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
June 5th, Transfermarkt updated. The new market values of Barcelona players. Three players increased and nine decreased, with Raphinha dropping by 10 million to 70 million euros.
Increase (Euros)
Joan-Garcia increased by 5 million to 45 million
Eric-Garcia increased by 5 million to 40 million
Gerard-Martin increased by 10 million to 35 million
Decrease (Euros)
Raphinha decreased by 10 million to 70 million
Kounde decreased by 5 million to 60 million
Balde decreased by 5 million to 50 million
De Jong decreased by 10 million to 35 million
Casado decreased by 2 million to 18 million
Christensen decreased by 1 million to 8 million
Cancelo decreased by 1 million to 8 million
Lewandowski decreased by 1 million to 7 million
Szczesny decreased by 100,000 to 800,000
Unchanged (Euros)
Yamal 200 million
Pedri 150 million
Fermin 100 million
Cubarsi 80 million
Olmo 60 million
Ferran Torres 50 million
Rashford 40 million
Gavi 30 million
Bernal 30 million
Araujo 20 million
Bardghji 15 million
Bitcoin dropped below $60,000 on Friday, its lowest level since October 2024, just before Donald Trump’s election which propelled it to a record high.
The currency fell by about 6 percent around 1615 GMT, to $59.7709, before paring its losses slightly.
The election of Trump, a staunch advocate of cryptocurrencies, to the White House in November 2024 for a second term sparked a wave of enthusiasm in the sector, sending the price of bitcoin soaring to nearly $110,000.
AFP
Man City are considering taking legal action after a Real Madrid presedential candidate said he would sign Erling Haaland, if elected.
What actually happened?
Real presidential candidate Enrique Riquelme, who faces current president Florentino Perez in Sunday’s vote, claimed on Spanish TV show El Hormiguero on Wednesday night that Haaland had a release clause and wants to move to the Bernabeu. He also held up a Real shirt with ‘Haaland 9’ on the back.
Riquelme, who also promised to sign Haaland’s City team-mate Rodri, said: “If I break my promises regarding either of these players, I’ve signed a guarantee where I’d pay 100 per cent of membership costs for next season.
“Haaland has a release clause, and he wants to come to Madrid.”
What was City’s response?
However, Manchester City have moved quickly to refute those claims, saying in a statement that there is “no chance” Haaland will be leaving the Etihad Stadium any time soon. The Premier League club also said they are considering legal action over the shirt stunt.
A City spokesperson said in a statement: “The stories which have emerged from Spain regarding the future of Erling Haaland are untrue.
“There is no chance of this happening and there is no contractual clause to enable it.
“We are considering legal action for the use of our player image in this context.”
Haaland is under contract at the Etihad until the summer of 2034 and Haaland’s agent Rafaela Pimenta and his father Alfie Haaland laughed off suggestions the 25-year-old could soon be heading to the Spanish capital.
A joint-statement released in the early hours of Thursday morning said: “All very entertaining but not true. We wish all the best for both candidates in the Real Madrid elections.”
What was Perez’s response?
Meanwhile, current Real president Florentino Perez made his own election pledge on Wednesday night, seemingly confirming Jose Mourinho’s return to Real Madrid as manager, if he wins next Sunday’s presidential election.
Perez posted a video on X in which Mourinho features in a Real shirt saying: “Yes”, while the only other words to accompany it say: “Meanwhile, on TV, they just keep talking and talking and talking. So much history to be made.”
The video was posted in response to Riquelme’s TV apperaance promoting his rival bid.
Perez has made no secret of his intention to name Mourinho as head coach should he win the vote and remain for an eighth term in the role, but his social media post appears to have made it official.
Mourinho is widely expected to agree a three-year-deal to return to the Bernabeu Stadium and replace Alvaro Arbeloa, who was appointed in January after Xabi Alonso’s departure.
Benfica have yet to confirm Mourinho’s departure, while speculation has been mounting that Marco Silva is being lined up as his successor after the Portuguese announced he will leave Fulham when his contract expires in June.
Real Madrid’s presidential election on Sunday will be decided by the club’s members. It is the first contested election since 2006 as club members will choose between incumbent Perez, 79, and businessman Riquelme, 37.
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