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.
Survivors of the Bosnian Genocide 30 years ago told Radio Free Asia that they see…
The Ukrainian military is dropping Korean-language leaflets urging North Korean troops fighting on Russia’s side…
The escalating chip row between the United States and China has taken a sharp turn…
Myanmar’s junta has been mobilized forces for offensives in the Mandalay, Sagaing and Magway regions…
Read RFA coverage of this topic in Burmese.Myanmar’s junta appointed a new minister of defense,…
Read a version of this story in KoreanAround 50 North Korean soldiers were killed in…
This website uses cookies.