११ एप्रिल, २०२४

"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).

३६ टिप्पण्या:

rehajm म्हणाले...

Vietnamese Dong…teehee

Achilles म्हणाले...

""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 म्हणाले...

Nice work by the bank examiners in missing this scam.

Dumb commies.

Narayanan म्हणाले...

did she default on any repayment installment?

Leland म्हणाले...

I'm skeptical.

FullMoon म्हणाले...

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

Rabel म्हणाले...

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

How do you say baksheesh in Vietnamese?

Joe Smith म्हणाले...

"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 म्हणाले...

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 म्हणाले...

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

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

Jupiter म्हणाले...

At some point, you have enough money.

Jamie म्हणाले...

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 म्हणाले...

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

Aggie म्हणाले...

"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 म्हणाले...

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 म्हणाले...

Ho Lee Fuk

traditionalguy म्हणाले...

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

Kakistocracy म्हणाले...

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 म्हणाले...

SBF must be glad he is not Vietnamese.

Kakistocracy म्हणाले...

“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 म्हणाले...

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 म्हणाले...

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

Candide म्हणाले...

No Bidens have been involved… so far

Josephbleau म्हणाले...

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 म्हणाले...

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 म्हणाले...

News flash....

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

Paul म्हणाले...

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

So it ain't a big dong.

Mason G म्हणाले...

"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 म्हणाले...

Dave Begley: "Dumb commies."

No worse than our commies.

Bunkypotatohead म्हणाले...

Pigs get slaughtered.

GrapeApe म्हणाले...

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 म्हणाले...

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 म्हणाले...

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

rwnutjob म्हणाले...

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 म्हणाले...

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 म्हणाले...

To commit a crime is one thing.

To embarrass the state is unforgivable.