Foreign News
Vietnamese tycoon in race to raise $9bn to avoid execution
Vietnamese property tycoon Truong My Lan is in a race for her life.
On Tuesday, the 68-year-old will hear the verdict in her appeal against the death sentence handed down on her in April for masterminding the world’s biggest bank fraud.
It was a rare and shocking verdict – she is one of very few women in Vietnam to be sentenced to death for a white collar crime.
The court found she had secretly controlled Saigon Commercial Bank, the country’s fifth biggest lender, and taken out loans and cash over more than 10 years through a web of shell companies, amounting to a total of $44 billion (£34.5 billion).
Of that prosecutors say $27 billion was misappropriated, and $12 billion was judged to have been embezzled, the most serious financial crime for which she was sentenced to death.
However, the law in Vietnam states that if she can pay back 75% of what she took, her sentence will be commuted to life imprisonment.
During her trial in April Truong My Lan, who had been chairwoman of the real estate firm, Van Thinh Phat Group, was sometimes defiant. But in the recent hearings for her appeal against the sentence she has been more contrite.
She has said she was embarrassed to have been such a drain on the state, and that her only thought was to pay back what she had taken.

Born into a Sino-Vietnamese family in Ho Chi Minh City, Truong My Lan started as a market stall vendor, selling cosmetics with her mother. She began buying land and property after the Communist Party introduced economic reform in 1986. By the 1990s, she owned a large portfolio of hotels and restaurants.
When she was convicted and sentenced in April, she was the chairwoman of a prominent real estate firm, Van Thinh Phat Group. It was a dramatic moment in the “Blazing Furnaces” anti-corruption campaign led by then-Communist Party Secretary-General, Nguyen Phu Trong.
All of the remaining 85 defendants were convicted. Four were sentenced to life in jail, while 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.
The State Bank of Vietnam is believed to have spent many billions of dollars recapitalising Saigon Commercial Bank to prevent a wider banking panic. The prosecutors argued that her crimes were “huge and without precedent” and did not justify leniency.
Truong My Lan’s lawyers say she is working as fast as she can to find the $9 billion needed. But cashing in her assets is proving difficult.
Some are luxury properties in the Vietnamese capital, Ho Chi Minh City, which could, in theory, be sold quite quickly. Others are in the form of shares or stakes in other businesses or property projects.
In all the state has identified more than a thousand different assets linked to the fraud. These have been frozen by the authorities for now. The BBC understands the tycoon has also reached out to friends to raise loans for her to help reach the target.

Her lawyers are arguing for leniency from the judges on financial grounds. They say that while she is under sentence of death it will be hard for her to negotiate the best price for selling her assets and investments, and so harder for her to raise $9 billion.
She can do much better if under a life sentence instead, they say. “The total value of her holdings actually exceeds the required compensation amount,” lawyer Nguyen Huy Thiep told the BBC.
“However, these require time and effort to sell, as many of the assets are real estate and take time to liquidate. Truong My Lan hopes the court can create the most favourable conditions for her to continue making compensation.”
Few expect the judges to be moved by these arguments. If, as expected, they reject her appeal, Truong My Lan will in effect be in a race with the executioner to raise the funds she needs.
Vietnam treats the death penalty as a state secret. The government does not publish how many people are on death row, though human rights groups say there are more than 1,000 and that Vietnam is one of the world’s biggest executioners.
Typically there are long delays, often many years before sentences are carried out, although prisoners are given very little notice. If Truong My Lan can recover the $9 billion before that happens, her life will most likely be spared.
[BBC]
Foreign News
China executes four more Myanmar mafia members
China has executed four members of the Bai family mafia, one of the notorious dynasties that ran scam centres in Myanmar, state media report.
They were among 21 of the family’s members and associates who were convicted of fraud, homicide, injury and other crimes by a court in Guangdong province.
Last November the court sentenced five of them to death including the clan’s patriarch Bai Suocheng, who died of illness after his conviction, state media reported.
Last week, China executed 11 members of the Ming family mafia as part of its crackdown on scam operations in South East Asia that have entrapped thousands of Chinese victims.
For years, the Bais, Mings and several other families dominated Myanmar’s border town of Laukkaing, where they ran casinos, red-light districts and cyberscam operations.
Among the clans, the Bais were “number one”, Bai Suocheng’s son previously told state media after he was detained.
The Bais, who controlled their own militia, established 41 compounds to house cyberscam activities and casinos, authorities said. Within the walls of those compounds was a culture of violence, where beatings and torture were routine.
The Bai family’s criminal activities led to the deaths of six Chinese citizens, the suicide of one person and multiple injuries, the court said.
The Bais rose to power in Laukkaing in the early 2000s after the town’s then warlord was ousted in a military operation led by Min Aung Hlaing – who now leads Myanmar’s military government.
The military leader had been looking for co-operative allies, and Bai Suocheng – then a deputy of the warlord – fitted the bill.
But the families’ empires crashed in 2023, when Beijing became frustrated by the Myanmar military’s inaction on the scam operations and tacitly backed an offensive by ethnic insurgents in the area, which marked a turning point in Myanmar’s civil war.
That led to the capture of the scam mafias and their members were handed to Beijing.
In China, they became subjects of state documentaries which emphasised Chinese authorities’ resolve to eradicate the scam networks.
With these recent executions Beijing appears to be sending a message of deterrence to would-be scammers.
Hundreds of thousands of people have been trafficked to run online scams in Myanmar and elsewhere in South East Asia, according to estimates by the United Nations.
Among them are thousands of Chinese people, and their victims who they swindle billions of dollars from are mainly Chinese as well.
(BBC)
Foreign News
US government partially shuts down despite last minute funding deal
The US federal government has partially shutdown despite a last-ditch funding deal approved by the Senate.
The funding lapse began at midnight US eastern time (05:00 GMT) on Saturday, hours after senators agreed to fund most agencies until September. The bill includes just two weeks’ funding for the Department of Homeland Security, which oversees immigration enforcement, instead of shutting it down entirely.
The bill has yet to be approved by the House of Representatives, which is out of session.
US President Donald Trump struck the deal with Democrats after they refused to give more funding for immigration enforcement following the fatal shooting of two US citizens in Minneapolis by federal agents.
It is the second such government shutdown in the past year and comes just 11 weeks after the end of the previous funding impasse that lasted 43 days, the longest in US history.
That shutdown in 2025, which spanned 1 October to 14 November, had widespread impacts on essential government services including air travel and left hundreds of thousands of federal workers without pay for weeks.
This shutdown, however, is unlikely to be that long or widespread as the House of Representatives is set to be back in session on Monday.
The White House, though, has directed several agencies, including the departments of transportation, education and defence to execute shutdown plans.
“Employees should report to work for their next regularly scheduled tour of duty to undertake orderly shutdown activities,” a White House memo to agencies said. “It is our hope that this lapse will be short.”
Trump has urged Republicans, who hold the majority of seats in the US House, to vote for the deal.
Lawmakers plan to use the fortnight in which the DHS will continue to be funded to negotiate a deal. Democrats want that deal to include new policies for immigration enforcement agents.
“We need to rein in ICE and end the violence,” Senate Minority Leader Chuck Schumer said referring to Immigration and Customs Enforcement.
“That means ending roving patrols. It means requiring rules, oversight, and judicial warrants… Masks need to come off, cameras need to stay on, and officers need visible identification. No secret police.”
Both Republican and Democratic lawmakers have sharply criticised tactics used by immigration agents in the wake of the fatal shooting of Alex Pretti in Minneapolis last weekend.
Pretti, an intensive care nurse, was shot by a US Border Patrol agent after an altercation in which several agents tried to restrain him.
On Friday, the Justice Department launched a civil rights investigation into the shooting.
[BBC]
Foreign News
Heavy gunfire and blasts heard near airport in Niger’s capital
Sustained heavy gunfire and loud explosions have been heard in Niger near the international airport outside the capital, Niamey.
Multiple eyewitness accounts and videos showed air defence systems apparently engaging unidentified projectiles in the early hours of Thursday.
The situation later calmed down, reports say, with an official reportedly saying the situation was now under control, without elaborating.
It is not clear what caused the blasts, or if there were any casualties. There has been no official statement from the military government.
The gunfire and blasts began shortly after midnight, according to residents of a neighbourhood near the Diori Hamani International Airport, the AFP news agency reports. They said calm returned after two hours.
The airport houses an air force base and is located about 10km (six miles) from the presidential palace.
Niger is led by Abdourahamane Tiani who seized power in a 2023 coup that ousted the country’s elected civilian president.
Like its neighbours Burkina Faso and Mali, the country has been fighting jihadist groups who have carried out deadly attacks across the region.
It is also a major producer of uranium.
A huge uranium shipment destined for export has been stuck at the airport amid unresolved legal and diplomatic complications with France after the military government nationalised the country’s uranium mines.
“The situation is under control. There is no need to worry,” the Anadolu news agency quoted a Foreign Affairs ministry official as saying, without elaborating.
The official told the agency they were trying to determine whether the gunfire was linked to the uranium shipment.
[BBC]
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