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.
Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
Staff and shoppers return to 'somber' Sydney shopping mall 6 days after mass stabbings
As Ben Affleck's daughter comes out as 'Fin', why are so many A
Mystery artist who erected signs comparing pothole
More people are evacuated after the dramatic eruption of an Indonesian volcano
Scientists uncover missing link between junk food and cancer
Staff and shoppers return to 'somber' Sydney shopping mall 6 days after mass stabbings
'The Apprentice,' about a young Donald Trump, premieres in Cannes
Maurizio Cattalan, Zoe Soldana collaborate in iconoclastic Vatican exhibition inside women’s prison