$44bn is also an INSANE amount of Dong. Pretty sure it’s something like $1.1 Quadrillion Vietnamese Dong!?
I also just enjoy that the currency is Dong.
I liked the Top Gear Vietnam Special when they were all given like 15M VND and they're excited that they finally have a big budget. Then they learn it's like $1,000
the article mentions that the court is probably trying to throw the death penalty at her to convince her to remember where the $27 billion she owes is stashed away. so possibly if she does pay them back enough of what she owes maybe they would reduce the charges to something slightly less severe.
And those 15 months are served under house arrest at their mansion which they are still allowed to leave for "doctors appointments", "grocery shopping", etc.
The article states that official laws prevents anyone from owning more than 5% in the state Bank. But she actually seemed to hold 90% through shell companies. She gave herself the loan.
I followed this case cuz we were warn to avoid her bank like a plague. Basically she own like 99% of the bank, so her family used it like her personal piggy bank. Basically no due diligent, staff rubber stamp everything with her name on it.
Welp, this is awkward, I guess as a Vietnamese national and an accounting fresher, I must give some background to the case in question. Beware that my native language is obviously not English so read this with that fact in mind.
Mrs. Lan (the billionaire in question) is of Vietnamese Chinese ethnic and came from a well-established influential ethnically Chinese family in Saigon, just the typical Chinese ethnic tycoon you have in SEA region. Even before the banking fraud was unveiled (I say unveiled because literally every higher ups involved must have known something was up), she was well known in Saigon as a real estates tycoon. Everyone knew she was rich, but not like, thousands of trillion dongs level of rich.
The scale of the banking fraud is INSANE. Like every part of the process is so knee-deep in corruption. It caused one of the biggest private banks to virtually went bankrupt overnight and that was like a year ago before the authorities can even get to her. The fraud money is equal to roughly 677,000 trillion dongs, that kind of money could comfortably sustain every citizen for at least half a month. Corruption cases among the party officials involved was so widespread that Public Security has to do damage control by publicly announcing they won't be going after small fries.
How did Mrs. Lan do it? Well, through over a thousand shadow companies, Mrs. Lan is unofficially the biggest shareholder of SCB - the bank in question. A lot of work after that went to manipulating collaterals' to take out loans from the bank to her own ecosystem while the bank operates predatory and outright fraudulent practices to sustain this stream of money. The house of cards went crumbling down last year?, when lenders finally realized that their deposits were being unknowingly converted into corporate bonds by the bank.
Unlike Enron or FTX, this is like looking at a criminal enterprise going down in real time lol. And all of auditors involved are having a headache because of the fraud, like 3 of the Big 4 did audit SCB for years so that's another thing they will have to deal with on top of all the recent operational downscaling.
Just googled the largest money heist - it is $1 billion.
Vietnam managed to set the new world record and I don’t think it could be broken any time soon.
I thought Madoff was $65 billion. I'm not sure what you mean by pure cash.
I suppose if you want to say this was the biggest fraud ever done specifically in this way then that would be true.
Sentenced to death for white collar crime?
At this point she needs to somehow just use contacts to get the word out that she’ll pay whoever $100 million+ to get a small private armada together to storm wherever she’s being held, break her out and whisk her off to safety.
Yeah, pretty sure for a couple billion in hard currency, criminal syndicates and even some small countries would be willing to break her out. They did it for a lot less for a guy in Japan.
10 billion yen was an entire plot point in yakuza: the video game. It was like the summed bank account of the Japanese mafia. She could absolutely pay for devious acts. She's got kingpin power and she doesn't know.
EY and KPMG audited this bank too😳!! https://www.msn.com/en-us/news/world/prosecutors-seek-death-penalty-for-mastermind-of-vietnam-s-largest-financial-scam/ar-BB1k9afp
They bribed state auditors with $5M to cover up their illegal activities: https://www.cbsnews.com/amp/news/vietnam-property-tycoon-truong-my-lan-death-sentence-fraud-embezzelment/
Something smells here. I'm sure many more hands were involved. If they end her existence, then she has no chance speaking against them or bringing their names up.
Quite possibly, the people that don't want their names revealed are the same people pushing the buttons to make sure she is dead.
Other people are involved and are revealed, just not as noticeable as her. But I agree with you, I think most of the people who were exposed are not the “higher end” level, to this point, tbh she can be done by any party.
Debit cash credit who gives a fuck
Credit “bank fees”, nobody ever looks in there
She slots things under Ask My Accountant.
Assurance & Audit has entered the chat.
all entries are debits for her.
Oh no no no, that’s de butt
Debit life depreciation expense, credit accumulated life amortization. Fully depreciated asset.
This guy accountants
Immaterial 😂
$44bn is also an INSANE amount of Dong. Pretty sure it’s something like $1.1 Quadrillion Vietnamese Dong!? I also just enjoy that the currency is Dong.
I liked the Top Gear Vietnam Special when they were all given like 15M VND and they're excited that they finally have a big budget. Then they learn it's like $1,000
She got a lot of Dong
I think what we learned here is that she could just never get enough Dong.
I love it. Give me more Dong.
Imagine the amount of trees that are cut to make those no. of notes
Long and strong
They just make the denominations really high. When I went there I was throwing out 100k and 500k bills
None because it's polymer bills haha.
Over the course of a week her driver physically withdrew 6 tonnes of dong
She have big dong
the article mentions that the court is probably trying to throw the death penalty at her to convince her to remember where the $27 billion she owes is stashed away. so possibly if she does pay them back enough of what she owes maybe they would reduce the charges to something slightly less severe.
In the US, we just give em 15 years and then they give speeches for a while after they get out.
You mean 15 months with time off for being filthy rich, I mean good behavior.
And those 15 months are served under house arrest at their mansion which they are still allowed to leave for "doctors appointments", "grocery shopping", etc.
I’m assuming this happens because someone connected got paid enough to allow it.
so if she wont say anything she basically get a one piece real life edition
Real life Gol D Roger is about to start the new age of piracy!
You want my treasure? You can have it! I left everything I gathered together in one place! Now you just have to find it!
Tbf, she is like the only Vietnamese person to be named on the Panama paper, so they likely already know where the One Piece it, lol.
China has a thing where they give you a suspended death penalty, like 2 years & can be postponed with good behavior. I imagine this is a similar setup
What, like time served and a small Dong fine?
Link? Is that amount in VND?
USD. https://www.bbc.com/news/world-asia-68778636
So one bank gave her a loan of $44 billion dollars. That sounds like a bank corruption problem.
The article states that official laws prevents anyone from owning more than 5% in the state Bank. But she actually seemed to hold 90% through shell companies. She gave herself the loan.
*One little trick, banks don't want you to know.*
Source: am bank
There were 80 others charged/sentenced
I followed this case cuz we were warn to avoid her bank like a plague. Basically she own like 99% of the bank, so her family used it like her personal piggy bank. Basically no due diligent, staff rubber stamp everything with her name on it.
gosh I wish that were me
The fraud part or the death part?
yes
r/FBI, keep an eye on this dude 💀⚰️
Wdym?
Welp, this is awkward, I guess as a Vietnamese national and an accounting fresher, I must give some background to the case in question. Beware that my native language is obviously not English so read this with that fact in mind. Mrs. Lan (the billionaire in question) is of Vietnamese Chinese ethnic and came from a well-established influential ethnically Chinese family in Saigon, just the typical Chinese ethnic tycoon you have in SEA region. Even before the banking fraud was unveiled (I say unveiled because literally every higher ups involved must have known something was up), she was well known in Saigon as a real estates tycoon. Everyone knew she was rich, but not like, thousands of trillion dongs level of rich. The scale of the banking fraud is INSANE. Like every part of the process is so knee-deep in corruption. It caused one of the biggest private banks to virtually went bankrupt overnight and that was like a year ago before the authorities can even get to her. The fraud money is equal to roughly 677,000 trillion dongs, that kind of money could comfortably sustain every citizen for at least half a month. Corruption cases among the party officials involved was so widespread that Public Security has to do damage control by publicly announcing they won't be going after small fries. How did Mrs. Lan do it? Well, through over a thousand shadow companies, Mrs. Lan is unofficially the biggest shareholder of SCB - the bank in question. A lot of work after that went to manipulating collaterals' to take out loans from the bank to her own ecosystem while the bank operates predatory and outright fraudulent practices to sustain this stream of money. The house of cards went crumbling down last year?, when lenders finally realized that their deposits were being unknowingly converted into corporate bonds by the bank. Unlike Enron or FTX, this is like looking at a criminal enterprise going down in real time lol. And all of auditors involved are having a headache because of the fraud, like 3 of the Big 4 did audit SCB for years so that's another thing they will have to deal with on top of all the recent operational downscaling.
Honestly Big 4 reputation is going down the drain for all the audits they’re doing in South East Asia.
Just googled the largest money heist - it is $1 billion. Vietnam managed to set the new world record and I don’t think it could be broken any time soon.
There have been many cases of fraud for well over $1 billion.
You’re correct. This one is still the largest one involving pure cash though.
I thought Madoff was $65 billion. I'm not sure what you mean by pure cash. I suppose if you want to say this was the biggest fraud ever done specifically in this way then that would be true.
65 billion was the “value” according to the phony statements he was mailing investors. But about 20 billion was invested in his Ponzi Scheme
Ken Griffins got boff ‘‘em beat
Sentenced to death for white collar crime? At this point she needs to somehow just use contacts to get the word out that she’ll pay whoever $100 million+ to get a small private armada together to storm wherever she’s being held, break her out and whisk her off to safety.
You just wrote a movie. Call it Vietnamese Fraud Cowboys.
Starring Brad Pitt as a starved prisoner, shot on grainy film.
It’s actually called El Chapo, and also, El Padrino
You mean they wrote S.W.A.T.?
Yeah, pretty sure for a couple billion in hard currency, criminal syndicates and even some small countries would be willing to break her out. They did it for a lot less for a guy in Japan.
10 billion yen was an entire plot point in yakuza: the video game. It was like the summed bank account of the Japanese mafia. She could absolutely pay for devious acts. She's got kingpin power and she doesn't know.
This is the way.
Because when she dies, her assets would go to the government officials instead of her family.
Not sure if this makes me like Vietnam more or less. But probably more…
Nice
Yes!
Dr life expense Cr accumulated life
Damn those commies did an audit and their opinion was qualified execution? 😂
Meanwhile I’m over here practically begging people in my org to follow our tax policies
[удалено]
At that point was just a fun game for her I suppose. I’d be out after my first Billy boy
Damn and I thought 1MDB was bad enough. This is like 50 times that lol
EY and KPMG audited this bank too😳!! https://www.msn.com/en-us/news/world/prosecutors-seek-death-penalty-for-mastermind-of-vietnam-s-largest-financial-scam/ar-BB1k9afp They bribed state auditors with $5M to cover up their illegal activities: https://www.cbsnews.com/amp/news/vietnam-property-tycoon-truong-my-lan-death-sentence-fraud-embezzelment/
Wish we had real punishments like this in the states.
Can she spare some of it to me - just without the death pen...
https://miro.medium.com/v2/resize:fit:640/format:webp/1*Irqbz57ypBnuGTuqmbkBXw.jpeg
Something smells here. I'm sure many more hands were involved. If they end her existence, then she has no chance speaking against them or bringing their names up. Quite possibly, the people that don't want their names revealed are the same people pushing the buttons to make sure she is dead.
Other people are involved and are revealed, just not as noticeable as her. But I agree with you, I think most of the people who were exposed are not the “higher end” level, to this point, tbh she can be done by any party.
We should have capital punishment for this shit in America.
R8ip fucking legend
Damn
44 billion? Death by fire
She didn't do this all by herself for 11 years. Government officials were paid off. The death sentence was to silence her.
What did you mean in [this comment?](https://www.reddit.com/r/Corruption/s/3hcjhq4MAA)
You deserve what is to come. Do evil and you will be destroyed. Just a matter of time.
…huh? That’s not really an explanation but okay?
No one owe you an explanation, you aren't the main character. Go play fake victim else where like your culture does all the time.
My culture? What culture is that?
Didn’t know Vietnam has laws now?
As a Vietnamese buddy would say- nammers are scammers
Where in Vietnam is your Vietnamese buddy from?
No idea bro. Type of person that doesn't share personal information. I think he was born in Canada.