Trial begins in Vietnam’s largest, multibillion-dollar financial scam

Trial begins in Vietnam's largest, multibillion-dollar financial scam

If proven, it might be one of Asia’s biggest economic thefts. For starters, just about US$ 4.5 billion was involved in Malaysia’s 1MDB bribery scandal.

According to common authorities, Lan appropriated large sums of money by arranging unlawful money to shell companies between early 2018 and October 2022, when SCB was bailed out by the state after a move on its payments.

According to the authorities, buyers of securities issued by Van Thinh Tubby, Lan’s real estate firm, lost another US$ 1.2 billion.

Lan has long played a significant role in Vietnam’s banking industry and spearheaded the merger of SCB with another two lenders in 2011 in a strategy coordinated with the central bank to save the troubled bankers.

According to investigators and the general public, she has many assets overseas and owns many properties in Ho Chi Minh City’s wealthiest area.

According to public records, leading international auditors like Ernst &amp, Young, and KPMG did not mention the banks in their reviews. They did not respond to comments made.

Lan is even accused of giving money and of breaking banking laws, along with other charges of embezzlement. She runs the risk of getting executed.

15 central bank officials are named as accused, along with a top investigator who is accused of extorting Lan for US$$ 5 million.

Despite years of the anti-graft plan known as the “blazing furnace,” corruption persists in the Southeast Asian nation, leaving some to wonder what led to any imprisonment.

According to a report released in March 2023 by the United Nations Development Programme and other organizations, up to 90 % of land certificate candidates received bribes.

According to the report,” Bribe-taking amounts that would trigger citizens ‘ denunciations ranged between 20 million dong ( US$ 840 ) and 43 million dong ( US$ 840 ), indicating citizens ‘ levels of tolerance for bribe-taking acts,” with the upper amount being five times the average monthly salary in the nation.