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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

Portuguese Economy Minister: Ronaldo’s Value Is Greater Than Football, Many People Know Our Country Because Of Him

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Portugal’s Economy Minister, Manuel Castro Almeida, says Cristiano Ronaldo matters to Portugal in ways that reach far beyond football. “Many people know Portugal only because of Cristiano Ronaldo,” he stressed.

 

His comments land as the fallout from Ronaldo’s sudden exit from the national team camp continues to dominate the headlines.

Speaking in remarks carried by the Portuguese website The Resident from the Now channel, the minister painted Ronaldo as a huge asset for Portugal’s image on the world stage. “Cristiano Ronaldo has an enormous impact in promoting and highlighting Portugal’s image,” he said. He went further still, likening the Portugal star to “the most famous company in Portugal”

On the row between Ronaldo and coach Jorge Jesus, Castro Almeida pleaded ignorance. He insisted he was “not an expert” and refused to judge who was in the right.

His focus stayed on Ronaldo’s wider worth to Portugal and its standing abroad.

That global recognition, the Economy Minister argues, makes Ronaldo “a value and an asset” to the country. “It would be good if Portugal could continue to rely on this asset,” he said.

He added: “From the angle of enhancing Portugal’s image and reputation, Cristiano holds extremely important value, and it would be very good for Portugal to continue to benefit from this potential.”

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US Arrests Woman Accused Of Spying For China On Taiwan Leader’s Family

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A woman accused of spying for China on Taiwanese President Lai Ching-te’s son and his family was arrested Sunday in the United States, US and Taiwanese officials said.

 

Wanying Zhang, 34, was detained by the FBI at Los Angeles airport “attempting to depart for China”, First Assistant United States Attorney Bill Essayli said in an X post.

Zhang is accused of acting as an unregistered agent of China and spying on a “close relative of a Taiwanese government official” in the United States, Essayli said.

The woman allegedly surveilled Lai’s “son and his family — filming their home, vehicles, and reporting information back to (People’s Republic of China) handlers”, the FBI said on its rapid response account on X.

China claims Taiwan is part of its territory and has threatened to use force to annex the island.

Zhang traveled to Seattle in 2025 and, acting at the direction of Chinese officials, sent “photos, videos, and license plate information to those officials”, Essayli said.

FBI Director Kash Patel cheered the arrest in an X post, warning foreign adversaries that “America is no longer a safe place to run your espionage operations.”

“Allegedly surveil a foreign leader’s family on US soil for the PRC — and try to catch a flight back to Shanghai? Not happening,” Patel said.

Lai, who was elected president in January 2024, has been an outspoken defender of Taiwan’s sovereignty and is detested by Chinese leaders.

Lai’s office condemned the “barbaric acts”, which it confirmed had targeted the president’s family, and said it was a case of “transnational repression.”

“Such behavior should not be tolerated in the civilized world,” Presidential Office spokeswoman Karen Kuo said in a statement, thanking US judicial authorities for “their assistance and protection of our citizens.”

Taiwan’s government has warned Taiwanese people of growing risks to their safety in China and elsewhere after Beijing’s ethnic unity law took effect in July.

The Law on Promoting Ethnic Unity and Progress aims to forge a “shared” national identity among ethnic groups.

But overseas campaigners have argued it will further degrade the rights of ethnic minorities, like Uyghurs and Tibetans, that Beijing is accused of persecuting.

They also point to a clause stating that people can be held liable for violating the law even when outside China, saying it gives the Chinese government more justification for targeting its opponents abroad.

Zhang, who resides in Irvine, California, “coordinated the trip with an associate and used tradecraft to avoid detection,” Essayli said.

Zhang is expected to make her initial appearance in federal court on Monday.

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Hundreds Of French High Schools Shut As Protests Continue

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Lessons were suspended at hundreds of French high schools on Monday, as part of a wave of student protest over learning conditions that have rocked the European nation.

 

Students trickled into some schools despite ongoing protests outside their gates, ahead of a day of larger demonstrations expected on Tuesday.

Since late September, pupils have barred the entrances to their schools, complaining of teacher absences, overloaded timetables, dilapidated classrooms and buildings ill-adapted to rising temperatures, among other grievances.

The government has sought to address the grievances, while accusing hard-left activists of having hijacked the protest movement.

Up to 500 out of France’s 3,700 high schools, known as lycees, were expected to be partially or totally closed on Monday, Education Minister Edouard Geffray said late Sunday.

A third of the 468 lycees for teenagers aged 15 to 17 were to be closed in the Paris region, authorities said.

In the capital’s central third district on Monday morning, dozens of teenage students chanted in protest, as cars honked their horns in support while driving past, while others made their way into class.

“No means, no silence,” read one cardboard sign outside the Turgot high school.

“We’re missing our lessons to give you one,” read another.

In the western city of Rennes, more than 20 pupils gathered outside the Montaigne lycee, one clutching a sign that read “Not enough teachers”, but staff allowed other students into their classrooms.

In the northern city of Lille, masked protesters destroyed bus shelters or set fire to dustbins, as police fired teargas towards several hundred demonstrators.

The movement started on September 17 at a high school in the Paris suburb of Creteil, in support of teachers striking over a lack of staff and resources.

It gained momentum and spread across France, at times spiralling into vandalism, including the destruction of bus shelters, the burning of school entrances and clashes between protesters and security forces.

Since the start of the movement, 24 schools had been “burned or ransacked”, according to the education minister.

More than 5,000 people, 85 percent of them minors, have been arrested.

Protesters have also accused the police of using disproportionate force, and internal investigations have been opened into at least three instances of alleged police brutality.

Prime Minister Sebastien Lecornu set out a timetable on Sunday urging local authorities to prioritise filling gaps left by long-term teacher absences and unfilled posts.

He called a meeting for Tuesday with regional presidents to discuss overhauling the country’s often-dilapidated school buildings.

The government is also hoping to pass through parliament a bill to make those who are responsible for damaging public property pay for repairs themselves, instead of drawing from taxpayer money.

Government spokeswoman Maud Bregeon defended the bill.

“When you have 14-, 15-, 16-year-olds who, at 9 am, are burning bus shelters or — perhaps even more seriously — the high school where they study, that raises the question of parental responsibility,” she told Europe1/Cnews broadcaster.

Lecornu has said the draft law, first presented before the protests, would allow these sums to be “taken from family allowances and housing benefits, while ensuring a minimum income is preserved”.

The head of the main CGT labour union, Sophie Binet, slammed what she called a “populist announcement”, which she said would “end up targeting the most vulnerable families”.

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