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Vietnam Property Tycoon On Trial In $12.5bn Fraud Case

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A top Vietnamese property tycoon went on trial Tuesday along with dozens of others, accused of embezzling $12.5 billion in the country’s biggest-ever fraud case.

 

Vietnam’s property tycoon Truong My Lan (C) arrives at a court in Ho Chi Minh city on March 5, 2024. A top Vietnamese property tycoon went on trial on March 5, 2024 along with dozens of others, accused of embezzling $12.5 billion in the country’s biggest ever fraud case. (Photo by AFP)

 

Truong My Lan, chair of major developer Van Thinh Phat, is said to have swindled the cash from Saigon Commercial Bank (SCB) over a decade, leaving unsuspecting investors out of pocket.

 

 

Eighty-five others are also on trial in southern business hub Ho Chi Minh City, including former central bankers, former government officials and ex-SCB executives — among them two Chinese nationals still at large, state media said.
They face charges including bribery, abuse of power, appropriation and violations of banking law.

 

 

State media on Tuesday showed pictures of dozens of vans carrying the defendants to the court where heavy security was on guard inside and out.
A total of 78 defendants were in court, with eight on the run, state media said. Police have issued international arrest warrants for the fugitives.

 

 

Police have identified around 42,000 victims of the scandal, which has shocked the country and led hundreds to stage protests in Hanoi and Ho Chi Minh City — a rarity in the one-party communist state.

 

 

Lan, who is married to a wealthy Hong Kong businessman, is accused of setting up fake loan applications to withdraw money from SCB, in which she owned a 90 per cent stake.

 

 

Police say those caught up in the scam are all SCB bondholders who cannot withdraw their money and have not received interest or principal payments since Lan’s arrest in October 2022.

The value of Lan’s alleged asset appropriation, which occurred between 2012 and 2022, was equivalent to around three per cent of Vietnam’s GDP in 2022.

 

 

Authorities have said that the $5.2 million allegedly given by Lan and some SCB bankers to state officials to conceal SCB’s violations and poor financial situation was the biggest-ever bribery sum recorded in Vietnam.

 

 

According to Ho Chi Minh City’s Law newspaper, 10 prosecutors and nearly 200 lawyers will attend the trial, while other state media reported that the court had been set up to make room for nearly 3,000 people with an interest in the case.

 

 

Documents weighing up to six tonnes will be handled in the almost two-month-long trial, the longest ever in Vietnam.

The arrests came as part of a national corruption crackdown that has swept up many officials and members of the country’s business elite in recent years.
More than 4,400 people have been indicted across more than 1,700 graft cases since 2021.

Other top business leaders targeted in the anti-corruption drive — and accused of massive fraud — include Truong Quy Thanh, the head of soft drink giant Tan Hiep Phat Group.

He is to be prosecuted along with his two daughters for allegedly appropriating $31.5m.

 

 

Do Anh Dung, chairman of developer Tan Hoang Minh Group, will also face trial for illegally acquiring $355 million in a bond sale to more than 6,500 investors.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFP

 

 

 

International News

Israel Says It had Struck Two Naval Missile Production Sites In Tehran

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The Israeli military announced on Wednesday it had struck two naval cruise missile production facilities operating under Iran’s ministry of defence in Tehran.

 

“In recent days, the Israeli air force acting on IDF intelligence struck two key naval cruise missile production sites in Tehran,” the military said.

It said the facilities were used to “develop and manufacture long-range naval cruise missiles, which are capable of rapidly destroying targets at sea and on land”.

The strikes “represent another step in deepening the damage done to the regime’s military production infrastructure”, the military added.

Last week, the military announced its fighter jets had struck several Iranian naval ships in the Caspian Sea, including vessels equipped with anti-submarine missiles.

 

 

 

 

AFP

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2025 ‘Deadliest Year’ Yet For Red Sea Migrants, UN Reports 922 Deaths

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The number of migrants who died on the “Eastern Route” from the Horn of Africa to the Arabian Peninsula doubled to a record high of 922 last year, the UN migration agency said Wednesday.

Tens of thousands of migrants from Ethiopia, Somalia and neighbouring countries take the route across the Red Sea each year, mostly from Djibouti to Yemen, in search of work as labourers or domestic workers in wealthy Gulf countries.

“2025 was the deadliest year ever recorded on the Eastern migration route… with 922 people dead or missing — double the number from the previous year,” Tanja Pacifico, head of mission for the International Organisation for Migration (IOM) in Djibouti, told AFP.

The majority of victims were from Ethiopia, the second most-populous country in Africa with more than 130 million people. It is plagued by multiple internal conflicts and deep poverty.

“IOM remains fully committed to working alongside the government of Djibouti to promote safe and dignified migration pathways, in order to prevent further tragedies,” said Pacifico.

Many migrants who cross the Red Sea find themselves stuck in Yemen, the poorest country on the Arabian Peninsula, which has been embroiled in a civil war for nearly a decade, and some even choose to return.

Rapid economic growth in Ethiopia — estimated to reach around 10 percent in 2026 — could encourage less migration, IOM says, but that is mitigated by high inflation, also around 10 percent in February.

 

AFP

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Denmark Faces Lengthy Negotiations To Form A Government

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Election workers recount ballots in the Marselisborg Hallen in Aarhus, Denmark on March 25, 2026. (Photo by Mikkel Berg Pedersen / Ritzau Scanpix / AFP) /
Election workers recount ballots in the Marselisborg Hallen in Aarhus, Denmark on March 25, 2026. (Photo by Mikkel Berg Pedersen / Ritzau Scanpix / AFP) /

Denmark’s political parties began the thorny process of forming a government Wednesday, with the centrist Moderates as kingmaker after the prime minister’s Social Democrats scraped through a general election without a majority.

Greenland’s Inuit Ataqatigiit party member Naaja Nathanielsen (C) looks on in a polling station in Nuuk, on March 24, 2026, during the parliamentary election in Denmark (Photo by Oscar Scott Carl / Ritzau Scanpix / AFP) / Denmark OUT

Danes were braced for a weeks-long process as Prime Minister Mette Frederiksen seeks to consolidate power in the deeply splintered parliament after Tuesday’s snap vote.

Denmark’s Prime Minister Mette Frederiksen arrives at Amalienborg Palace in Copenhagen to inform the king about the election result one day after the parliamentary election on March 25, 2026. (Photo by Martin Sylvest / Ritzau Scanpix / AFP) 

A left-wing bloc made up of five parties, including Frederiksen’s Social Democrats, won 84 seats; the right-wing and far-right claimed 77; and the Moderates won 14 in the election.

The Social Democrats posted their worst election score since 1903—though they remained Denmark’s largest single party, with 38 seats in the 179-seat parliament.

Chairwoman of the Social Democrats Mette Frederiksen attends a party leader debate hosted by Publicists’ Club one the day after the parliamentary election at the Confederation of Danish Industry’s building in Copenhagen on March 25, 2026. (Photo by Liselotte Sabroe / Ritzau Scanpix / AFP)

 

 

Frederiksen formally tendered her coalition government’s resignation to King Frederik on Wednesday, telling a televised party leader debate she wanted to try to form a centre-left government.

“The most realistic scenario” would be a coalition with the five parties on the left and the centre-right Moderates, she said.

But it is not certain the Moderates, led by Foreign Minister Lars Lokke Rasmussen, would agree to that.

“I don’t believe that Denmark needs policies aligned with” the leftist Red-Green Alliance, Lokke said.

Chairman of the Moderates Lars Loekke Rasmussen attends a party leader debate at the Confederation of Danish Industry’s building in Copenhagen on March 25, 2026, the day after the parliamentary election. (Photo by Liselotte Sabroe / Ritzau Scanpix / AFP) / Denmark OUT

King Frederik was to meet party leaders individually later Wednesday to determine who should be asked to try to form the next government.

“My expectation is that Mette Frederiksen will become prime minister,” University of Copenhagen political science professor Rune Stubager told reporters.

“But I don’t know with the backing of which parties, like the left wing or the right wing,” he said.

He noted that Lokke, a two-time former prime minister, would likely vie for the position of prime minister, even though he has adamantly denied any interest in the job.

“Danes want me and not another prime minister. I still have the backing to be able to continue on behalf of the Danish people,” Frederiksen insisted during the debate.

Frederiksen has for the past four years headed an unprecedented left-right coalition made up of her Social Democrats, the Moderates and the Liberals.

The Liberals have refused to continue in a Social Democrat-led government.

‘Too Hard To Say’

Danes are now prepared for long negotiations. After the 2022 election, the talks lasted six weeks.

“It’s a long process, which means the government won’t be formed and it will be quite difficult to pass laws during this period,” lamented Jesper Dyrfjeld Christensen, a 54-year-old engineer.

“It’s really too hard to say who will be part of the coalition,” admitted Stubager.

With 12 parties in parliament, the political landscape is jagged — though Denmark is accustomed to minority governments.

“To some extent, this is the way Danish politics works. You have a minority government in the centre which forms a majority with the left on some issues and with the right on others,” he explained.

The negotiations are expected to focus on economic and pension issues, pollution and immigration, he said.

The traditional far-right party, the Danish People’s Party, which has heavily influenced policy since the late 1990s but slumped in the 2022 election, more than tripled its result to 9.1 per cent of votes.

The three anti-immigration groups together garnered 17 per cent, a stable figure for Denmark’s populist right over the past two decades.

“If negotiations take place in the left-wing bloc with the moderates, then there will be more focus on green issues than on immigration,” Stubager said.

“But if, instead, the Moderates negotiate with the parties on the right, then the central issue will be immigration.”

Four seats in Denmark’s parliament are held by its two autonomous territories — two for Greenland and two for the Faroe Islands.

While the Faroese renewed the mandates of the two outgoing lawmakers, with one for each bloc, Greenland overwhelmingly backed the left-wing party and Naleraq, which advocates rapid independence from Denmark.

 

 

 

 

 

AFP

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