The Pituffik Space Base (formerly Thule Air Base) in Greenland Global markets faltered as fresh tariff threats from U.S. President Donald Trump reignited fears of a renewed trade clash between Washington and key European partners. The announcement targeted several EU nations and immediately sent shockwaves through equities, currencies, and commodities. European stocks opened sharply lower, with export‑heavy sectors—particularly autos, luxury goods, and industrials—bearing the brunt of the selloff. Major multinational firms saw billions wiped from their market value within hours as investors braced for potential retaliatory measures from Brussels. The proposed tariffs, set to begin at 10% and potentially rise to 25% later in the year, stem from escalating geopolitical disagreements that have st...
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.
Comments
Post a Comment