A billionaire was sentenced to death in Vietnam for defrauding thousands of savers

In the most sensational trial ever in Vietnam, Truong My Lanone of the richest women in the country, is a 67-year-old real estate developer Sentenced to deathThis Thursday, one of the largest banks in Vietnam was plundered for more than a decade.

The verdict will be announced one month after the trial He is accused of corruption, embezzlement, and violating the banking law.

The sentence, which is very rare in crimes of an economic nature, is a reflection of the sheer scale of the frauds committed: more than 40,000 million euros Contracting loans from Commercial Bank of Saigon. The ruling also requires the woman's return 25,000 million euros.

She denied everything and blamed her subordinates.

Historical fraud

It is undoubtedly one of the largest bank frauds Vietnam has ever seen, with the communist regime, which is not usually accustomed to giving explanations for anything, providing minute details to the media. In this case, for example, they were called to testify 2700 people And I participated 10 plaintiffs The state and some 200 lawyers.

The trial was, by far, the most brutal episode of its kind Anti-corruption campaign Under the direct guidance of the Secretary General of the Communist Party, Nguyen Phu Trong. A year ago 2016 The “purge” has already led to the resignation of two presidents and two deputy prime ministers, and hundreds of officials have been tried or imprisoned for corrupt practices.

The fact is that corruption, deeply rooted in the country's political and economic system, was in a certain way threatening the Communist regime itself, which sought with this strong condemnation to halt the erosion of public confidence in the party leaders. (Communist).

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Truong My Lan, from respected businesswoman to scapegoat

Truong My Lan He comes from a city Ho Chi Minhformerly Saigon, which has long been the commercial engine of the Vietnamese economy.

Although the now-convicted woman started out, in all humility, as a market stall vendor and selling cosmetics with her mother, she soon began buying land and real estate, taking advantage of the fact that Communist Party A period of economic reform, known as Doi Moi, began in 1986. Thus, in the decade of 90She already had a large portfolio of…Hotels and restaurants.

Like some of his compatriots… My because He became wealthy by speculating in real estate in a country where land was officially owned by the state. Access often depends on personal relationships with state officials. the corruption This country grew as the economy grew, until it became… Endemic.

because I am 2011Truong My Lan was a well-known business figure in the city and was allowed to organize the conference Merger of three banks Smaller and without cash in a larger entity, and Commercial Bank of Saigon.

Vietnamese law prohibits anyone from obtaining more than 5% of the shares From any bank. But prosecutors say that through hundreds of shell companies and people acting as their representatives, Truong My Lan He already owned more than 90% of the bank.

Protected by powerful people

With this control and power, he ordered his managers to approve hundreds of loans to the network of front companies he controlled. represent their loans 93% For all bank loans.

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According to the Public Prosecution, during a period of three years from February 2019He almost ordered a withdrawal 4000 million euros Cash from the bank to keep in his basement.

The question is how could his fraudulent operations continue for so long without anyone stopping him? The answer is that it was Protected by strong personalities Business and politics, for decades.

The strong response, finally, by the authorities towards the businesswoman’s practices would also respond to the struggle of… Communist Party To control the out-of-control liberalism. In a country that fell into contradiction in dealing with corrupt practices that were at the same time the basis of its economic growth.

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