Vietnam’s top female chief hanged in corruption case
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Pudhari Online Desk: Vietnam’s construction business magnate Tuong My Lan has been ridiculed in the country’s biggest corruption scandal. This is a corruption case worth about 27 billion dollars (2 lakh 22 thousand 300 crore rupees). This is one of the biggest scams in Vietnam’s national history.
Truong My Lan, 67, is president of Van Thinh Phatchaya Construction Company. The largest developer company in the country was known as Ashi Tyancha Company. Found guilty of embezzling the funds of Saigon Commercial Bank (SCB) for more than a decade. The panel of three jurors and two judges rejected all the arguments of Lanchi’s defense and sentenced him to death. Apart from loan, other charges like bribery, embezzlement, fraud and violation of banking laws have also been issued against 85 people.
Lan Hicha was charged with fraud involving a thinly veiled or real estate company worth $12 billion. This scam would have cost about 3 percent of the country’s gross national product, the Associated Press reported, quoting Vietnam’s Thanh Ninh. Vietnam is accused of illegally taking control of the Saigon Joint Stock Commercial Bank by luring government officials between 2012 and 2022. The stalling of the anti-corruption campaign in the country in mid-2022 would have been the most high-profile action.
Fashichi education on corruption
The anti-corruption education launched in Vietnam is considered a part of the national campaign against corruption. Many officials and business people have been affected by this campaign. This case is considered an important step against corruption in Vietnam.
Last month, Vo Van Thuong resigned after being caught in the anti-corruption campaign. Van Thinh Phat Hei is one of the richest real estate companies in Vietnam. Their buildings include luxury residential buildings, offices, shopping centers and hotels. About 1,300 property companies withdrew from the Vietnamese real estate market last year, dealing a major blow to the region.
BREAKING: Vietnam sentences real estate tycoon Truong My Lan to death in its largest ever fraud case
— The Associated Press (@AP) April 11, 2024
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