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Vietnamese property tycoon sentenced to death over $12bn fraud

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Vietnamese property tycoon sentenced to death over bn fraud

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Vietnamese property tycoon Truong My Lan has been sentenced to death by a court in Ho Chi Minh City for embezzling more than $12bn in the country’s largest financial fraud, state media reported.  

Lan, 67, had committed crimes with serious consequences and with no possibility of recovering the lost funds, state media quoted the court verdict as saying on Thursday.

Her actions had also eroded the public’s trust in the leadership of the ruling Communist party and the state, it said.

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Lan, chair of property developer Van Thinh Phat Group, was found guilty on charges of bribery, embezzlement and abuse of power following a trial that began last month. 

Lan had denied the charges against her. Her lawyer said Lan will appeal the verdict.

Lan was accused of embezzling 304tn dong ($12bn) from Vietnam’s Saigon Joint Stock Commercial Bank (SCB) by illegally controlling the bank through proxies, using “ghost” companies to take out loans, and giving bribes of millions of dollars to government officials who discovered the fraud.

Other than Lan, a further 85 people have also been charged in the case, including central bank officials.

Authorities say SCB also gave loans worth more than $44bn to Van Thinh Phat and other companies controlled by Lan between 2012 and 2022, accounting for 93 per cent of the total loans disbursed by the bank, which was placed under central bank control after Lan’s arrest.

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The corruption charges against Lan are part of a broader graft crackdown by the Communist party that has slowed down government approval for projects and raised questions over political stability in one of the world’s fastest-growing economies. 

Vo Van Thuong resigned as Vietnam’s president in March after only a year in office because of unspecified “violations” and “shortcomings”. Thuong’s predecessor as president, Nguyen Xuan Phuc, resigned in January 2023 amid an overhaul of the government’s top ranks that also saw the departure of two deputy prime ministers.

Hundreds of high-ranking government officials have been arrested in the crackdown.

The expansion of scrutiny to the private sector has added to the uncertainty. Lan’s arrest in 2022 triggered a slowdown in the property market and corporate bond activity. The tycoon comes from one of Vietnam’s wealthiest families and was the most prominent businessperson to face graft allegations since the crackdown began.

Vietnam has been one of the top choices for international manufacturers diversifying operations away from China amid growing tensions between Beijing and Washington. The south-east Asian country has seen record flows of foreign investment, with FDI hitting an all-time high of $36.6bn last year.

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However, the corruption crackdown has dented some of its appeal. Government officials are reluctant to approve licences and projects for fear of being caught up in graft investigations, resulting in what analysts have described as “bureaucratic paralysis”.

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A day after Alito’s testy response to Sotomayor’s dissent, court says it was a ‘misunderstanding’

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A day after Alito’s testy response to Sotomayor’s dissent, court says it was a ‘misunderstanding’

The justices of the U.S. Supreme Court, with Justice Sonia Sotomayor (seated left) and Justice Samuel Alito (seated second from right).

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As the Supreme Court heads into the announcement of its final and hugely important opinions next week, there are reverberations from this week’s announcements, and Justice Samuel Alito’s public rebuke of his colleague Justice Sonia Sotomayor.

On Thursday, Justice Alito summarized from the bench three very big opinions he authored for the court’s six justice conservative majority. Alito, unlike most of his colleagues, doesn’t spend much time on these summaries. And it is rare that a justice has three big opinions to announce, but it is almost the end of the term, and there are a lot of big cases still outstanding.

The first case he announced came and went. Alito then moved on to a second case, this one tests whether migrants may apply for asylum in the U.S. by going to one of several ports of entry along the U.S.-Mexican border, and presenting themselves for admission. This entails presenting documents that persuade an asylum officer that applicants’ fear of persecution in their home country is credible enough to allow them to enter the U.S. while their asylum application is processed. Alito’s opinion ruled in favor of the Trump administration’s policy of refusing all such applicants by blocking them at the border. It was a policy also followed at one time by the Obama administration until it was blocked by the lower courts.

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After Alito finished his summary of the opinion, he paused, at which point Justice Sotomayor read a summary of her contrary views in dissent. When she finished, however, Justice Alito did not move on to the announcement of his third opinion. Instead, he did something that nobody in the press corps ever remembers happening before. Looking much as if he had just bitten into a lemon, Alito said, “There is much that I would have added to my bench statement had I known there would be a dissent read.” And he then went on to a short extemporaneous rebuttal.

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

The widow and the daughter of Maurice Pierce, one of the four men wrongfully accused in the 1991 Texas yogurt shop murders, have confirmed they signed a multimillion-dollar settlement with the city of Austin.

Kimberli and Marisa Pierce spoke with correspondent Erin Moriarty in a new episode of the podcast “48 Hours: Case by Case.” Moriarty has reported on the yogurt shop murders for over 30 years. 

Maurice Pierce’s widow Kimberli made clear that their priority has never been financial compensation. “It’s blood money for us. He died for this money,” Kimberli Pierce said. “It’s about the reform and the changes that need to happen, not only in Austin, but apparently across the country.”

They also went into great detail about what they believe happened when Maurice Pierce was shot and killed by police in 2010. 

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Maurice Pierce was one of four men, along with Michael Scott, Robert Springsteen and Forrest Welborn, who were wrongfully accused in the murders of four teenage girls in Austin on Dec. 6, 1991. Eliza Thomas, Amy Ayers, and sisters Jennifer and Sarah Harbison were tied up, shot and left inside the yogurt shop as it was set ablaze. 

The four men were exonerated in February after investigators linked another man, Robert Eugene Brashers, to the killings. The city of Austin subsequently offered a $35 million settlement. Because Maurice Pierce died in 2010, his share of $10 million will go to Kimberli and Marisa Pierce.

Eight days after the killings, 16-year-old Maurice Pierce was arrested at a mall, carrying a .22, the same caliber handgun connected to the crime. Kimberli Pierce said police told Maurice Pierce that his gun was the murder weapon. He responded by mentioning his friend Forrest Welborn. Maurice Pierce was then wired up and sent to speak with Welborn, but investigators ultimately determined that Welborn and the others knew nothing about the murders, and no charges were filed at that time.

Marisa Pierce has said there was no evidence when her father was questioned, “only a detective and a narrative, a narrative so completely false. It feels evil.”

From left, Maurice Pierce, Forrest Welborn, Michael Scott and Robert Springsteen were exonerated in February 2026 after investigators linked another man, Robert Eugene Brashers, to the December 1991 killings of four teenage girls in an Austin, Texas, yogurt shop. 

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Nearly eight years later, in 1999, all four men were arrested after Scott and Springsteen confessed to the murders. They later recanted, saying they had been coerced. Springsteen and Scott were tried and convicted, but later those convictions were overturned on constitutional grounds. A subsequent DNA test excluded all four men. Maurice Pierce was never convicted but spent three years in jail before his release in 2003. 

Kimberli Pierce said her husband came home a hardened man. She believes police continued to harass Maurice and their family after his release. In 2010, Maurice Pierce was stopped for a routine traffic stop, fled on foot, and was shot and killed by an Austin police officer who said Pierce had stabbed him with a knife. 

Marisa and Kimberli Pierce told “48 Hours” that they intend to review the circumstances surrounding the night of Maurice Pierce’s death. Marisa Pierce revealed in new, emotional detail that she was on the phone with her father at the time. She believes he panicked and was only trying to get away, not to hurt anyone. She described her father’s last breaths: “And in those last moments, he had just said I’m sorry, I don’t think you’re gonna see me again, and I love you.” 

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“48 Hours” reached out to the Austin Police Department about the Pierces’ allegations of harassment and their questions about Maurice Pierce’s death in 2010. The police department said they had no additional comment.

For the Pierce family, the settlement is a starting point, not an end point. They have put forward seven proposed reforms they hope the city of Austin will approve, including appointing a child advocate whenever a minor is questioned, prohibiting deceptive interrogation tactics, educating juveniles about their rights and establishing accountability measures to address tunnel vision in police investigations.

In a statement shared with “48 Hours,” the Pierces wrote: “Real justice is not only about acknowledging harm after the fact but about creating safeguards that prevent future families from enduring the same pain.”  

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The Maine Town That Actually Wants a Data Center

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This year, Maine nearly became the first state to pass a statewide moratorium on new data centers. But before the law could take effect, supporters of an A.I. data center project in the small town of Jay rallied to fight the ban — and won. So why do residents there want one? We traveled to Jay to find out.

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