this post was submitted on 11 Apr 2024
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[–] [email protected] 10 points 7 months ago (2 children)

Eighty-five others were tried with Truong My Lan

All of the defendants were found guilty.

Uh... either the scale of fraud is huge, at the level of a crime syndicate, or they are convicting some innocent people. Usually the government overcharges people to encourage confessions, leading to some people being found innocent.

Do we really think the Vietnamese prosecutors are the best in the world? Maybe the jury really hated these people.

[–] [email protected] 37 points 7 months ago (1 children)

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.

They accused her of using that power to appoint her own people as managers, and then ordering them to approve hundreds of loans to the network of shell companies she controlled.

The amounts taken out are staggering. Her loans made up 93% of all the bank's lending.

The scale of fraud was huge.

[–] [email protected] 8 points 7 months ago

She was a nobody in the 80s. The Mafia wishes they were this successful.

This is only possible with a corrupt system enabling behavior like this. I can see why Prime Ministers were caught up in this.

[–] [email protected] 3 points 7 months ago (1 children)

The Vietnamese government is highly corrupt, the billionaire could probably pay them off.

[–] [email protected] 8 points 7 months ago (1 children)

I read in a separate article that basically that's how she got to where she is. A bunch of people that took bribes over the years are also going to jail. This is supposedly the Vietnamese government trying to fight that corruption. !remindme 5years to see how it works out...

[–] [email protected] 2 points 7 months ago

For the sake of VN and its citizens, I hope they rid all the corruption.