Author: Jonathan Head and Thu Bui
Role: BBC News, Bangkok
Published: 1 hour ago
In a dramatic trial that has captured the attention of the world, a 67-year-old Vietnamese real estate developer has been sentenced to death for one of the biggest banking frauds ever seen. Truong My Lan was convicted of looting Saigon Commercial Bank (SCB) of $44 billion over an 11-year period.
The verdict requires her to repay $27 billion, a sum that prosecutors fear may never be recovered. This rare death penalty sentence for a white-collar crime highlights the magnitude of the fraud that took place behind the scenes in one of Vietnam’s largest banks.
The trial, held at the colonial-era Courthouse in Ho Chi Minh City, involved 85 defendants, all accused of being part of the massive fraud scheme orchestrated by Truong My Lan. The Communist authorities were unusually open about the case, providing minute details to the media and taking a strong stance against corruption in the country.
This trial is part of the broader anti-corruption campaign led by Communist Party General Secretary Nguyen Phu Trong. This campaign has led to the resignation and removal of top officials, including presidents and deputy prime ministers, who were implicated in corrupt activities.
Truong My Lan’s case sheds light on the deep-rooted corruption in Vietnam’s business and political circles. The trial revealed how she used her influence to control SCB, approving loans to shell companies she owned and withdrawing billions of dollars in cash from the bank.
The trial also raises questions about how such fraud was able to continue for so long without being detected. Experts suggest that powerful figures in business and politics may have protected Truong My Lan, allowing her to exploit the banking system for personal gain.
As Vietnam grapples with a delicate balance between economic growth and corruption, the outcome of this trial will have far-reaching implications for the country’s future development. The case serves as a stark reminder of the challenges faced by the Vietnamese government in combating corruption while ensuring continued economic prosperity.
The verdict in Truong My Lan’s trial is a significant step in the anti-corruption campaign led by General Secretary Nguyen Phu Trong, signaling the government’s commitment to rooting out corruption at all levels.