Vietnamese court sentences billionaire to death after the real estate mogul was found to have defrauded the country's richest man of 440 billion baht from banks.
On April 11, 2024, the People's Court of Ho Chi Minh City, Vietnam sentenced Truong My Lan, 67-year-old Vietnamese billionaire and head of the Van Dinh Bot Group of Companies (Van Dinh), to death. A group of giant real estate development companies in Vietnam. Because Ms. Truong My Lan was found guilty of the largest fraud case of Saigon Commercial Bank (Saigon Bank). Commercial Bank (SDB) is worth 12,530 million dollars or approximately 440 billion baht in 11 years, which is the biggest bank fraud and embezzlement case in Vietnam and the world.
Besides Truong My Lan, 85 other defendants in the case have been convicted of fraud by Vietnamese courts. Four defendants were sentenced to life imprisonment by a Vietnamese court for violating banking laws. As for the other defendants, Truong My Lan's husband, Eric Chu Nap Khie, was sentenced to 9 years in prison.
It has expropriated huge assets from the Bank of Saigon. Business transactions totaling more than $12.53 billion of Vietnam's gross domestic product (GDP), or about 440 billion baht, began in 2011 when Truong My Lan began buying stakes in three Vietnamese banks. According to Vietnamese law, individuals cannot hold more than 5% of a bank's shares, with only 4% in their own name.
A year later, Vietnamese real estate magnate Truong Mi Lan managed a merger of the 3 banks under the name Saigon Bank. Trading or SCB and still maintains a 4% stake in his own name. After that, Truong Mi Lan appointed a close associate as a senior executive at Bank of Saigon. Business This allows Van Dinh Pat Group companies to obtain unlimited lines of credit. And no need to verify any documents.
Towards the end Truong My Lan's massive bank fraud was also discovered and exposed. The Vietnamese government is campaigning heavily to crack down on corruption, leading to legal action. As a result, two presidents and two deputy prime ministers were forced to resign. And hundreds of officials have been disciplined or imprisoned.
Over the past 1 month, the Vietnamese court has considered 104 boxes of evidence weighing a total of 6 tons, and 85 co-defendants are currently on trial. 2,700 people were called to testify, 10 public prosecutors and about 200 lawyers were involved. All defendants deny the allegations.
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