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"Trying" (hexbear.net)

submitted 1 day ago by Yuritopiaposadism@hexbear.net to c/urbanism@hexbear.net

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[-] iie@hexbear.net 62 points 1 day ago

How the fuck do you defraud a country for 27 billion dollars

[-] infuziSporg@hexbear.net 4 points 22 hours ago

Also that is 6% of the country's GDP.

That's like if someone conducted a fraud of $1.8 trillion against the US.

[-] Sauerkraut@discuss.tchncs.de 19 points 1 day ago

That doesn't surprise me. Private defense contractors milk the US government for hundreds of billions every year and billions go straight into shareholder / company owner's pockets

[-] underisk@hexbear.net 42 points 1 day ago

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.

I don't know what "illegally controlling a major bank" means or how she pulled it off but that's what AP news says about it.

[-] WhatDoYouMeanPodcast@hexbear.net 47 points 1 day ago* (last edited 1 day ago)

~~Sounds like you give yourself sweetheart deals on mortgages and then the money line goes up. Then you pay your friend for landscaping and shit to keep it in the family. You essentially put on creative mode on Rollercoaster Tycoon. Then some pencil pusher says that if they were doing legit banking based on their historical returns they could have made X amount of dollars given a Y input [1].~~

~~[1] I made it the fuck up~~

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.

No, she's just got the billionaire gene. In America she'd be vice president right now.

[-] hexaflexagonbear@hexbear.net 16 points 1 day ago

Probably failing to report a conflict of interest that would’ve made her position impossible?

[-] underisk@hexbear.net 54 points 1 day ago

wikipedia has summarized the situation in a way neither the fortune article nor that AP news article could with a single paragraph:

In October 2022, she was arrested for using fake loan applications to embezzle more than US$12.5 billion from Sai Gon Joint Stock Commercial Bank, which she controlled through more than two dozen middlemen. This caused a bank run.