Connect with us

Hi, what are you looking for?


Female billionaire sentenced to death for looting $44bn from Vietnam bank

A Vietnamese billionaire, Truong My Lan, has been sentenced to death for looting one of Vietnam’s largest banks for 11 years.

Truong My Lan, 67, was sentenced to death on Thursday, April 11, at the stately yellow portico of the colonial-era courthouse in Ho Chi Minh City.

The 67-year-old Vietnamese property developer is one of the very few women in Vietnam to be sentenced to death for a white-collar crime.

Truong My Lan was convicted of taking out $44 billion (£35 billion) in loans from the Saigon Commercial Bank. The verdict requires her to return $27 billion, a sum prosecutors said may never be retrieved.

Some believe the death penalty is the court’s way of trying to encourage her to return some of the missing billions.

About 2,700 people were summoned to testify during the trial, while 10 state prosecutors and around 200 lawyers were involved. The evidence was in 104 boxes weighing a total of six tonnes, while 85 defendants were tried with Truong My Lan, who denied the charges.

“There has never been a show trial like this, I think, in the communist era,” said David Brown, a retired US State Department official with long experience in Vietnam. “There has certainly been nothing on this scale.”

The trial was the most dramatic chapter so far in the “Blazing Furnaces” anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


You May Also Like


By Cyprian Nwodo The recent activities of some individuals with one Davids Iyida attempting to sabotage the MoMo Payment Service Bank project intended to...


Google I/O 2024 showcased Google’s commitment to transforming the search experience through AI innovations. Here’s a breakdown of the key announcements: Gemini 1.5 Pro and...


Justice Emeka Nwite of the Federal High Court Abuja, has dismissed the bail application of an Executive of Binance Holdings Limited, Tigran Gambaryan. Justice...


Omoniyi Ibietan, Head Media Relations at the Nigerian Communications Commission, fellow of the Nigerian Institute of Public Relations (NIPR) and African Public Relations Association...