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Vietnamese property tycoon sentenced to death in country’s biggest ever financial fraud, state media reports

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Vietnamese property tycoon sentenced to death in country’s biggest ever financial fraud, state media reports

Vietnamese property tycoon Truong My Lan (C) looks on at a court in Ho Chi Minh city on April 11, 2024. A top Vietnamese property tycoon could face the death penalty when she and dozens of other co-accused face verdicts on April 11 in one of the country’s biggest fraud cases over the embezzlement of USD 12.5 billion.

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The Vietnamese property tycoon Truong My Lan was sentenced to death on Thursday for her involvement in the country’s biggest ever financial fraud case, state media outlet Thanh Nien reported.

Lan was found guilty of embezzlement, bribery and violating banking rules around lending. She was sentenced to death for the embezzlement charges and to 20 years in prison for each of the other two accusations, according to state media.

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Lan, who is the chairwoman of real estate development firm Van Thinh Phat Holdings Group, was accused of appropriating assets from Saigon Joint Stock Commercial Bank (SCB) by taking out unlawful loans to Van Thinh Phat and shell companies.

Much of Lan’s defense was based on her lawyers arguing that she only controlled around 15% of the bank and did not have an official position in the bank, suggesting that embezzlement charges were not appropriate, local media reported.

However, witnesses who held large stakes themselves told the court that they were instructed to act on Lan’s behalf. Judges therefore found that Lan holds a controlling stake of over 90% in SCB through proxies and was the de-facto owner of the bank, local media reported.

The loans were reportedly worth a total of $44 billion and accounted for over 90% of SCB’s lending between 2012 and 2022. Around $12.3 billion were allegedly funnelled to Van Thinh Phat while other funds were used privately. Some of the over 1,000 loans had been settled by Lan, judges found, but the court said she would have to compensate the bank fully.

Lan was first arrested in 2022, with allegations dating back around 10 years. Alongside Lan, more than 80 other people including central bank officials have been charged in the case for damaging SCB, state media reported.

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Reuters reported on Thursday that a family member confirmed that Lan would appeal the sentence.

CNBC was not able to independently verify the report.

The case against Lan is part of a wider crackdown on corruption that has been spearheaded by Vietnam’s ruling Communist party and has been dubbed “blazing furnace.” High level politicians including former Vietnamese presidents have been forced to resign in connection with the campaign and hundreds of officials and businesspeople have been sentenced.

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Simply Asset Finance reaches $2.6bn loan origination milestone in 2025

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Simply Asset Finance reaches .6bn loan origination milestone in 2025

Simply Asset Finance has reported that its total loan origination reached £2bn ($2.6bn) in 2025, following its growth and lending activity during the period.

During 2025, the company’s gross loan book increased to £543m and its customer base grew to 13,000.

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Additional digital platforms came online, and commercial loans were added to the range of available finance solutions.

Improvements in the company’s own technology and stronger results in various regions contributed to increased efficiency in lending operations and a broader local presence for SME clients.

In July, Simply Asset Finance introduced Kara, an AI-powered virtual agent.

Kara uses the company’s past data to enhance user interactions, streamline internal processes, and speed up decisions on lending applications.

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Simply Asset Finance CEO Mike Randall said: “Our growth this year has built on the momentum of 2024, and reaching £2bn is a clear milestone for the business. All our channels have driven that progress, with rising demand for specialist lending helping us expand our footprint and support even more SMEs across the UK.

“Despite a year of challenging economic conditions, small businesses have remained resilient and ready to invest. Kara has been central to meeting demand quickly and efficiently –  and we expect her value to our customers will only grow.

“As we head into 2026, we’re focused on carrying this momentum forward and working with even more brilliant businesses to unlock their potential.”

Last month, Simply Asset Finance became a Patron lender of the National Association of Commercial Finance Brokers (NACFB).

This partnership is aimed at supporting the broker community in the UK and increasing access to asset finance and leasing products through wider distribution. 

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The NACFB is known as an independent UK trade association for commercial finance intermediaries, promoting cooperation between lenders and brokers across the sector.

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Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie

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Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie

Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.

Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.

James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”

Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”

Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”

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Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”

With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.  

Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.

*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore

 

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3 finance stocks to buy on rising 10-year Treasury rates

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3 finance stocks to buy on rising 10-year Treasury rates
The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….
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