Vietnam Rocked By $12 Billion Corruption Scandal

Author: Andree Nizar
December 7, 2023

Vietnam has been rocked by its largest corruption scandal in Southeast Asia.

SEAToday.com, Saigon - Vietnam has been rocked by its largest corruption scandal in Southeast Asia after authorities arrested a prominent real estate developer over allegedly embezzling 12.4 billion dollars or more than 3 per cent of the country’s GDP.

The chairperson of the real estate developer Van Thinh Phat Holding Group, Truong My Lan, was accused by the Ministry of Public Security on November 17 of embezzling 12.4 billion dollars from Saigon Commercial Bank of which she was a majority stakeholder.

Besides, according to the ministry’s statements, she also operated a vast network of more than 1000 domestic and foreign subsidiaries as well as further shell companies that took out more than 40 billion euros in loans from the Saigon Commercial Bank.

Previously, in mid-November, the Ministry of Public Security suggested the prosecution of an additional 85 individuals, which included 24 government officials and affiliates of Saigon Commercial Bank and Van Thinh Phat Holding Group.

Later, the Internal Affairs Commission of the country’s communist party central committee suggested open investigations into 23 more state officials: including 12 from the State Bank of Vietnam and the country’s central bank. (Alv/Kei)