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BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityAsiaChinaIndiaTruong My Lan: Vietnamese billionaire sentenced to death for $44bn fraudPublished29 minutes agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, Truong My Lan is accused of looting one of Vietnam’s largest banks over a period of 11 yearsBy Jonathan Head & Thu BuiIn BangkokIt was the most spectacular trial ever held in Vietnam, befitting one of the greatest bank frauds the world has ever seen. Behind the stately yellow portico of the colonial-era courthouse in Ho Chi Minh City, a 67-year-old Vietnamese property developer was sentenced to death on Thursday for looting one of the country’s largest banks over a period of 11 years.The numbers involved are dizzying. Truong My Lan was convicted for taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. Prosecutors said $27bn may never be recovered.The habitually secretive communist authorities were uncharacteristically forthright about this case, going into minute detail for the media. They said 2,700 people were summoned to testify, while 10 state prosecutors and around 200 lawyers were involved. The evidence was in 104 boxes weighing a total of six tonnes. Eighty-five defendants were tried with Truong My Lan, who denied the charges. “There has never been a show trial like this, I think, in the communist era,” says David Brown, a retired US state department official with long experience in Vietnam. “There has certainly been nothing on this scale.”The trial was the most dramatic chapter so far in the “Blazing Furnaces” anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong. A conservative ideologue steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party’s monopoly on power. He began the campaign in earnest in 2016 after out-manoeuvring the then pro-business prime minister to retain the top job in the party. Image source, Getty ImagesThe campaign has seen two presidents and two deputy prime ministers forced to resign, and hundreds of officials disciplined or jailed. Now one of the country’s richest women has joined their ranks. Truong My Lan comes from a Sino-Vietnamese family in Ho Chi Minh City, formerly Saigon. It has long been the commercial engine of the Vietnamese economy, dating well back to its days as the anti-communist capital of South Vietnam, with a large, ethnic Chinese community. She started as a market stall vendor, selling cosmetics with her mother, but began buying land and property after the Communist Party ushered in a period of economic reform, known as Doi Moi, in 1986. By the 1990s, she owned a large portfolio of hotels and restaurants.Although Vietnam is best known outside the country for its fast-growing manufacturing sector, as an alternative supply chain to China, most wealthy Vietnamese made their money developing and speculating in property. All land is officially state-owned. Getting access to it often relies on personal relationships with state officials. Corruption escalated as the economy grew, and became endemic. By 2011, Truong My Lan was a well-known business figure in Ho Chi Minh City, and she was allowed to arrange the merger of three smaller, cash-strapped banks into a larger entity: Saigon Commercial Bank. 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. Vietnam secret document warns of ‘hostile forces’Xi in Vietnam to rekindle a love-hate relationshipUS denies Cold War with China in historic Vietnam visitAccording to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement. That much cash, even if all of it was in Vietnam’s largest denomination banknotes, would weigh two tonnes. She was also accused of bribing generously to ensure her loans were never scrutinised. One of those who was tried used to be a chief inspector at the central bank, who was accused of accepting a $5m bribe.The mass of officially sanctioned publicity about the case channelled public anger over corruption against Truong My Lan, whose haggard, unmade-up appearance in court was in stark contrast to the glamorous publicity photos people had seen of her in the past. But questions are also being asked about why she was able to keep on with the alleged fraud for so long.Image source, Getty Images”I am puzzled,” says Le Hong Hiep who runs the Vietnam Studies Programme at the ISEAS – Yusof Ishak Institute in Singapore. “Because it wasn’t a secret. It was well known in the market that Truong My Lan and her Van Thinh Phat group were using SCB as their own piggy bank to fund the mass acquisition of real estate in the most prime locations. “It was obvious that she had to get the money from somewhere. But then it is such a common practice. SCB is not the only bank that is used like this. So perhaps the government lost sight because there are so many similar cases in the market.”David Brown believes she was protected by powerful figures who have dominated business and politics in Ho Chi Minh City for decades. And he sees a bigger factor in play in the way this trial is being run: a bid to reassert the authority of the Communist Party over the free-wheeling business culture of the south.”What Nguyen Phu Trong and his allies in the party are trying to do is to regain control of Saigon, or at least stop it from slipping away. “Up until 2016 the party in Hanoi pretty much let this Sino-Vietnamese mafia run the place. They would make all the right noises that local communist leaders are supposed to make, but at the same time they were milking the city for a substantial cut of the money that was being made down there.”At 79 years old, party chief Nguyen Phu Trong is in shaky health, and will almost certainly have to retire at the next Communist Party Congress in 2026, when new leaders will be chosen. He has been one of the longest-serving and most consequential secretary-generals, restoring the authority of the party’s conservative wing to a level not seen since the reforms of the 1980s. He clearly does not want to risk permitting enough openness to undermine the party’s hold on political power. But he is trapped in a contradiction. Under his leadership the party has set an ambitious goal of reaching rich country status by 2045, with a technology and knowledge-based economy. This is what is driving the ever-closer partnership with the United States. Yet faster growth in Vietnam almost inevitably means more corruption. Fight corruption too much, and you risk extinguishing a lot of economic activity. Already there are complaints that bureaucracy has slowed down, as officials shy away from decisions which might implicate them in a corruption case.”That’s the paradox,” says Le Hong Hiep. “Their growth model has been reliant on corrupt practices for so long. Corruption has been the grease that that kept the machinery working. If they stop the grease, things may not work any more.”Related TopicsVietnamAsiaMore on this storyVietnam’s president out after just year in officePublished21 MarchPower shift in Vietnam as president quitsPublished17 January 2023Top StoriesBiden vows ‘ironclad’ support for Israel amid Iran attack fearsPublished10 minutes agoDazzling artwork found at ancient city of PompeiiPublished3 hours agoPressure grows to rethink rough sleeping clampdownPublished9 hours agoFeaturesHow gang violence gripped a tourist havenWhat is the minimum salary UK visa applicants need?Arizona pushes abortion to centre stage of 2024The Papers: ‘Iron clad’ Biden support and ‘radical NHS plan’All you need to know for tonight’s Bafta Games AwardsListen: How will Labour plug the gap in NHS funding?AttributionSoundsWas South Korea’s president thwarted by a spring onion?The Indian men traumatised by fighting for RussiaLocal elections 2024: Is there an election in my area?Elsewhere on the BBCA man from 1979 takes on the modern worldSurely things can’t have changed that much? 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[ad_1] Truong My Lan started life as a market trader. Now, she has been convicted of stealing billions.
![BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaSenegal President Macky Sall rejects blame for election chaosPublished46 minutes agoShareclose panelShare pageCopy linkAbout sharingThis video can not be playedTo play this video you need to enable JavaScript in your browser.Media caption, Senegal President Macky Sall: ‘I will not apologise because I did nothing wrong’By Waihiga Mwaura & Wedaeli ChibelushiBBC News, Dakar and LondonSenegal’s president has told the BBC he does not regret delaying this year’s elections, a move that sparked deadly protests.Macky Sall said he did not make the decision alone – he was responding to concerns raised by parliamentarians.After a violent backlash, many feared the relatively stable nation was slipping into political crisis.But the attempt to push the election back by 10 months was blocked by Senegal’s top court.The vote will now take place on Sunday – a month after it was initially due.”I have no apology to make, I have done nothing wrong,” President Sall told the BBC. “All the actions that have been taken have been within the framework of the law and regulations.” Live updates from across AfricaSenegal election crisis: ‘We feel betrayed by President Macky Sall’With just three weeks to go before the 25 February election, Mr Sall announced that it would be delayed, a move that was later approved by parliament.Critics accused Mr Sall of trying to stay on beyond his term of office, which the president denied. He argued that the delay was needed to resolve a dispute over the eligibility of presidential candidates.He says it was opposition politicians who raised these concerns.”If it had not been for the National Assembly which passed the law, which referred it to me, there would not have been the postponement of the election,” he said.Mr Sall’s announcement sparked violent clashes between police and protesters, in which three people died.Many feared that Senegal’s reputation as a bastion of democracy in an unstable region was on the line.Image source, AFPImage caption, The president’s plans to delay the election sparked widespread protestsSenegal has had three peaceful handovers of power since independence and is the only country in mainland West Africa that has not experienced a coup.Mr Sall told the BBC that the recent unrest “shows that there was an information campaign targeting Senegal and its president”, as there is “just one month” between the original election date and when the vote will now take place.He added: “I am truly surprised by the value judgements made about me. If I wanted to stay, I would simply be a candidate. In Africa, everyone can have five terms if they wanted. “If that had been my decision, no-one could have stopped me, except the Senegalese people who vote.”Last week, Senegal’s main opposition leader and one of Mr Sall’s fiercest critics Ousmane Sonko and his party’s presidential candidate Bassirou Diomaye Faye were released from prison under a presidential amnesty.Mr Sonko has been prosecuted on a series of charges, all of which he says were politically motivated as a way of excluding him from the election.Because of a conviction of immoral behaviour with a minor, he was barred from contesting and Mr Faye is standing in his place.Some leading opposition candidates were also excluded from the previous election in 2019.But President Sall denied that the charges against his rivals were politically motivated. “It is not because you are a politician that you should not answer for your actions before the law,” he said.He also said Mr Sonko, and others, would have been able to stand if the elections had been delayed for longer.”We would have had the possibility of having amnesty, which would have given them back a certain number of rights,” Mr Sall said.President Sall has served two terms in office – the maximum allowed by Senegal’s constitution.In his interview with the BBC, he repeated his pledge not to overstay.”If the next president is not elected on the 24th [March], I’m leaving on 2 April regardless. That is the deadline, and I don’t intend to stay on another day,” he said.Amadou Ba, who was Mr Sall’s prime minister until he stood down to campaign, and Mr Faye are seen as the favourites among the 19 candidates.If none of them gains more than 50% of the vote, there will be a second round.More on Senegal’s 2024 election:’If I were president’: Senegalese children organise own pollOusmane Sonko: Senegalese youth hero or rabble-rouser?Related TopicsMacky SallTop StoriesLive. Varadkar resigns as taoiseach for ‘personal and political’ reasonsFamine looms in Sudan as civil war survivors tell of killings and rapesPublished12 hours agoLive. Sunak and Starmer argue over economy and Rwanda plan at PMQsFeaturesBafta TV Awards: The list of nominationsHow Kate body-double conspiracy theory spread on social mediaI took three bullets to stop Princess Anne’s kidnap. 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