Truong My Lan, the chairwoman of Vietnamese developer Van Thinh Phat, has been sentenced to death for masterminding a multi-billion-dollar fraud, state-controlled media reported Thursday.
Judges at Ho Chi Minh City’s People’s Court said she was guilty of bribery, embezzlement and violating banking regulations.
Lan owned a 91.5% stake in Saigon Commercial Bank and, over the course of 10 years, ordered bank officials to approve more than 2,500 loans to shell companies she controlled, causing the bank to lose the equivalent of US$27 billion.
Lan ordered subordinates to bribe auditors at the State Bank of Vietnam to cover her tracks.
Head banking inspector Do Thi Nhan received $5.2 million in bribes, while deputy chief inspector Nguyen Van Hung received $300,000, state media said.
A family member told Reuters Lan planned to appeal the verdict.
Edited by Elaine Chan.
Iris Law catches the eye in a semi
'Not just Māori but all of us'
Man accused of Ellerslie murder named
China beats Indonesia to claim its 16th Uber Cup title
Fashion designer Kate Sylvester to close the business after three decades
Port Hills: Fire crews sent to investigate after reports of smoke
TikTok is facing a ban in the United States. What would that mean for New Zealand?
Donald Trump moves much of his White House campaign to New York
Mediaworks data breach: Hackers email victims, demanding $820
Atlanta to pay $3.8 million to family of church deacon who died in struggle with officer
Ukraine war: Five dead and a million without power after wave of Russian strikes