But surely someone can’t commit such a huge fraud alone. Nobody at Saigon Commercial Bank is involved or culpable for loaning that amount to a fraudster?
Yes the case involves over 2700 witnesses. The law in Vietnam forbid her from owning more than 5% of the bank shares. Through shell companies and other people, she owned about 90% of the bank. She then hired her own people as managers, and got them to approve loans for the shell companies she had. About 93% of the loans this bank approved were for her/her shell companies. She also had her driver withdraw the equivalent of $4billion usd, which she kept in her house (it weighed 2 tons).
Disclaimer: didn’t read the article yet.
But surely someone can’t commit such a huge fraud alone. Nobody at Saigon Commercial Bank is involved or culpable for loaning that amount to a fraudster?
Yes the case involves over 2700 witnesses. The law in Vietnam forbid her from owning more than 5% of the bank shares. Through shell companies and other people, she owned about 90% of the bank. She then hired her own people as managers, and got them to approve loans for the shell companies she had. About 93% of the loans this bank approved were for her/her shell companies. She also had her driver withdraw the equivalent of $4billion usd, which she kept in her house (it weighed 2 tons).
Right. I’m less upset by a single individual facing execution than I am not seeing a dozen other crooks lined up on the docket.