Vietnam, the entrepreneur Truong My Lan sentenced to death for tax fraud. It had 3% of the country's GDP
It's the biggest case of financial fraud in Vietnamworth 12.5 billion dollars, and one of the largest in the world, which led to the death sentence of the real estate entrepreneur Truong My Lanfound guilty of having obtained loans for 44 billion dollars from the for eleven years Saigon Commercial Bank.
The ruling issued by the Ho Chi Minh City court deems the 67-year-old businesswoman unable to repay as much as 27 billion dollars. President of the important real estate company Van Thinh Phatwas found guilty of misappropriation, corruption And violation of banking rules. His lawyers have 15 days to appeal.
As reported by AdnKronos, in 2011, Truong My Lan arranged the merger of three smaller, cash-strapped banks into one larger entity: the Saigon Joint Stock Commercial Bank. The businesswoman held control of the bank in violation of banking laws between 2012 and 2022 to divert funds through thousands of ghost company and paying bribes to government officials.
The value of his alleged appropriation of goods was equivalent to about 3% of Vietnam's gross domestic product in 2022, and prosecutors said they seized more than a thousand properties belonging to her. She was arrested in October 2022.
Vietnamese law prohibits anyone from holding more than 5% of the shares of any bank. According to prosecutors, through hundreds of companies and individuals acting as his proxies, Truong My Lan owned more than 90% of Saigon Commercial Bank.
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