Skip to content
Search

Latest Stories

Vietnamese property tycoon sentenced to death for corruption case of £21 billion

The scam resulted in damages totalling £21 billion, which is roughly equivalent to 6 per cent of Vietnam’s 2023 GDP.

Vietnamese property tycoon sentenced to death for corruption case of £21 billion

Truong My Lan, a prominent Vietnamese property tycoon and chair of major developer Van Thinh Phat, has been sentenced to death in a large-scale corruption case that caused an estimated £21 billion in damages.

A panel of three jurors and two judges in Ho Chi Minh City found Lan guilty of swindling cash from Saigon Commercial Bank (SCB) over a decade, dismissing all defence arguments.


The court stated that Lan's actions "eroded people's trust in the leadership of the (Communist) Party and state." Lan embezzled £9.96 billion in corruption, but the total damages caused by the scam amounted to £21 billion, equivalent to around 6 per cent of Vietnam's 2023 GDP. The court ordered Lan, 67, to pay nearly the entire amount in compensation.

The five-week trial concluded with sentences for 85 other individuals, including charges of bribery, abuse of power, and banking law violations. Four received life imprisonment, while others were given jail terms ranging from 20 years to three years suspended. Lan's husband, Hong Kong billionaire Eric Chu Nap Kee, received a nine-year sentence.

Lan's arrest in October 2022 sparked protests in Hanoi and Ho Chi Minh City, an unusual occurrence in the one-party communist state. Police identified around 42,000 victims of the corruption scandal, which shocked the Southeast Asian country.

Nga, a 67-year-old Hanoi resident, expressed her disappointment with the death sentence, stating she hoped for life imprisonment so Lan could witness the suffering caused to ordinary people. Nga has been unable to retrieve the £95,560 she invested with SCB.

Lan was accused of setting up fake loan applications to withdraw money from SCB, where she held a 90 per cent stake. Police claim the scam's victims are SCB bondholders who have been unable to withdraw their funds since Lan's arrest.

The trial revealed the largest bribe ever recorded in Vietnam: £4.1 million allegedly given by Lan and some SCB bankers to state officials to hide the bank's financial troubles. Do Thi Nhan, the former head of the State Bank of Vietnam's inspection team, received a life sentence for receiving bribes.

Since 2021, Vietnam's corruption crackdown has seen more than 4,400 people indicted in over 1,700 graft cases. In a related development, Do Anh Dung, head of the Tan Hoang Minh group, was sentenced to eight years in prison last month for his role in a £283 million bond scam.

More For You

Car Tax Changes: EV Owners Now Required to Pay for the First Time

Owners of electric vehicles registered on or after 1 April 2025 will pay £10 for the first year, followed by the standard VED rate of £195 from the second year. (Representational image: iStock)

iStock

Car tax changes take effect: EV owners to pay for first time

FROM today, 1 April 2025, electric cars, vans, and motorcycles in the UK will be subject to Vehicle Excise Duty (VED) for the first time.

The change, introduced in the 2022 Autumn Statement by former Conservative Chancellor Jeremy Hunt, aims to make motoring taxation fairer.

Keep ReadingShow less
scotland-minimum-wages-iStock

Full-time workers on the National Living Wage will receive an annual pay increase of £1,400 in real terms. (Representational image: iStock)

iStock

Wage increase takes effect for thousands of workers in Scotland

HUNDREDS of thousands of workers in Scotland will see a pay increase as new National Living Wage and National Minimum Wage rates take effect from Tuesday.

The changes will benefit approximately 220,000 people, according to STV News.

Keep ReadingShow less
uk-energy-bill-iStock

Water bills, energy prices, and council tax are rising, while the minimum wage has also increased (Representational image: iStock)

iStock

April bill increases put financial strain on single parents

A RANGE of essential household bills are increasing from April, with Citizens Advice warning that single parents will be among the hardest hit.

Water bills, energy prices, and council tax are rising, while the minimum wage has also increased, BBC reported.

Keep ReadingShow less
Netflix drama Adolescence to be screened in UK schools
Stephen Graham and Owen Cooper in 'Adolescence'
Netflix

Netflix drama Adolescence to be screened in UK schools

THE NETFLIX drama Adolescence will be shown in UK secondary schools as part of efforts to address harmful online influences on young boys, officials announced on Monday.

The show has sparked debate over the impact of toxic and misogynistic content on the internet. Prime minister Keir Starmer met the show's creators, charities, and young people at Downing Street, calling the initiative an important step in starting discussions about the content teenagers are exposed to online.

Keep ReadingShow less
Sanger-Tribute

Indian high commissioner Vikram Doraiswami speaking at the memorial.

Bhavan London pays tribute to Joginder Sanger

BHAVAN LONDON held a tribute event on 27 March to honour Joginder Sanger, a British Indian hotelier and philanthropist who passed away at 82 on 28 February.

Sanger, born in Jalandhar, India, established several London hotels, including the Washington Mayfair Hotel, Courthouse Hotels in Soho and Shoreditch, and the Bentley in Kensington.

Keep ReadingShow less