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Lebanese PM Urges Caution Amid Rising Regional Tensions

                                                       Lebanese Prime Minister Nawaf Salam Lebanese Prime Minister Nawaf Salam has issued a firm warning against pulling the country into what he described as “adventures” that could endanger national security and unity. His remarks come at a moment of heightened regional volatility following coordinated strikes by Israel and the United States on Iran.  Salam emphasized the gravity of the situation, urging all Lebanese factions to act with “wisdom and patriotism” and to prioritize the interests of the nation above external pressures or political agendas. Though he did not name Hezbollah directly, his message was widely interpreted as a caution to the Iran‑backed group, which has historically been involved in conflicts with Israel and has signaled it may not remain neutra...
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Vietnamese Real Estate Tycoon Sentenced to Death in $12.5 Billion Fraud Case

 


In a shocking development that underscores an intensifying anti-corruption drive in Vietnam, Truong My Lan, a high-profile businesswoman and real estate tycoon, has been sentenced to death in the country’s largest-ever financial fraud case. Let’s delve into the key details of this remarkable legal saga:

Who Is Truong My Lan?

  • Born in 1956, Truong My Lan started her journey by helping sell cosmetics alongside her mother, a Chinese businesswoman, in Ho Chi Minh City’s oldest market.
  • In 1992, she and her family established the Van Thinh Phat (VTP) company, capitalizing on Vietnam’s shift from a state-run economy to a more market-oriented one.
  • Over the years, VTP grew into one of Vietnam’s wealthiest real estate firms, with projects spanning luxury residential buildings, offices, hotels, and shopping centers.
  • Lan met her husband, Hong Kong investor Eric Chu Nap-kee, in 1992, and they have two daughters.

The Allegations Against Her

  • Lan’s involvement in the 2011 merger of the beleaguered Saigon Joint Commercial Bank (SCB) with two other banks caught the authorities’ attention.
  • She was accused of illegally controlling SCB between 2012 and 2022, orchestrating a complex scheme that involved siphoning funds through ghost companies and paying bribes to government officials.
  • The staggering amount involved in the fraud case is $12.5 billion, nearly 3% of Vietnam’s 2022 GDP.

The Unprecedented Verdict

  • While death sentences are not uncommon in Vietnam, it’s exceptionally rare for someone as high-profile as Truong My Lan to face such a fate in a financial crime case.
  • Her arrest, subsequent sentencing, and the sheer scale of the scam have sent shockwaves through the nation and beyond.
  • The court’s decision reflects the country’s determination to combat corruption and hold even influential figures accountable.

Truong My Lan’s case serves as a stark reminder that no one is above the law, regardless of their status or wealth. As Vietnam continues its fight against financial malfeasance, this verdict will reverberate throughout the business and legal communities.

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