“Although Lan did not directly hold executive power at SCB, she owned 91.5% of the bank’s shares through third parties and shell companies.”
Truong My Lan pulled $12.5bn out of Saigon Commercial Bank over 11 years, close to 3% of Vietnam’s GDP. Fake loans made up 93% of all the credit the bank issued. Regulators missed that for a decade while officials took a $5.2m bribe, the largest on record in the country. The court sentenced the tycoon to death and said her crime eroded trust in the party, the same party whose watchdogs slept through it.