Capital Economy, Business and Finance
A Vietnamese property tycoon, Truong My Lan, has been sentenced to death by a Ho Chi Minh City court for embezzling $12.5 billion, roughly 3 per cent of Vietnam’s GDP, from Saigon Commercial Bank (SCB). According to state media, the 67 year-old has “eroded people’s trust in the leadership of the [Communist] party”. Human rights groups say hundreds have been executed recently, mostly for violent offences. Lan’s husband also received jail time. Her sentence is part of a campaign – called Blazing Furnace – to root out corruption. More than 20,000 party members have reportedly been sacked, dismissed or jailed since 2016. The fire may be too hot. Analysts have pointed to the risk of ideologically-inspired fraud investigations deterring much-needed foreign investment.