this post was submitted on 11 Apr 2024
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[–] [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.