In a rare conviction for a financial crime, a property developer - a woman - in Vietnam was recently sentenced to death by the People’s Court of Ho Chi Minh City. The Vietnamese businesswoman, the 68-year-old Truong My Lan, was found guilty by the court and sentenced to death, which saw the end of the Communist country’s worstever corruption cases. She headed a real estate company, Van Thinh Phat, and was accused of heading ‘thousands of ghost companies’ which were used in cheating Saigon Commercial Bank of 304 trillion dong (approximately $12.54 billion) with the connivance of family members and accomplices in high positions.
Lan was arrested in October 2022.
DEFINED AS MASTERMIND
The judges, who conducted the trial in March, found her guilty of multiple counts of bribery, violating banking regulations and embezzlement. The court ordered that she pay 673.8 trillion dong ($29.6 billion) in compensation to the bank. During the announcement of the sentence, the judges said Lan had no known criminal record before the trial, and had participated in several charitable activities, but she was ‘the mastermind in the long-term scheme and committed elaborate and organized crimes, causing irrevocable consequences”.
Lan denied the charges and, according to Vietnamese law, she can appeal.
Bu hikaye Banking Frontiers dergisinin June 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Banking Frontiers dergisinin June 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
