Vietnamese Billionaire Sentenced To Death For $44bn Fraud

Posted by Amarachi on Thu 11th Apr, 2024 - tori.ng

According to prosecutors, for three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.

Truong

Truong My Lan

Vietnamese billionaire and property developer, Truong My Lan, has been handed a death sentence for siphoning $44 billion from Saigon Commercial Bank over 11 years.

She faced a historic trial in Vietnam for orchestrating one of the world’s largest bank frauds.

Authorities revealed staggering details: Lan’s loans accounted for 93% of the bank’s lending, with $27 billion unrecoverable. The trial involved 2,700 witnesses and 85 defendants. Lan’s lavish lifestyle contrasted sharply with her courtroom appearance.

According to prosecutors, for three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.

Her fraud, executed through shell companies and bribery, raised questions about regulatory oversight and the influence of powerful figures in Ho Chi Minh City’s business and political circles.

Analysts see the trial as a move to curb corruption and assert the Communist Party’s control over the city’s business landscape. However, it also highlights the challenge of combating corruption without stifling economic growth, a delicate balance for Vietnam’s future.