International News
Vietnam Property Tycoon On Trial In $12.5bn Fraud Case
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
Norway To Ban Social Media For Under-16s
Norway said Friday it will present a bill this year making it the latest country seeking to ban social networks for under 16s, adding that technology companies will be responsible for verifying the age of its users.
“We are introducing this legislation because we want a childhood where children get to be children. Play, friendships, and everyday life must not be taken over by algorithms and screens,” Prime Minister Jonas Gahr Store said in a statement.
“This is an important measure to safeguard children’s digital lives,” he added.
Several European countries, such as France, Spain, and Denmark have already said they will introduce a digital age of majority for social networks and others like Australia and Türkey have already done so.
The European Commission has also made clear its determination to take action to protect children and adolescents, notably by unveiling in mid-April an age-verification app that will soon be made available to European citizens.
“I expect technology companies to ensure that the age limit is respected. Children cannot be left with the responsibility for staying away from platforms they are not allowed to use,” added Norwegian Minister of Digitalisation and Public Governance Karianne Tung.
“That responsibility rests with the companies providing these services. They must implement effective age verification and comply with the law from day one”.
The government said the number of children with phones or using social media had declined due to a host of measures it had already taken, including “national screen-time guidelines and recommendations for mobile-free schools.”
International News
Trump envoy wants Italy to replace Iran at World Cup — Report
An envoy to US President Donald Trump has asked world football’s governing body FIFA to replace Iran with Italy at the World Cup, according to the Financial Times.
US special envoy Paolo Zampolli told the FT it would be a “dream” to see four-time World Cup winners Italy at the finals in the United States, Mexico and Canada despite the fact they lost in a qualification playoff last month.
The suggestion was an effort to repair ties between Trump and Giorgia Meloni after the Italian prime minister fell out with the president after criticising his attack on Pope Leo XIV over the Iran war, the newspaper reported.
“I confirm I have suggested to Trump and (FIFA President Gianni) Infantino that Italy replace Iran at the World Cup. I’m an Italian native, and it would be a dream to see the Azzurri at a US-hosted tournament. With four titles, they have the pedigree to justify inclusion,” Zampolli told the FT.
Italy missed out on the World Cup for the third successive time after losing a penalty shootout to Bosnia and Herzegovina in their qualifying playoff final.
Iran’s participation in the World Cup has been thrown into doubt by the war with the US and Israel that broke out on February 28.
The Iranian football federation (FFIRI) had said in April it was “negotiating” with FIFA to relocate the country’s World Cup matches from the United States to Mexico.
But Infantino told AFP last month, while attending Iran’s friendly against Costa Rica in Turkey, that Iran will be at the World Cup and that they will play “where they are supposed to be, according to the draw”.
Zampolli is an Italian-American socialite, businessman and former modelling agent who claims to have introduced Trump to his current wife, Melania Trump.
International News
5 Key Players Barca Will Let Go This Summer
Barcelona are set to let five key players leave the club this summer, as they plan a squad overhaul, according to reports.
The Blaugrana are currently sitting nine points clear at the top of LaLiga, and are set to romp to a second consecutive title ahead of rivals Real Madrid.
However, after more disappointment in the Champions League, in which they were dumped out by Atletico Madrid, Hansi Flick and the board at Barcelona are preparing to rebuild their squad at the end of the campaign.
Spanish media outlet Marca are reporting that there are five players who have ‘completed a cycle at the club’ and will likely be moved on come the summer.
Marcus Rashford is one of those players. Barcelona can buy the 28-year-old, who is on loan from Manchester United, for £26million under the terms of the deal, but reports have emerged that they are not willing to exercise that option.
The 28-year-old has contributed 12 goals and 13 assists this season to help the Catalan giants run rampant in LaLiga, and as recently as last week, it was believed that Barca would like to keep him.
However, they have made a failed bid to renegotiate the £26m fee with United, who are refusing to budge on the clause which expires on June 15 – four days after the World Cup kicks off in North America.
It means there is a strong chance that Rashford will be forced to return to his boyhood club following England duty if he is selected for the tournament this summer.
Another attacker who seems set for the exit door is none other than Robert Lewandowski.
The Pole, who joined Barcelona from Bayern Munich in 2022, is out of contract in the summer, and there has been little indication that he will sign a new deal at the club.
It is believed that both Lewandowski’s ‘age and recent physical problems’ have thrust his future at Barca into doubt.
Barcelona are said to be looking at freeing up some financial legroom, and for that reason, they want to offload stars on big wage packets.
One of those players is Frenkie de Jong, who is understood to be on just under €400,000 (£348,000) per week, and Marca suggest that he could be sold to ‘ease the financial burden’ on the Spanish giants.
Former Chelsea defender Andreas Christensen and La Masia graduate Marc Casado are also said to be on the proverbial chopping block.
Christensen played 161 games in six seasons with the Blues before making the move to Catalonia in 2022 on a four-year deal. That deal is now set to expire, and there are no plans for an extension at this moment in time.
Casado, however, still has two years left on his contract, but due to a lack of minutes, could be forced to find a new club.
The defensive midfielder has failed to break into the team ahead of Pedri, Eric Garcia, and Gavi, and has started only one of the last eight LaLiga games.
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