoel stuns in a form
Candice Swanepoel looked incredible as she arrived at the 77th annual Cannes Film Festival premiere2024-05-21Most of the US contingent advances to Saturday at the BMX racing world championships
ROCK HILL, S.C. (AP) — Two-time world champion Alise Willoughby, Felicia Stancil and Jeremy Smith le2024-05-21
atest comment