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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

2027 Hajj: Saudi Arabia Rejects Nigeria’s Request For Additional Slots

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The National Hajj Commission of Nigeria (NAHCON) has announced that the Kingdom of Saudi Arabia has declined Nigeria’s request for an upward review of its 2027 Hajj allocation, leaving the country’s quota unchanged despite growing demand from intending pilgrims nationwide.

 

The Commission disclosed that it had formally engaged the Saudi Ministry of Hajj and Umrah, seeking additional pilgrimage slots to accommodate the increasing number of Nigerian Muslims desirous of undertaking the sacred journey and to address appeals from several state pilgrims’ welfare boards for enhanced allocations.

However, Saudi authorities communicated their inability to grant additional slots, citing capacity limitations, structural constraints within the holy sites, and the Kingdom’s policy of strict adherence to approved country quotas under the current operational framework.

Consequently, Nigeria’s allocation for the 2027 Hajj exercise remains fixed at 35,000 slots for government pilgrims and 15,000 slots for licensed tour operators, bringing the country’s total approved allocation to 50,000 pilgrims.

Commenting on the development, the Chairman and Chief Executive Officer of NAHCON, Ambassador Ismail Abba Yusuf, said the Commission fully understands the disappointment the decision may cause many aspiring pilgrims and state pilgrim boards that had hoped for additional allocations.

According to him, the Commission explored all available diplomatic and operational channels in pursuit of an increased quota but respects the final decision of the Saudi authorities.

“We appreciate the deep spiritual desire of many Nigerian Muslims to perform Hajj and understand the expectations of states and stakeholders seeking additional slots. While every effort was made to secure an upward review, the Saudi authorities have communicated their final position based on operational realities and capacity considerations,” Ambassador Yusuf stated.

The NAHCON Chairman urged state pilgrims’ welfare boards, agencies and licensed tour operators to make judicious and transparent use of their approved allocations while ensuring strict compliance with all timelines established by the Commission and the Saudi Nusuk platform.

He emphasized that the deadline for uploading the data of all prospective pilgrims for the 2027 Hajj exercise remains September 26, 2026, warning that no extensions would be granted under any circumstance.

“Kindly note that the deadline for uploading prospective pilgrims’ data remains September 26, 2026. We urge all partners, state pilgrim boards, tour operators and representatives to ensure that all required information is submitted before this date, as no extensions will be granted,” he said.

Ambassador Yusuf further advised intending pilgrims who may be unable to secure a slot under the approved 2027 allocation not to lose hope, revealing that preparations for the subsequent pilgrimage season have already commenced.

“Individuals who were unable to secure a slot for the upcoming Hajj are encouraged to register for the 2028 Hajj. The Commission has officially opened the registration portal for this period, and applications are now being accepted,” he added.

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Driver Raped By Two Women After Kidnapping Him For Ransom

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South African police have arrested five suspects after rescuing a 25-year-old e-hailing driver who was allegedly kidnapped, raped and held for ransom in Cape Town.

 

The South African Police Service (SAPS) said in a statement on Sunday that Steenberg police rescued the driver after he was allegedly raped by two female suspects and held at ransom by the group.

Police were alerted by the victim’s brother after the suspects contacted him and demanded R4,000 in cash for the driver’s release.

According to SAPS, the police used the victim’s vehicle tracker to locate him at Southampton Road in Heathfield, where he was rescued.

“Steenberg police rescued a 25-year-old e-hailing driver after he was raped and held at ransom by two female suspects and three males yesterday,” the police said.

The victim had reportedly met one of the female suspects the previous week through his e-hailing business.

According to police, the two exchanged telephone numbers and communicated throughout the week before arranging to meet.

“When he went to meet her, he was kidnapped by the suspects and the females raped him,” SAPS said.

Police subsequently arrested the two female suspects, aged 23 and 34, as well as three male suspects aged 16, 42 and 48.

The five suspects are expected to appear before the Wynberg Magistrate’s Court on Monday, September 14, 2026.

SAPS said they would face charges relating to the alleged kidnapping and rape.

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Woman Who Falsely Accused 10 Men Of Rape Get Additional Years in Jail

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A 31-year-old woman in the United Kingdom will spend more time in prison after falsely accusing 10 men of rape, following intervention by Attorney General Ellie Reeves.

 

Bolton, had her sentence increased by two years and six months after Reeves referred her case to the Court of Appeal under the Unduly Lenient Sentence scheme.

Sharples contacted men on Facebook and dating apps between 2013 and 2020, arranged to meet them in person, and then made false claims of rape against them to the police.

The court heard how the convict repeated and sustained the accusations, which led to eight separate police investigations involving ten innocent victims.

The government said the majority of those wrongfully accused were arrested and held in custody, resulting in months of investigations and over 550 hours of police time.

The victims described the impact that false allegations had on their daily lives, including loss of relationships, employment, and lasting damage to their mental health.

“Anyone who seeks to exploit or undermine genuine acts of violence against women and girls must be held to account,” said Attorney General Reeves.

The top justice official advised genuine victims to come forward, saying every report of rape is rightly taken seriously and treated with the care it deserves.

On March 11, March, Sharples was sentenced to four years and six months’ imprisonment for 10 counts of obstruction of justice. The Court of Appeal increased it to 7 years on September 9.

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