HANOI: A Vietnamese real estate tycoon was convicted Thursday of fraudulently obtaining property worth billions of dollars and sentenced to life in prison, in a case that has been a centerpiece of the government’s crackdown on corruption.
Truong My Lan was already convicted in April by the same Ho Chi Minh City court of fraud amounting to $12.5 billion — nearly 3 percent of the country’s gross domestic product — in a separate case and sentenced to death by lethal injection.
The trials were broken into two parts due to the number of allegations against her, and Thursday’s verdict adds to Lan’s legal troubles as she awaits the appeal of her death sentence to be heard.
Vietnam has handed down more than 2,000 death sentences in the past decade and executed more than 400 prisoners. It is a possible sentence for 14 different crimes but is generally only applied in cases of murder and drug trafficking.
“Standing here today is a price too expensive for me to pay. I consider this my destiny and a career accident,” the VNexpress online newspaper quoted Lan, the chairwoman of property developer Van Thinh Phat, as telling the judges in her closing statement last week.
“For the rest of my life, I will never forget that my actions have affected tens of thousands of families.”
Nguyen Hieu, a schoolteacher whose life savings of $36,000 is tied up in illegal bonds issued by Lan’s company, said the life sentence was fair.
“She deserves the punishment,” he said, adding that he hoped the death sentence from the first trial is commuted so that Lan has the opportunity to pay back her victims.
All other 33 co-defendants were found guilty of various charges and received sentences ranging from two to 23 years in prison. They included Chu Nap Kee, Lan’s husband, who was sentenced to two years for money laundering.
In addition to obtaining property by fraud, Lan was also convicted of money laundering and illegal cross-border money transfer charges, according to state-run media.
She was accused of raising $1.2 billion from nearly 36,000 investors by issuing bonds illegally through four companies, according to state media reports.
She was also found guilty of siphoning off $18 billion obtained through fraud and for using companies controlled by her to illegally transfer more than $4.5 billion in and out of Vietnam between 2012 and 2022.
It was not immediately clear if Lan would appeal the verdict and no date has yet been set for her appeal of her death penalty conviction to be heard.
In the April conviction, she was found to have orchestrated financial fraud amounting to $12.5 billion for illegally controlling a major bank allowing loans that resulted in losses of $27 billion, according to state media reports.
Lan’s arrest in October 2022 was among the most high-profile in an ongoing anti-corruption drive in Vietnam that has intensified since 2022.
The Communist Party’s “blazing furnace” campaign has also touched the highest echelons of Vietnamese politics.
Former President Vo Van Thuong resigned in March after being implicated in the campaign. Since 2016, thousands of party officials have been disciplined, including former President Nguyen Xuan Phuc and the former head of parliament, Vuong Dinh Hue, both of whom resigned.
In all, eight members of the powerful Politburo have been ousted on corruption allegations, compared to none between 1986 and 2016.
The anti-corruption drive began in 2013, but it wasn’t until 2018 that authorities began scanning the private sector. Since then, several owners of Vietnam’s fast-growing businesses have been arrested.
The campaign had been the hallmark of Communist Party General Secretary Nguyen Phu Trong, Vietnam’s top politician. who died earlier this year at age 80.
The ideologue had called corruption a grave threat to the party and vowed that the campaign would be a “blazing furnace” in which no one was untouchable.
In another high-profile case, business tycoon Trinh Van Quyet was found guilty in August of defrauding stockholders of nearly $150 million by falsely inflating the value of his company.
The Hanoi People’s Court sentenced Quyet to 21 years in prison and convicted 49 co-defendants on a variety charges, with sentences ranging from probation to multiple years in prison.
Lan and her family established the Van Thinh Phat company in 1992 after Vietnam shifted from a state-run economy to a more market-oriented approach that was open to foreign investors. She started out helping her mother, a Chinese entrepreneur, sell cosmetics in Ho Chi Minh City’s oldest market, according to the state media outlet Tien Phong.
Van Thinh Phat became one of Vietnam’s richest real estate companies, with projects including luxury residential buildings, offices, hotels and shopping centers. This made her a key player in the country’s financial industry.
Lan’s first trial shocked many Vietnamese.
Analysts said the scale of the scam raised questions about whether other banks or businesses had similarly erred, dampening Vietnam’s economic outlook and making foreign investors jittery at a time when Vietnam is trying to position itself as the ideal home for businesses trying to diversify supply chains away from China.
Vietnamese real estate tycoon sentenced to life for billions in fraud in government graft crackdown
https://arab.news/5svyt
Vietnamese real estate tycoon sentenced to life for billions in fraud in government graft crackdown
- Truong My Lan was already convicted in April by the same Ho Chi Minh City court of fraud amounting to $12.5 billion
- The trials were broken into two parts due to the number of allegations against the real estate tycoon
Azerbaijani and US officials suggest plane that crashed may have been hit by weapons fire
- Azerbaijani lawmaker and aviation experts blame Azerbaijan Airlines crash on Russian air defenses
- Crash killed 38 people and left all 29 survivors injured
BAKU: Russian air defense systems may have brought down an Azerbaijani airliner this week, a US official said Friday after an Azerbaijani minister also suggested the plane was hit by a weapon, citing expert analysis and survivor accounts.
Friday’s assessments by Rashan Nabiyev and White House national security spokesman John Kirby echoed those made by outside aviation experts who blamed the crash on Russian air defense systems responding to a Ukrainian attack. These statements raised pressure on Russia, where officials said a drone attack was underway in the region where the Azerbaijan Airlines flight was heading for a landing. They did not address statements blaming air defenses.
Kirby told reporters on Friday that the US “have seen some early indications that would certainly point to the possibility that this jet was brought down by Russian air defense systems,” but refused to elaborate, citing an ongoing investigation.
Pressed on whether the US has intelligence that helped lead to that conclusion, or was simply relying on informed speculation from experts based on visual assessments of the crash, Kirby characterized the short answer as “yes” but said he’d “leave it at that,” without providing further details.
The plane was flying from Azerbaijan’s capital of Baku to Grozny, the regional capital of the Russian republic of Chechnya, on Wednesday when it turned toward Kazakhstan and crashed while making an attempt to land. The crash killed 38 people and left all 29 survivors injured.
Nabiyev, Azerbaijan’s minister of digital development and transportation, told Azerbaijani media that “preliminary conclusions by experts point at external impact,” as does witness testimony.
“The type of weapon used in the impact will be determined during the probe,” Nabiyev said.
Passengers and crew who survived the crash told Azerbaijani media that they heard loud noises on the aircraft as it was circling over Grozny.
Flight attendant Aydan Rahimli said that after one noise, the oxygen masks automatically released. She said that she went to perform first aid on a colleague, Zulfugar Asadov, and then they heard another bang.
Asadov said that the noises sounded like something hitting the plane from outside. Shortly afterwards, he sustained a sudden injury like a “deep wound, the arm was lacerated as if someone hit me in the arm with an ax,” he added. He denied a claim from Kazakh officials that an oxygen canister exploded inside the plane.
Two other survivors recounted hearing explosions before the plane went down: Jerova Salihat told Azerbaijani television in an interview in the hospital that “something exploded” near her leg, and Vafa Shabanova said that “there were two explosions in the sky, and an hour and a half later the plane crashed to the ground.”
Dmitry Yadrov, head of Russia’s civil aviation authority Rosaviatsia, said Friday that as the plane was preparing to land in Grozny in deep fog, Ukrainian drones were targeting the city, prompting authorities to close the area to air traffic.
Yadrov said that after the captain made two unsuccessful attempts to land, he was offered other airports but decided to fly to Aktau in Kazakhstan, across the Caspian Sea.
He didn’t comment on statements from some aviation experts, who pointed out that holes seen in the plane’s tail section suggested that it could have come under fire from Russian air defense systems.
Ukrainian drones have previously attacked Grozny and other areas in the Russian North Caucasus.
Azerbaijan Airlines blamed the crash on unspecified “physical and technical interference” and announced the suspension of flights to several Russian airports. It didn’t say where the interference came from or provide any further details.
Kremlin spokesman Dmitry Peskov declined to comment on the claims that the plane was hit by Russian air defenses, saying that it will be up to investigators to determine the cause of the crash.
“The air incident is being investigated, and we don’t believe we have the right to make any assessments until the conclusions are made as a result of the investigation,” Peskov said in a conference call with reporters.
If it’s proven that the plane crashed after being hit by Russian air defenses, it would be the second deadly civil aviation accident linked to fighting in Ukraine. Malaysia Airlines Flight 17 was downed with a Russian surface-to-air missile, killing all 298 people aboard, as it flew over the area in eastern Ukraine controlled by Moscow-backed separatists in 2014.
Russia has denied responsibility, but a Dutch court in 2022 convicted two Russians and a pro-Russia Ukrainian man for their role in downing the plane with an air defense system brought into Ukraine from a Russian military base.
Investigators from Azerbaijan are working in Grozny as part of the probe of Wednesday’s crash, the Azerbaijani Prosecutor General’s office said in a statement.
Following Wednesday’s suspension of flights from Baku to Grozy and Makhachkala, Azerbaijan Airlines announced Friday that it would also halt service to eight more Russian cities.
The company will continue to operate flights to six Russian cities, including Moscow and St. Petersburg. Those cities also have been repeatedly targeted by Ukrainian drone strikes in the past.
Kazakhstan’s Qazaq Air also announced Friday that it was suspending flights from Astana to the Russian city of Yekaterinburg in the Ural Mountains for a month.
FlyDubai also halted flights to Sochi and Mineralnye Vody in southern Russian for the next few days.
The day before, Israel’s El Al carrier suspended flights from Tel Aviv to Moscow citing “developments in Russia’s airspace.” The airline said it would reassess the situation next week.
Driver who killed 35 in China car ramming sentenced to death
- On November 11, 62-year-old Fan Weiqiu deliberately drove through people exercising outside a sports complex in his small SUV, the worst attack in China since 2014
BEIJING: A man who killed 35 people in a car attack in the southern Chinese city of Zhuhai last month was sentenced to death on Friday, state media reported.
On November 11, 62-year-old Fan Weiqiu deliberately drove through people exercising outside a sports complex in his small SUV, the worst attack in China since 2014.
He was detained at the scene with self-inflicted knife injuries and fell into a coma, police said at the time.
His case was publicly tried on Friday, state broadcaster CCTV reported, with the verdict reached on the same day.
The court said the defendant’s motives “were extremely vile, the nature of the crime extremely egregious, the methods particularly cruel, and the consequences particularly severe, posing significant harm to society,” state media said.
In front of some of the victims’ families, officials and members of the public, Fan pleaded guilty, it added.
The court found Fan had “decided to vent his anger” over “a broken marriage, personal frustrations, and dissatisfaction with the division of property after divorce,” the report said.
China has this year seen a string of mass casualty incidents — from stabbings to car attacks — challenging its reputation for good public security.
Some analysts have linked the incidents to growing anger and desperation at the country’s slowing economy and a sense that society is becoming more stratified.
Philippine companies secure $100m in deals at Saudi Halal Expo
- Filipino expats in Saudi Arabia were among main drivers of success
- Seafood, precooked meals are Philippines’ top halal export products
MANILA: Philippine companies have secured $100 million in deals at this year’s Saudi Halal Expo in Riyadh, the Department of Trade and Industry said on Friday, marking a milestone in the country’s efforts to tap into the global halal market.
The annual Saudi International Halal Expo was held in Riyadh from Oct. 28 to 30, providing a platform for stakeholders from across the world to see and showcase the latest innovations, research and developments in the global halal market.
The Philippine delegation to the fair was led by the DTI, with exhibitors presenting products that including fruit, food and beverages, as well as supplement sectors to tourism, travel and finance.
The $100 million in deals was achieved from the “participation of Philippine exporters at the Saudi Halal Expo 2024 and B2B (business-to-business) meetings,” Aleem Guiapal, who leads the DTI’s halal industry taskforce, told Arab News.
“Seafood, pre-cooked halal (meals) were the top products.”
One of the main drivers of the success were the more than a million Filipino expats living and working in Saudi Arabia.
“The presence of the overseas Filipino workers in the Middle East is a captured market for Filipino halal products,” he said. “Institutional buyers such as supermarkets and industries also see the value of Filipino ingenuity in our products and cuisine.”
The 64-member Philippine delegation that took part in the expo and business meetings included 12 Filipino companies. They showcased their products under “Halal-friendly Philippines” – a government umbrella brand promoting the country as a halal market hub in the Asia-Pacific region.
The Philippine government welcomed the achievement as proof of the country’s growing international reputation as a provider of halal-certified products and services.
“This success reflects the Philippines’ strategic vision under Bagong Pilipinas to establish a strong and sustainable halal ecosystem that meets global demand,” the DTI’s Secretary Cristina A. Roque said in a statement.
“It is also a testament to the collective efforts of our industries and the government to drive business growth, attract international investments, and create meaningful job opportunities for Filipinos and the global halal community.”
The predominantly Catholic Philippines – where Muslims constitute about 10 percent of the almost 120 million population – has been making efforts to tap into the global halal market, which is estimated to be worth more than $7 trillion.
By increasing its presence and doubling the number of its halal-certified products and services, the Philippine government plans to raise $4 billion in investments and generate about 120,000 jobs by 2028.
India declares week of mourning for former PM Manmohan Singh
- Singh led the country from 2004 to 2014, and was credited with saving India from a financial crisis
- Former leader, the first Sikh to lead the nation, died on Thursday, aged 92
NEW DELHI: Government offices in India lowered the national flag on Friday for a week of mourning for former prime minister Manmohan Singh, whose economic reforms helped transform the country into one of the world’s fastest-growing economies.
The first Sikh to lead the nation, Singh served a rare two terms as prime minister from 2004 to 2014. He died on Thursday at the age of 92.
The government declared a period of mourning until Jan. 1.
“During this period the national flag will be flown at half-mast throughout India where it is regularly flown and there will be no official entertainment during the period of state mourning,” the Ministry of Home Affairs said.
“It has also been decided that the state funeral will be accorded to late Dr. Manmohan Singh.”
Prime Minister Narendra Modi paid tribute to Singh, saying the former leader would be remembered as a “kind-hearted individual, a scholarly economist,” and a leader dedicated to reforms.
“He steered the country out of a financial crisis and paved the way for a new economic direction,” Modi said in a video message.
“His contributions as the prime minister toward the country’s development and progress will always be cherished.”
Singh was born in Gah, now in Pakistan, but his family migrated to India during the partition of the subcontinent in 1947.
He completed his economics degree at the University of Cambridge and earned a doctorate at Oxford with a thesis on the role of exports in India’s economy.
After teaching economics at the University of Punjab, he went to work for the UN Conference on Trade and Development, and later served as economic adviser to the Indian government until he was appointed to head India’s central bank in 1982, and served finance minister from 1991 to 1996.
In the early 1990s, India faced a deep economic crisis, and Singh played a pivotal role in transitioning the country from a closed economy to a more open, liberalized system. This shift set India on a path of sustained growth for decades.
It was also during his term that India signed a landmark civil nuclear deal with the US, despite not being a signatory to the Nuclear Non-Proliferation Treaty. The deal granted India access to advanced American nuclear technology.
“Manmohan Singh will be remembered for initiating economic reforms and aligning the country with the West. The foreign policy crafted during that phase has been pursued vigorously by Narendra Modi,” Sanjay Kapoor, analyst and political editor, told Arab News.
“Among his major achievements are the raising millions of those living below the poverty line and strengthening democratic institutions.”
Singh was asked to take on the prime minister’s job by Sonia Gandhi, who had led the center-left Congress party to a surprise victory in 2004.
“Manmohan Singh Ji led India with immense wisdom and integrity. His humility and deep understanding of economics inspired the nation,” Congress leader Rahul Gandhi said.
“I have lost a mentor and guide. Millions of us who admired him will remember him with the utmost pride.”
China sanctions 7 companies over US military assistance to Taiwan
- The sanctions also come in response to the recent approval of the US government’s annual defense spending bill
- Any assets they have in China will be frozen, and organizations and individuals in China are prohibited from engaging in any activity with them
BEIJING: The Chinese government placed sanctions on seven companies on Friday in response to recent US announcements of military sales and aid to Taiwan, the self-governing island that China claims as part of its territory.
The sanctions also come in response to the recent approval of the US government’s annual defense spending bill, which a Chinese Foreign Ministry statement said “includes multiple negative sections on China.”
China objects to American military assistance for Taiwan and often imposes sanctions on related companies after a sale or aid package is announced. The sanctions generally have a limited impact, because American defense companies don’t sell arms or other military goods to China. The US is the main supplier of weapons to Taiwan for its defense.
The seven companies being sanctioned are Insitu Inc., Hudson Technologies Co., Saronic Technologies, Inc., Raytheon Canada, Raytheon Australia, Aerkomm Inc. and Oceaneering International Inc., the Foreign Ministry statement said. It said that “relevant senior executives” of the companies are also sanctioned, without naming any.
Any assets they have in China will be frozen, and organizations and individuals in China are prohibited from engaging in any activity with them, it said.
US President Joe Biden last week authorized up to $571 million in Defense Department material and services and military education and training for Taiwan. Separately, the Defense Department announced that $295 million in military sales had been approved.
The US defense bill boosts military spending to $895 billion and directs resources toward a more confrontational approach to China. It establishes a fund that could be used to send military resources to Taiwan in much the same way that the US has backed Ukraine. It also expands a ban on US military purchases of Chinese products ranging from drone technology to garlic for military commissaries.
Zhang Xiaogang, a Chinese Defense Ministry spokesperson, said earlier this week that the US is hyping up the “so-called” threat from China to justify increased military spending.
“US military spending has topped the world and keeps increasing every year,” he said at a press conference. “This fully exposes the belligerent nature of the US and its obsession with hegemony and expansion.”
The Foreign Ministry statement said the US moves violate agreements between the two countries on Taiwan, interfere in China’s domestic affairs and undermine the nation’s sovereignty and territorial integrity.
Taiwan’s government said earlier this month that China had sent dozens of ships into nearby seas to practice a blockade of the island, a move that Taiwan said undermined peace and stability and disrupted international shipping and trade. China has not confirmed or commented on the reported military activity.
