this post was submitted on 11 Apr 2024
1 points (100.0% liked)

World News

38987 readers
1863 users here now

A community for discussing events around the World

Rules:

Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.


Lemmy World Partners

News [email protected]

Politics [email protected]

World Politics [email protected]


Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 0 points 7 months ago (1 children)

I am all for billionaires facing consequences for their actions. The death penalty is still deeply immoral though. Locking financial criminals up like for example the American state did with Martin Shkreli or Sam Bankman-Fried though is completely o.K. and should happen more often.

[–] [email protected] -1 points 7 months ago* (last edited 7 months ago) (1 children)

The death penalty is still deeply immoral though.

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.

It appears to be a method the courts are employing to encourage her to surrender overseas assets.

In this particular situation, that $27bn is over 5% of Vietnam's GDP. This is a very significant hit to the nation's financial stability and one that will likely result in substantial number of excess deaths entirely due to increased poverty. I can see the threat of execution as a method to compel repayment as necessary.

In a better world, foreign banks complicit in Truong's 11 year long theft would cooperate to return the stolen money, thereby making this threat unnecessary. But so long as foreign financial institutions can hold a nation's wealth hostage, all the Vietnamese state leadership can manage is to respond in kind.

[–] [email protected] 0 points 7 months ago (1 children)

Disclaimer: didn’t read the article yet.

But surely someone can’t commit such a huge fraud alone. Nobody at Saigon Commercial Bank is involved or culpable for loaning that amount to a fraudster?

[–] [email protected] -1 points 7 months ago

But surely someone can’t commit such a huge fraud alone.

Right. I'm less upset by a single individual facing execution than I am not seeing a dozen other crooks lined up on the docket.