April 11, 2024

"It's a rare verdict - she is one of very few women in Vietnam to be sentenced to death for a white collar crime...."

"Truong My Lan was convicted of taking out $44bn (£35bn) in loans from the Saigon Commercial Bank.... The habitually secretive communist authorities were uncharacteristically forthright about this case.... They said 2,700 people were summoned to testify.... Vietnamese law prohibits any individual from holding more than 5% of the shares in any bank. But prosecutors say that through hundreds of shell companies and people acting as her proxies, Truong My Lan actually owned more than 90% of Saigon Commercial.... Her loans made up 93% of all the bank's lending.... According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement. That much cash, even if all of it was in Vietnam's largest denomination banknotes, would weigh two tonnes."

From "Truong My Lan: Vietnamese billionaire sentenced to death for $44bn fraud" (BBC).

36 comments:

rehajm said...

Vietnamese Dong…teehee

Achilles said...

""It's a rare verdict - she is one of very few women in Vietnam to be sentenced to death for a white collar crime....""

Meanwhile the US Fed and BLS just make up numbers and help "Super Users" steal trillions.

Dave Begley said...

Nice work by the bank examiners in missing this scam.

Dumb commies.

Narayanan said...

did she default on any repayment installment?

Leland said...

I'm skeptical.

FullMoon said...

Well, ya gotta hand it to her...credit where credit is due

Rabel said...

"Nice work by the bank examiners in missing this scam."

How do you say baksheesh in Vietnamese?

Joe Smith said...

"According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank..."

I'm not a financial wizard, but does this mean she went long on the dong?

john mosby said...

Did you hear that there’s going to be a Vietnamese remake of “Yojimbo?”

Working title is “A Fistful of Dong.”

I’ll see myself out….

JSM

Fred Drinkwater said...

A chauffeur withdrawing billions of dollars from a bank. No questions asked?

Fiction, you know, has to make sense. Reality doesn't.

Jupiter said...

At some point, you have enough money.

Jamie said...

I mean, this is clearly newsworthy... but it serves the secondary purpose of making the $500,000,000 judgment against Trump seem, you know, not that bad. Right?

RCOCEAN II said...

She wasn't a humanitarian like Samual Bankman-Fried or as his friends call him "SBF".

Aggie said...

"The decision is a reflection of the dizzying scale of the fraud. " What a remarkable story. Vast sums of money and yet no description of the actual crime, just allusions to loans for property development. On the face of it, the crime appears to be ownership of a bank through shell companies, to secure loans that have not been repaid - but it doesn't actually say that. "All of the (86) defendants were found guilty". But it doesn't say, of what !

What was the crime, besides being too rich, too influential, in a communist country? It reads like a state purge.

Deep State Reformer said...

Le recours aux pelotons d'exécution encouragerait les autres? Now you're talking. Shooting crooked oligarchs would likely be far more effective than the Sarbannes-Oxley law has been. One of Putin's first big reforms was exiling or jailing all the oligarchs in Russia. Just sayin'.

BarrySanders20 said...

Ho Lee Fuk

traditionalguy said...

Do we have a Guinness World Record here? Even Biden is a poor second.

Rich said...

You just cannot embezzle 12bn over 10 years in a country like Vietnam without approval (and involvement) of the political top brass. Looks like Xi-style corruption purge (aka corruption for my pals only) .

mongo said...

SBF must be glad he is not Vietnamese.

Rich said...

“She wasn't a humanitarian like Samual Bankman-Fried or as his friends call him "SBF”.”

At least somebody somewhere is tough on white collar crime.

Josephbleau said...

I did some industrial work in Vietnam a few years ago. They are pretty capitalistic in behavior, more so than in China. Elites still have French sensibilities due to colonial times. I think her crime mas making the government look stupid and incompetent, so she needed to bite the big one.

Big Mike said...

If Vietnam asks us to extradite Sam Bankman-Fried, I think we should do it.

Candide said...

No Bidens have been involved… so far

Josephbleau said...

I don't know why the article said Saigon Bank instead of the government approved Ho Chi Min City Bank. Saigon does not exist.

Wince said...

Jamie, Trump’s loans were true arms length transactions, no bribes and they were repaid in full with interest.

The article speculates the death sentence is to incentivize her returning the money.

Paul said...

News flash....

1 Vietnamese dong equals 0.000040 United States Dollar! $4bn dong ain't that much.

Paul said...

So 1000 US dollars = 24,990,800 dong (1 buck = 24,990 VND)

So it ain't a big dong.

Mason G said...

"What was the crime, besides being too rich, too influential, in a communist country?"

Or in a nominally capitalist country, in a progressive state like New York, one might also ask.

Drago said...

Dave Begley: "Dumb commies."

No worse than our commies.

Bunkypotatohead said...

Pigs get slaughtered.

GrapeApe said...

This little piggy went to market. These little Vietnamese piggies aren’t that big, so of course they cry wee, wee, wee all the way home.

Rusty said...

Jamie said...
"I mean, this is clearly newsworthy... but it serves the secondary purpose of making the $500,000,000 judgment against Trump seem, you know, not that bad. Right?"

Only if you're stupid.

Josephbleau said...

She had 108 trillion dong equal to 4 billion US dollars.

rwnutjob said...

While the junta is forgiving student loans to get elected, Vietnam has a different view.

Love this description of:

"the Communist Party Secretary-General, Nguyen Phu Trong.

A conservative ideologue steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party's monopoly on power."

eyeroll

MadTownGuy said...

These are the crime categories subject to the death penalty in Vietnam's Penal Code:

XIII - Crimes of Infringing Upon National Security

XIV - Crimes of Infringing Upon Human Life, Health, Dignity and Honor

XV - Crimes of Infringing Upon Citizens' Democratic Freedoms (N/A)

XVI - Crimes of Infringing Upon Ownership Rights

XVII - Crimes of Infringing Upon the Marriage and Family Regimes
(N/A)

XVIII - Crimes of Infringing Upon the Economic Management Order

XIX - Environment-related Crimes
(N/A)

XX - Narcotics-related Crimes

XXI - Crimes of Infringement Upon Public Safety, Public Order

XXII - Crimes of Infringing Upon Administrative Management Order
(N/A)

XXIII - Crimes Relating to Position

XXIV - Crimes of Infringing Upon Judicial Activities
(N/A)

XXV - Crimes of Infringing Upon the Duties and Responsibilities of Army Personnel

XXVI - Crimes of Undermining Peace, Against Humanity and War Crimes

Source: Capital Punishment in Vietnam

I'm guessing that Section XVIII is applicable, but it's their regime so I don't know for sure.

NMObjectivist said...

To commit a crime is one thing.

To embarrass the state is unforgivable.