News

Vietnamese billionaire sentenced to death for $44bn fraud

Published

1 year ago

April 12, 2024

nipuni

It was the most spectacular trial ever held in Vietnam, befitting one of the greatest bank frauds the world has ever seen.

Behind the stately yellow portico of the colonial-era courthouse in Ho Chi Minh City, a 67-year-old Vietnamese property developer was sentenced to death on Thursday for looting one of the country’s largest banks over a period of 11 years.

It’s a rare verdict – she is one of very few women in Vietnam to be sentenced to death for a white collar crime.

The decision is a reflection of the dizzying scale of the fraud. Truong My Lan was convicted of taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. The verdict requires her to return $27bn, a sum prosecutors said may never be recovered. Some believe the death penalty is the court’s way of trying to encourage her to return some of the missing billions.

The habitually secretive communist authorities were uncharacteristically forthright about this case, going into minute detail for the media. They said 2,700 people were summoned to testify, while 10 state prosecutors and around 200 lawyers were involved.

The evidence was in 104 boxes weighing a total of six tonnes. Eighty-five others were tried with Truong My Lan, who denied the charges and can appeal.

All of the defendants were found guilty. Four received life in jail. The rest were given prison terms ranging from 20 years to three years suspended. Truong My Lan’s husband and niece received jail terms of nine and 17 years respectively.

“There has never been a show trial like this, I think, in the communist era,” says David Brown, a retired US state department official with long experience in Vietnam. “There has certainly been nothing on this scale.”

The trial was the most dramatic chapter so far in the “Blazing Furnaces” anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong.

A conservative ideologue steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party’s monopoly on power. He began the campaign in earnest in 2016 after out-manoeuvring the then pro-business prime minister to retain the top job in the party.

(BBC News)

News

24 schools closed due to “Siri Dalada Vandanawa” to reopen on Monday

Published

4 hours ago

April 26, 2025

editor

A total of 24 schools in and around Kandy that were closed due to “Siri Dalada Vandanawa,” the special exposition of the Sacred Tooth Relic, will reopen on Monday (April 28), said the Chief Secretary of the Central Province.

Meanwhile, another 37 schools that are accommodating Police and security forces personnel will reopen on 29 April.

Over 50 schools in the Kandy town and surrounding areas were closed from April 21 in view of the special exposition of the Sacred Tooth Relic.

The special exposition of the Sacred Tooth Relic at the Sri Dalada Maligawa in Kandy got underway on April 18 and will conclude tomorrow.

Schools that will reopen on Monday are as follows;
1. Dambawela Primary School
2. Gothami Balika Vidyalaya
3. St. Anthony’s College
4. Sri Chandananda Buddhist College
5. Chandananda Buddhist Girls’ College
6. Pushpadana Girls’ College, Kandy
7. Good Shepherd’s Convent, Kandy
8. Hindu Senior College, Kandy
9. Madduma Bandara Vidyalaya, Kandy
10. Viharamahadevi Girls’ College, Kandy
11. Girls’ High School, Kandy
12. Siddhi Lebbe College, Kandy
13. Dharmawickrema Girls’ College, Kandy
14. Kingswood College, Kandy
15. Peradeniya Central College, Kandy
16. Senkadagala Weerodhara Vidyalaya, Kandy
17. Dharmasoka College, Kandy
18. Sanghamittha College, Kandy
19. Eriyagama Pushpadana Vidyalaya, Denuwara
20. Gannoruwa Junior School, Denuwara
21. St. Mary’s Vidyalaya, Ampitiya
22. Uduwela Buddhist College
23. Uduwela Maha Vidyalaya
24. Wathuliyadda Primary School

Schools to be reopened on Tuesday are as follows:
1. Berrewaerts College
2. Berrewaerts Primary School
3. Siddhartha College, Ampitiya
4. St. Anthony’s Girls’ College
5. Vidyartha College
6. Thakshila College
7. Keppetipola College
8. Mahinda (Special) Model School Kandy
9. Special Education Resource Centre, Ampitiya
10. Asoka Vidyalaya Kandy
11. Gurudeniya Maha Vidyalaya
12. Vidyaloka Maha Vidyalaya, Thennekumbura
13. Dharmaraja College
14. D.S. Senanayake Maha Vidyalaya
15. Mahamaya Girls’ College
16. Sri Rahula National School
17. St. Sylvester’s College
18. Swarnamali Girls’ College, Kandy
19. Wariyapola Sri Sumangala College, Kandy
20. Seethadevi Girls’ School, Kandy
21. Sarasawi Uyana Maha Vidyalaya, Kandy
22. Peradeniya Junior Secondary School, Kandy
23. Peradeniya Hindu College
24. Lumbini Royal College, Kandy
25. Sri Vimalabuddhi Junior School, Kandy
26. Rasindev Vidyalaya, Kandy
27. Risikala Aesthetic College
28. Thalathuoya Junior School
29. Badi-Ud-Din Mahmud Girls’ College, Kandy
30. Mahaweli Navodya Maha Vidyalaya
31. Kandy Model School, Wattegama
32. Samudradewi Girls’ College, Wattegama
33. Bandaranayake National College – Kundasale
34. Hemamali Girls’ College
35. Ranabima Royal College, Kandy
36. Vivekananda Vidyalaya, Kandy
37. Mahanama College, Kandy

News

Pope Francis laid to rest

Published

4 hours ago

April 26, 2025

editor

Pope Francis has been buried at Santa Maria Maggiore basilica following his funeral in the Vatican.

In a statement the Vatican says Pope Francis’ coffin has been entombed in the Basilica of St. Mary Major in central Rome.

“The Pope is the first in over a century to be buried outside the Vatican, and his entombment was a private event, allowing for those closest to him to pay their respects,” the statement adds.Pope Francis “touched minds and hearts” and wanted to “build bridges, not walls”, said Cardinal Giovanni Battista Re, who led the funeral service.

Dozens of leaders and dignitaries – including Donald Trump, Volodymyr Zelensky and Prince William – joined an estimated 400,000 mourners who lined the streets of Rome and gathered inside St Peter’s Square itself.

(BBC News)