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  • Writer's pictureBy The Financial District

Trial Of Vietnam's Largest Financial Fraud Case Begins

The trial in Vietnam's largest financial fraud case on record began on Tuesday, with nearly 90 defendants accused of being part of a $12 billion scam, for which some of them risk the death penalty, as reported by Francesco Guarascio for Reuters.


The trial for the chairwoman of real estate developer Van Thinh Phat Holdings Group is unprecedented for its scale. I Photo: Union Square Vietnam



The trial, expected to last until the end of April at the People's Court of Ho Chi Minh City, is part of a much wider campaign against corruption in the country which the leader of the ruling Communist Party, Nguyen Phu Trong, has pledged for years to stamp out, with no tangible results yet.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The drive has led to some high-profile arrests and the resignation of top figures, including the country's former president last year, but the trial for the chairwoman of real estate developer Van Thinh Phat Holdings Group is unprecedented for its scale.


Thousands expected to be summoned and about two hundred lawyers participating in the proceedings, according to state media.


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Real estate tycoon Truong My Lan and her accomplices are accused of siphoning off 304 trillion dong ($12.46 billion) from the country's largest bank by assets, Saigon Joint Stock Commercial Bank (SCB), which Lan effectively controlled through dozens of proxies.


If proven, it could be one of the largest financial frauds in Asia.


Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

Malaysia's 1MDB corruption scandal involved, for instance, only about $4.5 billion. Among the other defendants are Lan's husband, a Chinese national, and 15 central bank officials, including a senior inspector accused of taking bribes worth $5.2 million from Lan.




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