Female billionaire sentenced to death for looting $44bn from Vietnam bank

Billionaire woman sentenced to death for looting $44 billion from Vietnam bank

A Vietnamese billionaire, Truong My Lan, was sentenced to death for looting one of Vietnam's largest banks over 11 years.

Truong My Lan, 67, was sentenced to death on Thursday, April 11, in the imposing yellow portico of the colonial-era courthouse in Ho Chi Minh City.

The 67-year-old Vietnamese real estate developer is one of the few women in Vietnam to be sentenced to death for a white-collar crime.

Truong My Lan was convicted of taking out $44 billion (£35 billion) in loans from Saigon Commercial Bank. The verdict requires her to pay back $27 billion, an amount prosecutors said may never be recovered.

Some believe the death penalty is the court's way of trying to encourage her to return some of the missing billions.

Around 2,700 people were called to testify during the trial, while 10 state prosecutors and around 200 lawyers were involved. The evidence was in 104 boxes with a total weight of six tons, while 85 defendants were tried with Truong My Lan, who denied the charges.

“I don’t think there’s ever been a show trial like this in the communist era,” said David Brown, a retired U.S. State Department official with long experience in Vietnam. “There certainly hasn’t been anything on this scale.”

The trial was the most dramatic chapter yet in the “Burning Furnaces” anti-corruption campaign led by Communist Party General Secretary Nguyen Phu Trong.

Source: www.lindaikejisblog.com

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