Watch Now
Vietnamese billionaire businesswoman to hang for fraud
A court in Vietnam handed the death sentence on Thursday to real estate tycoon Truong My Lan for her role in a 304-trillion-dong ($12.5-billion) financial fraud, the country’s biggest on record, state media said.
Her trial, begun on March 5 and ending earlier than planned, was one dramatic result of a campaign against corruption that the leader of the ruling Communist Party, Nguyen Phu Trong, has pledged for years to stamp out.
Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was found guilty of embezzlement, bribery and violations of banking rules at the end of a trial in the business hub of Ho Chi Minh City, state media said.
“We will keep fighting to see what we can do,” a family member told Reuters, speaking on condition of anonymity. Before the verdict he had said Lan would appeal against the sentence.
Lan had pleaded not-guilty to the embezzlement and bribery charges, Nguyen Huy Thiep, one of Lan’s lawyers told Reuters.
“Of course she will appeal the verdict,” he added noting she was sentenced to death for the embezzlement charge and to 20 years each for the other two charges of bribery and violations of banking regulations.
Vietnam imposes the death penalty mostly over violent offenses but also for economic crimes. Human rights groups say it has executed hundreds of convicts in recent years, mainly by lethal injection.
The Thanh Nien newspaper said 84 defendants in the case received sentences ranging from probation for three years to life imprisonment. Among them are Lan’s husband, Eric Chu, a businessman from Hong Kong, who was sentenced to nine years in jail, and her niece who got 17 years.
FROM PERFUMES TO HIGH FINANCE
Lan started as a cosmetics trader at the central market in Ho Chi Minh City, helping out her mother, she told judges during the trial, according to state media.
She later founded her real estate company Van Thinh Phat in 1992, the same year when she got married, according to state media.
She was found guilty, with her accomplices of siphoning off more than 304 trillion dong from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through dozens of proxies despite rules strictly limiting large shareholding in lenders, according to investigators.
From early 2018 through October 2022, when the state bailed out SCB after a run on its deposits triggered by Lan’s arrest, she appropriated large sums by arranging unlawful loans to shell companies, investigators said.
“The defendant’s actions not only violate the property management rights of individuals and organizations but also put SCB under scrutiny, eroding people’s trust in the leadership of the Party and State,” state newspaper VnExpress cited the jury as saying.
The bank is currently propped up by the central bank and faces a complex restructuring under which authorities are trying to establish the legal status of hundreds of assets which were used as collateral for loans and bonds issued by VTP. The bonds alone are worth $1.2 billion.
Some of the assets are high-end properties but many others are unfinished projects.
Before her fall from grace, she had played a key role in Vietnam’s financial world, getting involved in the previous rescue of troubled SCB more than a decade before she contributed to the bank’s new crisis.
She was found guilty of having bribed officials to persuade the authorities to look away, including paying $5.2 million to a senior central bank inspector, Do Thi Nhan, who was sentenced to life in prison.
Vietnam’s graft crackdown, dubbed “Blazing Furnace”, has seen hundreds of senior state officials and high-profile business executives prosecuted or forced to step down.
Corruption is so widespread that in some provinces many people say they pay bribes just to obtain medical services in public hospitals, according to a recent survey by the U.N. Development Programme and other organisations.
Shows
See AllAM Live
AM Live is NTV's morning current affairs show that sets the agenda for the day with insightful panels every weekday.
Business Redefined
Business Redefined is Kenya’s premier thought leadership platform for unpacking matters regarding economic and finance policy as well demystifying complex developments in the region’s capital markets.
Entertainment
A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula
Full Episodes
A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula
Gumzo La Sato
Gumzo La Sato is a live social issues show that aims to create awareness about issues affecting the larger society. The discussions range from Parenting, Marital bliss and struggles, Oppression, violence, and all matters of the Heart.
Health Diary
Health Diary is a weekly show that highlights different types of diseases/conditions and seeks ways to prevent, treat/manage them. The show debunks this through real life stories and also feature specialists in different fields, to offer medical advice on the same.
Letter To My Younger Self
Letter To My Younger Self is a podcast where guests get to write a letter to their younger self, from which Maxine formulates questions to ask them during the hour-long show.
Nation Reports
Nation Reports is a weekly podcast offers an opportunity for listeners to interact with various reporters and journey with them as they unravel the biggest most emotive stories.
One Health Lens Podcast
Discussing health matters and human stories from Kenya and across Africa. We talk big picture from people to policy, ecosystems, and everything in between. Follow us on LinkedIn: https://www.linkedin.com/company/onehealthlens
Paradise Lost
Paradise Lost peeks through the story of Louis Otieno, the times, and everything in between.
Speaking of GEN Z
Speaking of Gen Z brings you entertaining but meaningful conversations about a generation that is trying to navigate through adulthood. Join hosts Michelle, Jackie and Esther as they unravel all things Gen Z.
Sport On
Sport-On is a 30-minute sports magazine show on NTV and 3 hours on NATION FM. The show seeks to give the sports “fanatics” and “funatics” comprehensive and in-depth coverage of sports both locally and internationally.
Tech-over
The extent of technological growth is beyond mere acknowledgment; it has seamlessly integrated into our daily existence. A few years ago, the notion of paying electricity bills through mobile money or recharging with 'tokens' in Kenya seemed inconceivable. Online product sales were considered distant, and artificial intelligence is rapidly reshaping various facets of our lives. Amidst these technological leaps, those with a solid understanding of tech can navigate challenges, seize opportunities, and build a sustainable livelihood. Tech over Show aims to be the platform facilitating discussions among thought leaders, innovators, tech companies, and the government, addressing challenges and opportunities in Kenya's thriving tech industry.
Thamani
Thamani is a business show which is dedicated to emerging issues regarding micro, small and medium size businesses.
The Politalk podcast
This is The Politalk podcast. Here we look into the ins and outs of everything Kenyan politics. We pull no punches and have no reason to sugarcoat anything that matters to Kenyans.
The Trend
A two-hour-long live show that airs on Fridays. The show focuses on what is current in the entertainment industry, controversial and popular across all media platforms targeting those aged between 25 and 35 years.
The trend podcast
The trend podcast highlights and captures the best of banter from #TTTT segment that airs every Friday on NTV. It's the TTTT EXTRA
The Wicked Edition
The Wicked Edition with Dr. King’ori seeks to address serious issues through humour and relatable wit. It is a two-part half hour show filmed in front of a live audience
Trending
A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula
Twende
Twende is a travel show that highlights beautiful, unique, diverse locations, people, and cultures. The show offers fresh perspectives on familiar locations and memorable experiences in new ones.
Unscripted
This Saturday evening lifestyle show lets viewers share their stories and life experiences as openly & honestly for the purpose of shifting the culture of silence.
VIP Access
VIP ACCESS is Anyiko Owoko’s YouTube and podcast show on Music and Culture dedicated to promoting Africa’s most promising talent and creatives. This podcast grants you VIP access into timeless interviews while providing a platform for rising as well as established artists across the continent. Since launching in 2018, Anyiko has interviewed over 70 African music stars.
WADR
This weekly news show aims to have all sides of debate but not be constrained by it, listen to main voices in the contest but not allow them to hold the viewers hostage, entertain debate but allow push back with all due respect.
When death do us part
In this podcast, three widowers openly speak about the process of grief, how they found themselves exposed to the emotional turmoil of losing their wives, and how society still does not know how to deal with them.
Your World
Your World is a health, wellness and variety show. It provides a platform for audiences and experts to share their experiences on how to improve or manage health issues, across Kenya and the Africa region.