You can pass it, when you hire newly graduates, or those who is just as blind as the rest of the leaders. And maybe this is one of those situation that, "needed to be created".. but the law sided with the people. So down she goes ? It sounds very political...
@@MeiinUK My Vietnamese former colleague says it's totally political. As for audits, one of the best days ever at my last employer was realizing I would never ever deal with another PwC auditor. They were astoundingly bad.
I'm Viet, and the title is so misleading, no one person can do that alone, she is what we see, the empire and allies behind her are what we don't see, and those people run deep.
yeap...the government must catch the big fish if they are willing - high rank officials, millionaires, politicians etc. Surely she is deserved to be punished too as part of the corruption gang.
@@jamescc2010 Personally I think it's more sad. Sure she's punished as the example, but she was like rule maker powerful, and you can't do that without deep deep corruption, people that take percentage, but never will be held accountable because they're probably the justice system themselves. Another thing was that she sent a lot of money out to other countries so the gov was determined to catch her, to keep their own money domestic.
Lawyer here. Auditors are PAID to audit the people PAYING them. That's why it can't work. They only get hired if they are willing to NOT find anything wrong.
Interesting that you bring this up. This was exactly a key part of the plot in the movie The Accountant. Of course that’s just a fictional story but life is often reflected in art and vice versa
The banking crisis in 2008; contributing factor, the auditors didn’t want to lose the auditing contracts so they ignored violations as well as some didn’t even understand the mathematical algorithms that the banks were using to buy and sell mortgage backed securities.
Auditors are here not to find something wrong in the balance sheets. The thing is that you do not understand what auditors are for. They are not fraud investigators. Auditors can not check their balance in a bank. If you say you have 3 billion dollars in US federal bonds they can not check it up. Even law enforcement would need a judge's permission. They are here to ensure that numbers are done correctly, that everything is valued correctly etc. Without them, most of financial fraud would end up with: "Ooh sorry, we did not steal anything, our Indian intern just only valued AT1 bonds badly."
As a Vietnamese person, I think the content of this video is very well-researched and thorough, and I am amazed by this channel. The death penalty in her case is indeed intended to serve as an example, and generally, Vietnamese people tend to support this penalty.
Vietnamese here, the "Blazing Furnace" campaign is what protecting our country from crimnials like this and it is now continuing stronger than ever. Also R.I.P to our Party Chief mentioned in this video (Nguyen Phu Trong) as he passed away last month.
I wonder if the roof of her basement was high enough to install a diving board so she could pretend to be Scrooge McDuck. I really can't think of any other reason for having that much cash down there.
@@dirremoire That sounds a bit high... but nope, at $80,000USD/kg that's 500 metric tons, 600 US tons. In volume that's 28,000 litres, 28 cubic metres, or 1,000 cubic feet. A milk crate holds one cubic foot, and she had enough cash to fill 1,000 of them with gold, and enough cash in her frigging basement to fill "only" 100 of them. It really is hard to wrap your brain around those numbers. Maybe she wanted to buy Twitter off Musk.
FTX investors will be made whole. Ain't that the shitz? Google it. A lot of infighting and whatnot but they could be made whole before this all is over.
Sam didn't get the death penalty, Celcius didn't get death penalty, Do Kwon didn't get death penalty, Zac Prince BlockFi didn't get death penalty. The bankers got upset that they got fooled which is why they put the death penalty on her. Governments don't control the money. The Rothchilds do.
To give Bankman credit he started his job at 2017 on the other hand My Lan has been doing it since 1992. So I think My Lan is the one who should be holding the beer and some vodka dude deserved that he did not only did what he did he also did it in the US I think one of the most experienced country in financal fraud leauge in the world and I think him lasting only 5 years is a proof of that. Still, it is solid succes in his case. For My Lan when Vietnam considered going against corruption she collapsed immediately.
@@Im_your_leader Firstly, what she deserve is punishment. Second dude come on, doing financial fraud in US is harder than doing it in Vietnam especially if you are an individual. Vietnam is still new to all this finance capital stuff. They are still trying to adust. In Turkey when our goverment at the time brought free market it was like at least 20 percent of the country got scammed in less than five years. We got a scammer obtain 3 billion dollars at the time in like three years with the influation I think that money was close to 10 billion of today money. And now our best scammer aka Topkek only scammed around one billion and he only managed to get like 60 million dollars of it. What I am trying to say is free market is consist of various founditions and creating them is hard and Us have them which make it hard in US to scam people financally.
I was an accountant and auditor for 40 years. You'd be amazed how many people get away with white collar crimes. People in the legal system rarely numerate enough to understand these so of crimes. Deloittes and KPMG should be held accountable too. Hopefully other countries will take Vietnam's lead.
Wdym by saying 'hopefully other countries will take Vietnam's lead'????? Millions of our ancestors sacrificed their blood and flesh for our country's present peace. Saying something like that is a huge disrespect to our nation and all the innocent lives taken from greedy foreign nations in the past! You're in no position to judge whether our country needs other countries to take the lead. Even if massive white collar crimes like this do happen in our country, it's none of your business to say that!!
@@amandahuynh12 my apologies, but I believe you misunderstood me. I am full of admiration for the stand the Vietnamese govt has taken on white collar crime. In Western countries it is downplayed and treated as though it were not important. It's very important, it affects thousands, if not millions of people, yet the perpetrators often go free. I believe Vietnam is setting an example that the rest of the world needs to follow.
@@JaneNewAuthor I thought what you were trying to say was that Vietnam needed other countries to lead our government and economy. I was so furious when I saw that (you can totally imagine how someone would feel if their country received such words), but now that you've made yourself clear, I'm sending a respectful apology for having misunderstood you. Have a nice day!
My dad used to be employed at SCB a long while ago as head security guard, got to see her in person once during a corporate checkup, he described her as a chill and humble looking lady. Had no idea she's been doing something at that scale
"Every 1 percent unemployment goes up, 40,000 people die." That's not just 40000 deaths but 40000 broken families and multiples of ruined lives. Theft of a large enough scale should be recognized as the atrocity that it is. It is an act of pitiless economic violence against the working class, no different than if a country decided to enact economic sanctions against another country to starve their civilians.
Saying this woman didn't kill anyone is just pure BS she stole whole percentage points from the gdp so there is no way that didn't cause premature deaths
I remember this line from The Big Short. It sends chills up my spine whenever I think about it… suicide is no joke; it’s devastating at a level maybe beyond murder, in my opinion.
Living in a corrupted society, such as current Vietnam (communist/dictatorship), is like living in hell. Believe me, I am in Ho Chi Minh City, and we are living a miserable life.
Would you say the anti corruption campaign is actually a real effort (to regain the people's trust) or does it has echo of China's effort of internal party affairs?
A little fun fact about this: One of Lan's testimony said all the money was, and I quote, " tossed out to the sea", after that there was a surging memes of " Hunting for Truong My Lan's treasure", it was both facinating and hilarious. Later on Lan's lawyer trying to sue the "meme" or embezzelment and spreading misinformation about the case, , but all the news has stopped update about the meme wave
Fun little story Apparently in the trial she said something about traveling to the Mediterranean Sea, so people started making memes about "finding the One Piece/Money." People were forming crews, and even some of the officials started posting memes like "Wantabe Pirates, beware, cause we're ready." It got so big that the government has to advise people to stop posting. 😅😅😅
I was involved in a small project commissioned by a small branch of her family-owned company. They offered us a generous rate, which I have never seen in my entire life, not to mention in this economy. My lead kept stressing how much important this project was and how careful we must perform. But before it ever happened, she got apprehended and the project was canceled.
@@simplethinker2371 work hard bro, dont be lazy then u will be okay, the government tried their best, we ve just got our freedom from the outsider for 30 years, u should be thankful that we have 3 meal per day and living in peace and freedom
@tripplefives1402 At this point any money that exists is created out of nothing. having a huge amount of debt and still print money is the most fraudulent thing on this planet.
@tripplefives1402 I don't think from nothing, it's more of a ponzi scheme, where money people put into the bank is "loaned" out the her. So if suddenly everybody withdraws their money, they can't because it's loaned out. I guess all banks do this, but to legitimate loans, where the chances of everybody not paying back the loan are negligible.
Blackrock withdrew from Vietnam after this death sentence. They sold all their properties in Vietnam even their properties are still increasing profit.
@@vuvinh2032 WTF is that a bot account? That line did not even make sense. It's like a bunch of talking points were just forced together. While also being not relevant to the discussion. That's is some wacky script.
Some people might say that capital punishment is unfair, I think that it's not always best. The suffering she caused because of her greed is immeasurable. Families break down in debt, people lose everything and some choose to end their lives be cause of it. She can't have been that ignorant, but it shows her immense selfishness and lack of empathy. On the other hand, successful criminals should be studied for how they managed to do what they did, where authorities can learn how to better keep these things in check. KPMG and Delloite really need to be put under the microscope. They are clearly guilty of something.
@@winter1957 If you don't want/like to serve your country, why do you candidate ? Medical Doctors in France work for free 10 years of their lives to serve others, but politicians can't serve the country that pays them on a normal salary? Do they need Musk's extravagant salary or they become corrupt? That's why we need to replace these kids with AGI.
@@Also_sprach_Zarathustra. 10 years, really? Any source? It also applies the other way, why do those who are the sincerest, most altruistic has to suffer from low wages and harsh workhour? Why do we have to think that because their job benefitted others they have to accept being paid less than they deserve? People are not stupid, why would someone spend 7 depressing years in medical college just to be homeless just because "muh altruism, serving the country, helping other ppl" BS. A lot of ppl wants to help others, it juat happen that they dont lile being treated like sht by those whom they helped.
@@winter1957 yes but i dont think the pay was the main reason it worked, its the severe punishment that did the job... but any country should give reasonably good salaries to important position holders... not 40B good but doctor/software engineer good.
As a Vietnamese and long subscriber of ColdFusion, i always wondered if one day you would cover something related to Vietnam. I never thought it would be this kind of topic..
Hello from America. Hope all is well. I’ve been following this story since it was announced here about their use of this lady as a model as to what will happen if citizens destroy the communist country-sentenced to death. Truly a large scale crime involving hundreds of people…. It was just announced here in America that the Biden administration has sent hundreds of millions of dollars to anti American organizations. She is now the presidential nominee…
I've only been a subscriber on the channel for a few years, but I'm comfortable claiming that Mr Dagogo is one of the world's best *journalists.* It's a big statement, I know. Many people seem too think you need a flashy business card to even qualify for such. Moreover, he consistently stays away from virtue-signaling, does brilliant analys of complex cases and various matters, and always manages to package it for a broad crowd in an admirable way. If the planet had much more of such apolitical independant analysists, journalists and actual truth seekers, our world would be in a considerably better state. Huge praise to the man. Please keep up the sharp analyses and fabulous work. *- Cheers from Sweden, Mr Dagogo.*
I knew SCB would be bankrupt when I worked there from 2017 to 2019. High deposit interest, very very little loan for customers (which makes benefit for bank) and her assets increase day by day. Her bond company like a slum, small and not so many employees, she bribed for her bond (with no assets to ensure the bond). She just sold a paper with high interest to the customers...
Wow.... lol.... And the whole big tech thing is fine? So media and traditional media is gone and done for. And then... China came online as well.. and nobody cared about what china is doing, and connect India in telco as well.. oh of course.. .sure sure sure... indirectly kill countries, morality... economies... I don't know what else to say really !....
The mistake most people make, is to think that the death sentence is the ultimate punishment. A much heavier punishment is solitary confinement for 100 years in 6 by 9 foot cell with nothing but a bed toilet & shower all made of concrete. There is such a facility in the usa.
Take a look at the Black Dolphin Prison, officially known as Penal Colony No. 6 in Siberia, Russia. They don't even get to see the guards faces always blindfolded whenever they leave their cells. Then they walk them bent forward chest parallel to the floor with zero interaction to anyone else. That's just for starters.
No use wasting resources on someone who stole so much from a still developing country. She does not need the free foods and accommodation, those resources are better spent on the needy people of that country.
Living in a corrupted society, such as current Vietnam (communist/dictatorship), is like living in hell. Believe me, I am in Ho Chi Minh City, and we are living a miserable life.
The craziest part isn't that she stole $44 billion, it's that she kept going after $1 billion...$500 million.....$100 million.....$25 million.....heck, just $5 million.
Again, the thing that baffles me the most is how those people do not have an escape plan. The way she was connected, it was impossible to not see the writing on the wall. It wasn't like something that happened all a sudden, she probably had plenty of time to buy her way into some country where she could live like a queen, untouched by Vietnam. Of course there is always the risk of a "black" operation by the government but that's not so simple (especially if she chose the right country) and there's private security.
When you're this rich and powerful, delusions of invincibility settle nicely into the Reptilian Brain. And to be fair, that would be true in many other countries.
It's always great when they don't take any responsibility for their actions. I love it how they always blame everyone else for their mistakes, just like politicians.
"Your honor, I didn't do anything wrong. I don't know how my bank account got over 700 billion dollars in it. I don't understand legal stuff or the banking industry too good. And I super don't know how 4 billion dollars got into my basement."💀 Was pretty satisfying to hear that the courts weren't buying it lol.
For more insights I could inform you that her family is Vietnamese-Chinese and is considered the wealthiest family in Vietnam, they own some of the most expensive and important real estate in Ho Chi Minh City. Her husband is a Hong Kong billionaire, his and her name are listed on the "Panama documents", and in 2014, she and 9 other members of her family requested Renouncement of Vietnamese citizenship but then withdrawn.
Like most Vietnamese, I understand how corrupted my country is but this still blows my mind how corrupted can someone be and the worst part is there might be even bigger individuals are yet to be found guilty
People wonder how this kind of greed happens. It's not about the money as much as the addiction. It's the same thing as people who can't stop shopping and max out credit cards with no hope of repaying them... closets full of things they will never wear or use.
Truong My Lan was given the death penalty over a life sentence because of her defiance in court. She maintained throughout the entire trial, while looking at the evidence, that she did nothing wrong. Vietnamese women are stubborn like this, it's a cultural thing. Problem for her was that she forgot how to turn off this cultural programming to save herself (review other cases to see that they can switch, in a pinch, to save themselves). Prior to blazing furnace, there are other examples, like Ocean Bank, that had the same outcome.
A lot of Vietnamese people do not watch true crime or looking at court proceedings that much. The law is still wobbly and change so much to fit the increasing social change. She has gripped the entire Ho Chi Minh city for sooo long that she think she is untouchable
This video is so well-researched and unbiased. It's really refreshing to watch a video that doesn't bash our country just because we chose to be Communist. Her company started plotting the embezzlement around the 2010s, which was when we had a very incompetent, greedy, and corrupt prime minister who single-handedly plunged our economy, giving her the first step to do all of this. Other than that, I can say that, on some level, our government actually cares about the people. Also, thank you for mentioning Nguyen Phu Trong. He wasn't just a powerful figure; he was beloved by the people, which is something we can't often say about politicians anywhere. He brought hope back to the people, and it's been a long time since we've wholeheartedly trusted our government. He recently passed away, which is a huge loss to the Blazing Furnace operation, the government, and the whole country. I hope his successor can continue his legacy.
*Socialist, or more exactly "moving towards Socialism". The Vietnamese economic model is remarkable and - perhaps unfortunately - unique. Planned economy under public ownership for the bid players, market economy for the mom'n'pop businesses. And a ban on boardmembers and bankers going into politics, it's either/or.
"We choose to be communist"? Who is this "we", when was it "chosen", and how was it "chosen"? Was there any proof, record, auditable trail of the "choice"? Oh... I see, you are a communist and since you choose, that's the entire country's choice. Tell you what, I am a foreigner who traveled Vietnam extensively and talked with many Vietnamese both domestic and overseas include those who are here in the US (on business/school/temporary visa,...). Many would be so happy if they were given an opportunity to make a choice like you said whether the country should be communist or not. Since you are so logical, rational in your argument, ask yourself honestly sincerely whether the Vietnamese people are entitled to the fundamentally, biologically inalienable right to choose the governance system they live in. If you are so confident that a majority of people would vote for communism, then why not do it for real for the world to see and justify the communist mandate? Even if, say 60% of people choose communist, does that mean 60% have the right to impose their will on the 40% minority? Are you familiar with Alexis de Tocqueville's notion "tyranny of the majority?" Do you know the difference between such an Athenian democracy versus a constitutional republic? I would not have bothered a reply, if it weren't for my heart aching for so many Vietnamese right now who languish under "your chosen communism" and long for freedom and democracy. Think about it. If you love your country, you must love your people, and if you love your people, you must listen to them and let them own the country, not the party.
@@willietorben560yes, on a more technical side, socialism might be more correct for Vietnam. But we use the word “communist/communism” more often, we take pride in it so that’s why I use it. 😊
You may already know that Truong My Lan is a Chinese-Vietnamese person. The Chinese are often very skilled in business and trade. They constitute a significant community in Southeast Asian countries like Cambodia, Laos, Thailand, Malaysia, etc. They have taken over many important sectors in these countries. Vietnam also has many Chinese people living scattered throughout the country from north to south, with the largest concentration likely in Ho Chi Minh City. They gather in district 5 in HCMC, a place called Chợ Lớn and mostly live as a community. Politician Le Duan had a very far-sighted vision about the issue of the Chinese community and implemented strong measures to address it. Vietnam is the only country in Southeast Asia that is not economically influenced by the Chinese
Good and STAY that way !.... Cos some chinese people , they assume you are an SOE? And in doing so, you will ruin those past Asian Development Bank issues.. and mix it up with China's own internal WTO issues... so that is why you guys will forever be seen as corrupt.. as they tried to handle you like another SOE. Which you are not. And in doing so... this is why this woman is now sitting in jail... Cos frankly, she does not know which borrowed amount of money came from which country, and why it needed to go back etc etc etc. So....
Mind-blowing! I'm currently traveling through Vietnam and I was actually wondering why there are so many unfinished huge buildings in the big cities. Now I know, thanks to you. So thanks for covering this story, otherwise I would have completely missed it.
@@JansenFerdi exactly. currently she owes investors at least 14 billion dollars with thousands of real estate projects that people only hope to collect half of that number because before being arrested she and her family transferred billions of dollars abroad, maybe those billions of dollars are in Swiss banks.
The nominal GDP of VN is 465bn, so it’s nearly a 10% equivalent she stole (not 3% as stated in the video). You cannot use PPP GDP figures in situations like this as the fraud amount is a real 44bn, not 44bn equivalent in purchasing power. So her crime is even more severe and damaging for the country than the video states.
just fyi, Van means "ten thousand", which is equivalent to "infinite" in China "thinh phat" generally means wealth and growth so Van Thinh Phat is "Infinite Growth"
60+ years old, having so much money that she cant spent (+passive income) even if she lived till her 300. But still wasnt satisfied. Thats great mirroring of human greed and when your hunger to feed your social status takes over your objectivity - logic.
Corruption and capitalism go hand in hand. Normally baked into most billion dollar companies. Almost all of the major companies and banks are involved in some sort of corruption
Was in Saigon last year and it’s so interesting to see the buildings I saw back them. I even saw this construction side (9:53) as my hotel was directly located next to the Banthan market
If you believe one business woman did all that then I have a bridge to sell you. This corruption goes right to the heart of the government and country. Too big an operation for one person.
She stopped paying the bribes to the govt officials and now its time for her to take the fall. This is standard Vietnamese local business practice at the high level.
Same happened in India with one of Reliance brothers where he approved loans on same day to his sister companies and finally he is banned 5 years from capital markets and asked to pay affordable fine amount and you are free as normal citizen… that is my India for rich and elite still following UK on these laws.
it looks like the government is about to put her in another court case? as of june they found more illegal shit not involed in the first case. this can be seen as someone trying to extend her life? or the government trying to use her as the big bad lady, we are really trying to be good guys we swear!
44 Billion Dollar! That's more than One Quadrillion Vnd! And here in Vietnam so many people are still struggle to make ends meet. Imagine such wealth being redistributed back into society, or helping economic development. One can't help but ask "Why someone can be so greedy?"
Well, im a Vietnamese. My parents got decive and lost 3 bilion vietnam dong. It was a huge money for us😢. Our family are so mad😡 to lost money for nothing, she trick alot of people, too. Now, the SCB bank disappear from Vietnam after that.😭
I sympathy to those Vietnamese who had deceived and lost big sum amount of money because of her selfish, not sympathy and empathy for/towards her country people.
You should do a video on Cecilia Ibru (Oceanic Bank, Nigeria). It's very similar to this. She obtained billions in loans through her maid and other entities.
i still remember the day when one of my Vietnamese friends walked into the office smiling/laughing saying that her dad became a billionaire. when asked, she said, he is a Vietnamese billionaire, meaning, he now finally had $25000 USD I was really hoping that 44 Billion was Vietnamese billionaire money
Unfortunately no my friend. SCB is one of the largest bank of Vietnam. Half the south Vietnam and major companies has people put their money in their. If this bank collapsed, we fucking doom
It’s impossible to steal that amount of money without the involvement of high ranking people in the government. Without independent investigation nobody will ever know what happened.
Viet here, Truong My Lan has a large, fancy, top tier office building located in central Saigon. And guess what, Deloitte’s office is located in the same buliding and was rent at very very good price. Ha Thu Thanh (Chairman at Deloitte) was know to be quite close with Truong My Lan. Sorry for my bad english
There are thousands of insanely wealthy criminals living an extravagantly luxurious lifestyle completely anonymously. We will never meet them, we will never know them.
The people who dont get caught start their own banks, media companies, drug companies, real estate investment firms, etc. the ones we all use everyday.
the title is so insane because there is no way that she managed to do this by herself … she was literally just a person selected to be the sacrificial lamb for the entirety of that dilemma
Hold up... $763 billion dollars in USD. Doesn't that make her the richest person in the world? People like Elon Musk doesn't even have that, especially not in cash. It's mostly assets. The greed hit her hard.
She is the shield for those corruption officials in Vietnam. Those are far more important at that time until they are announcing retirement that leave her vulnerable. Those that took partial of 44 billion already escape the country and take asylum in Western countries. This is not the first time things like this happen in Vietnam.
She passed audits from KPMG and Deloitte. Let's just start to acknowledge they're part of the problem, please!
My thoughts exactly
exactly like how tf did she pass those
You can pass it, when you hire newly graduates, or those who is just as blind as the rest of the leaders. And maybe this is one of those situation that, "needed to be created".. but the law sided with the people. So down she goes ? It sounds very political...
@@MeiinUK My Vietnamese former colleague says it's totally political. As for audits, one of the best days ever at my last employer was realizing I would never ever deal with another PwC auditor. They were astoundingly bad.
Auditors typically give you whatever numbers you pay for.
If she was in the UK she would go straight to the house of Lords.
UK corruption is off the chart, I'm from Nigeria and most of our corrupt politicians have properties worth millions of pounds there.
And be a speaker at gatherings for the IEA
And given a knighthood for good measure.
Haha, she should have run to the UK as early as she heard the allegations
In US she would become Trumps advisor
4 Billion dollars in the basement is Craaazy!!!
pablo escobar numbers probably considering inflation
It was temporary storage until it could be move in her new yacht to be used as ballast.
@winnershandbook1069 If it was Guzman, I wouldnt be surprised if there are 100 tons of Gold buried somewhere in a field.
a basement literally full of cash. absolutely mind-boggling
What if she needed to put a tenner on the electric meter?
I'm Viet, and the title is so misleading, no one person can do that alone, she is what we see, the empire and allies behind her are what we don't see, and those people run deep.
yeap...the government must catch the big fish if they are willing - high rank officials, millionaires, politicians etc. Surely she is deserved to be punished too as part of the corruption gang.
@@jamescc2010 Personally I think it's more sad. Sure she's punished as the example, but she was like rule maker powerful, and you can't do that without deep deep corruption, people that take percentage, but never will be held accountable because they're probably the justice system themselves. Another thing was that she sent a lot of money out to other countries so the gov was determined to catch her, to keep their own money domestic.
I can only imagine she was thrown under the bus for her allies and benefactors
The video says she had many accomplices.
Lawyer here. Auditors are PAID to audit the people PAYING them. That's why it can't work. They only get hired if they are willing to NOT find anything wrong.
wait wat the fuck lol.. does nobody notice this HUGE conflict of interests?? thats fucked
Interesting that you bring this up. This was exactly a key part of the plot in the movie The Accountant. Of course that’s just a fictional story but life is often reflected in art and vice versa
The banking crisis in 2008; contributing factor, the auditors didn’t want to lose the auditing contracts so they ignored violations as well as some didn’t even understand the mathematical algorithms that the banks were using to buy and sell mortgage backed securities.
This is more common than you think lol
Auditors are here not to find something wrong in the balance sheets. The thing is that you do not understand what auditors are for. They are not fraud investigators. Auditors can not check their balance in a bank. If you say you have 3 billion dollars in US federal bonds they can not check it up. Even law enforcement would need a judge's permission. They are here to ensure that numbers are done correctly, that everything is valued correctly etc. Without them, most of financial fraud would end up with: "Ooh sorry, we did not steal anything, our Indian intern just only valued AT1 bonds badly."
You know you've hit peak corruption when your embezzlement is measured in tonnes.
You know you've hit peak corruption when a felon is running for leadership
🤣🤣
Achievement unlocked: steal money measured by the metric system
or stack overflow
I've seen Breaking Bad - but jeez luiz!!
Lied her way not only into 44 Billion, but also a game over screen
😂😂😂
Don't you mean the Microsoft, "Blue Screen Of Death?" 😁
😂
She could have bought twitter easily with that kind of money, unlike a certain billionaire who had to borrow from the bank and the Saudis.
@@onsokumaru4663yeah but musk isn’t losing his life for buying X, while she’s getting the big x
As a Vietnamese person, I think the content of this video is very well-researched and thorough, and I am amazed by this channel.
The death penalty in her case is indeed intended to serve as an example, and generally, Vietnamese people tend to support this penalty.
Not really for this episode. Too many factual errors and it sounds like a public announcement for the corrupt Communist governmnent.
Are you Vietnamese citizenship? How is your country’s economy doing
@@DxModel219 it's going well
@@DxModel219 like in Animal Farm
@@nhatthanhtran1718 animal farm the book?
3% of a country GDP? That's a whole lot of money. In 2018, Vietnam spent 2.3% GDP for military.
Not 3%. Only 2.5% 😂
Vietnamese here, the "Blazing Furnace" campaign is what protecting our country from crimnials like this and it is now continuing stronger than ever. Also R.I.P to our Party Chief mentioned in this video (Nguyen Phu Trong) as he passed away last month.
Cause of death?
@@ronsmith745 old age
you're truly redbull
@@ThinhNguyen-cp8dw ikr, the taste is *chef kiss*
Communist 😂
What does one even do with that much money? I can't wrap my head around it. Greed really knows no bounds.
I wonder if the roof of her basement was high enough to install a diving board so she could pretend to be Scrooge McDuck. I really can't think of any other reason for having that much cash down there.
You keep literal tons of it in your basement apparently, so you can fill a pool and swim in it like Scrooge McDuck.
$44 billion can buy you 570 tons of gold.
@@dirremoire That sounds a bit high... but nope, at $80,000USD/kg that's 500 metric tons, 600 US tons.
In volume that's 28,000 litres, 28 cubic metres, or 1,000 cubic feet. A milk crate holds one cubic foot, and she had enough cash to fill 1,000 of them with gold, and enough cash in her frigging basement to fill "only" 100 of them.
It really is hard to wrap your brain around those numbers.
Maybe she wanted to buy Twitter off Musk.
You know once you have one billion, you get another .... it is just hard to stop collecting.
News, Sam Bankman stole around $30 billion.
Truong My Lan: hold my beer.
FTX investors will be made whole. Ain't that the shitz? Google it. A lot of infighting and whatnot but they could be made whole before this all is over.
Sam didn't get the death penalty, Celcius didn't get death penalty, Do Kwon didn't get death penalty, Zac Prince BlockFi didn't get death penalty. The bankers got upset that they got fooled which is why they put the death penalty on her. Governments don't control the money. The Rothchilds do.
To give Bankman credit he started his job at 2017 on the other hand My Lan has been doing it since 1992. So I think My Lan is the one who should be holding the beer and some vodka dude deserved that he did not only did what he did he also did it in the US I think one of the most experienced country in financal fraud leauge in the world and I think him lasting only 5 years is a proof of that. Still, it is solid succes in his case. For My Lan when Vietnam considered going against corruption she collapsed immediately.
@@yunusbilece8690 she deserves respect, over a decade and she just got caught. Sbf couldn't even keep it together for 6 years
@@Im_your_leader Firstly, what she deserve is punishment. Second dude come on, doing financial fraud in US is harder than doing it in Vietnam especially if you are an individual. Vietnam is still new to all this finance capital stuff. They are still trying to adust. In Turkey when our goverment at the time brought free market it was like at least 20 percent of the country got scammed in less than five years. We got a scammer obtain 3 billion dollars at the time in like three years with the influation I think that money was close to 10 billion of today money. And now our best scammer aka Topkek only scammed around one billion and he only managed to get like 60 million dollars of it. What I am trying to say is free market is consist of various founditions and creating them is hard and Us have them which make it hard in US to scam people financally.
If she tried to pull this sh!t off in America, she’d be a celebrated politician.
WorldCom rings a bell
SBF? THERANOS?
what?
@@Eric-lx8hp SBF is technically
Free
@@ugwuanyicollins6136 how so?
I was an accountant and auditor for 40 years. You'd be amazed how many people get away with white collar crimes. People in the legal system rarely numerate enough to understand these so of crimes.
Deloittes and KPMG should be held accountable too.
Hopefully other countries will take Vietnam's lead.
Wdym by saying 'hopefully other countries will take Vietnam's lead'????? Millions of our ancestors sacrificed their blood and flesh for our country's present peace. Saying something like that is a huge disrespect to our nation and all the innocent lives taken from greedy foreign nations in the past! You're in no position to judge whether our country needs other countries to take the lead. Even if massive white collar crimes like this do happen in our country, it's none of your business to say that!!
@@amandahuynh12 my apologies, but I believe you misunderstood me. I am full of admiration for the stand the Vietnamese govt has taken on white collar crime. In Western countries it is downplayed and treated as though it were not important. It's very important, it affects thousands, if not millions of people, yet the perpetrators often go free. I believe Vietnam is setting an example that the rest of the world needs to follow.
@@JaneNewAuthor I thought what you were trying to say was that Vietnam needed other countries to lead our government and economy. I was so furious when I saw that (you can totally imagine how someone would feel if their country received such words), but now that you've made yourself clear, I'm sending a respectful apology for having misunderstood you. Have a nice day!
@@amandahuynh12 you too! I hope one day to visit your wonderful country.
@@JaneNewAuthor We all welcome foreigners visit our country.
My dad used to be employed at SCB a long while ago as head security guard, got to see her in person once during a corporate checkup, he described her as a chill and humble looking lady. Had no idea she's been doing something at that scale
"Every 1 percent unemployment goes up, 40,000 people die." That's not just 40000 deaths but 40000 broken families and multiples of ruined lives.
Theft of a large enough scale should be recognized as the atrocity that it is. It is an act of pitiless economic violence against the working class, no different than if a country decided to enact economic sanctions against another country to starve their civilians.
Saying this woman didn't kill anyone is just pure BS she stole whole percentage points from the gdp so there is no way that didn't cause premature deaths
I remember this line from The Big Short. It sends chills up my spine whenever I think about it… suicide is no joke; it’s devastating at a level maybe beyond murder, in my opinion.
@@missourimongoose8858 she stole people lifesaving. A lots of families die because of her tho!
Living in a corrupted society, such as current Vietnam (communist/dictatorship), is like living in hell. Believe me, I am in Ho Chi Minh City, and we are living a miserable life.
@@simplethinker2371 okay, i dare you to speak VNese slang to prove credibility 🤭
Thank u dude, I'm from Vietnam and been waiting for you to cover this.
We even had a trend of Truong My Lan hiding her treasure out in the ocean and many people film themselves going to the sea searching for one piece lol
And also the leader of the anti-corruption campaign Nguyen Phu Trong has just passed away, it was a national funeral here.
Would you say the anti corruption campaign is actually a real effort (to regain the people's trust) or does it has echo of China's effort of internal party affairs?
@@0Clewi0 I would say both? It started with good intentions but morphed into a weapon later on.
"crack the earth, shake the sky" Vo Nguyen Phap, 1969
A little fun fact about this: One of Lan's testimony said all the money was, and I quote, " tossed out to the sea", after that there was a surging memes of " Hunting for Truong My Lan's treasure", it was both facinating and hilarious.
Later on Lan's lawyer trying to sue the "meme" or embezzelment and spreading misinformation about the case, , but all the news has stopped update about the meme wave
One Piece in real life 😂
The one piece is real!!! Can we get much higher
Then Vietnam treasurer can reprint the loss money without fear of inflation
Sorry, that’s not fact. Just fake news and bs going around on social media to poke fun at her
@@wiln6854lol that power of printing money only for the US😂😂😂
Fun little story Apparently in the trial she said something about traveling to the Mediterranean Sea, so people started making memes about "finding the One Piece/Money." People were forming crews, and even some of the officials started posting memes like "Wantabe Pirates, beware, cause we're ready." It got so big that the government has to advise people to stop posting. 😅😅😅
Here in the US she would be given a job as a financial regulator.
She'd become the Governor of Florida.
@@pegcity4evaShe'd be FDC chair under Project 2025
Because US is NOT a communist country, communism turns the good into the corrupted.
or even run for president
@@pegcity4evaas well as NewYork, Texas, and california
The corruption of the world is off the charts 😮
Golden Age of Fraud
@@king_big_pp Is it the golden age of fraud or people just used to get away with it?
I think, business ad usual 🙊
@@investing2089 it's in every man's heart
Pick up any history book
Corruption causes infinitely more damage to society that most violent crimes
I'd rather have a corrupt government than see my children suffer any violent crimes out there. Safety is more important than losing some tax money
If the goverment wasn't corrupt the quality of life would be higher and thus less people resort to crime
Corruption like this affects fat more people then the most violent of criminals.
@@adw6894 Corrupt and weak government would allow violent crimes to fill the streets.
Ummm no it does not lol
I was involved in a small project commissioned by a small branch of her family-owned company. They offered us a generous rate, which I have never seen in my entire life, not to mention in this economy. My lead kept stressing how much important this project was and how careful we must perform. But before it ever happened, she got apprehended and the project was canceled.
Bruh...
As an Vietnamese, I can confirm you she won’t be able to do all that by herself. It has to be a bunch of government officer involved.
3% is crazy no one person should own that. So many lives ruined because of her greed.
The money that she stole can feed 10 million people in Vietnam for 60 years if they live equal to their needs.
1 average Vietnamese person works for 40 years and can generate 300k
@@simplethinker2371 stop lying
@@simplethinker2371 work hard bro, dont be lazy then u will be okay, the government tried their best, we ve just got our freedom from the outsider for 30 years, u should be thankful that we have 3 meal per day and living in peace and freedom
@@simplethinker2371 Ho Chi Minh city? You mean "New Sai Gon" on the West Coast of America???🤣🤣
it is fair consequence, you can't watch your country's gdp 3% being taken away by one person. 🤯🤯
85 convicted
it's not fair as the Communist Party allowed her to do this it is as much on their hands as hers...
the ppl pays it via inflation@tripplefives1402
@tripplefives1402 At this point any money that exists is created out of nothing. having a huge amount of debt and still print money is the most fraudulent thing on this planet.
@tripplefives1402 I don't think from nothing, it's more of a ponzi scheme, where money people put into the bank is "loaned" out the her. So if suddenly everybody withdraws their money, they can't because it's loaned out. I guess all banks do this, but to legitimate loans, where the chances of everybody not paying back the loan are negligible.
The world needs more news like this 👍
You want more death sentence stunts that solve nothing?
@@nerios.v what do you mean? Frauds still walk freely in the Western world.
@@nerios.v no. i want more justice, especially for the rich and powerful
@@dablet What have the "rich and powerful" done to you
@@nerios.v Rich people facing the same consequences as everyone else?
Yes, yes I do want that
Blackrock: 'Coughs nervously'
Blackrock withdrew from Vietnam after this death sentence. They sold all their properties in Vietnam even their properties are still increasing profit.
who care blackrock, lmao, we dont need somone that gave us DEI
@@vuvinh2032 WTF is that a bot account? That line did not even make sense. It's like a bunch of talking points were just forced together. While also being not relevant to the discussion. That's is some wacky script.
Some people might say that capital punishment is unfair, I think that it's not always best. The suffering she caused because of her greed is immeasurable. Families break down in debt, people lose everything and some choose to end their lives be cause of it. She can't have been that ignorant, but it shows her immense selfishness and lack of empathy. On the other hand, successful criminals should be studied for how they managed to do what they did, where authorities can learn how to better keep these things in check. KPMG and Delloite really need to be put under the microscope. They are clearly guilty of something.
Same approach to corruption was implemented in Singapore and it worked wonders for them
True but also Singapore made sure to pay their public officials well in order to reduce incentive for bribes. Vietnamese govt salaries are pretty bad
@@winter1957 If you don't want/like to serve your country, why do you candidate ? Medical Doctors in France work for free 10 years of their lives to serve others, but politicians can't serve the country that pays them on a normal salary? Do they need Musk's extravagant salary or they become corrupt? That's why we need to replace these kids with AGI.
@@Also_sprach_Zarathustra. 10 years, really? Any source? It also applies the other way, why do those who are the sincerest, most altruistic has to suffer from low wages and harsh workhour? Why do we have to think that because their job benefitted others they have to accept being paid less than they deserve? People are not stupid, why would someone spend 7 depressing years in medical college just to be homeless just because "muh altruism, serving the country, helping other ppl" BS. A lot of ppl wants to help others, it juat happen that they dont lile being treated like sht by those whom they helped.
@@winter1957 yes but i dont think the pay was the main reason it worked, its the severe punishment that did the job... but any country should give reasonably good salaries to important position holders... not 40B good but doctor/software engineer good.
@@Also_sprach_Zarathustra.That's seriously extreme, Medical doctors working for free for 10 years, lol, they all running on handouts are they? 🤦🏽
As a Vietnamese and long subscriber of ColdFusion, i always wondered if one day you would cover something related to Vietnam.
I never thought it would be this kind of topic..
A Vietnam W.
Stop thinking Vietnam is the center of the universe. lol.
@@adw6894 Literally every of South East Asia fans when their country's name are mentioned by a content creator, lol
@@adw6894 this comment makes nooo sense. if you read his comment, context clues would tell you he does not think vietnam is the center of the universe
Hello from America. Hope all is well. I’ve been following this story since it was announced here about their use of this lady as a model as to what will happen if citizens destroy the communist country-sentenced to death. Truly a large scale crime involving hundreds of people….
It was just announced here in America that the Biden administration has sent hundreds of millions of dollars to anti American organizations. She is now the presidential nominee…
I've only been a subscriber on the channel for a few years, but I'm comfortable claiming that Mr Dagogo is one of the world's best *journalists.* It's a big statement, I know. Many people seem too think you need a flashy business card to even qualify for such. Moreover, he consistently stays away from virtue-signaling, does brilliant analys of complex cases and various matters, and always manages to package it for a broad crowd in an admirable way. If the planet had much more of such apolitical independant analysists, journalists and actual truth seekers, our world would be in a considerably better state. Huge praise to the man. Please keep up the sharp analyses and fabulous work. *- Cheers from Sweden, Mr Dagogo.*
I knew SCB would be bankrupt when I worked there from 2017 to 2019. High deposit interest, very very little loan for customers (which makes benefit for bank) and her assets increase day by day.
Her bond company like a slum, small and not so many employees, she bribed for her bond (with no assets to ensure the bond). She just sold a paper with high interest to the customers...
Wow.... lol.... And the whole big tech thing is fine? So media and traditional media is gone and done for. And then... China came online as well.. and nobody cared about what china is doing, and connect India in telco as well.. oh of course.. .sure sure sure... indirectly kill countries, morality... economies... I don't know what else to say really !....
This is not "one woman who stole xxx", this is "one of many who stole xxx but was the only one to be caught because she's scapegoated"
Business frauds and bankruptcy are Dagogo's top tier contents. Glad you made a new one.
The mistake most people make, is to think that the death sentence is the ultimate punishment.
A much heavier punishment is solitary confinement for 100 years in 6 by 9 foot cell with nothing but a bed toilet & shower all made of concrete. There is such a facility in the usa.
Is it actually given to the corrupt people or they just pay a fine ?
Take a look at the Black Dolphin Prison, officially known as Penal Colony No. 6 in Siberia, Russia. They don't even get to see the guards faces always blindfolded whenever they leave their cells.
Then they walk them bent forward chest parallel to the floor with zero interaction to anyone else.
That's just for starters.
@@NikiBechusWTF WTF that sounds awful.
@@MRJMXHD there is no limit to cruelty !
No use wasting resources on someone who stole so much from a still developing country. She does not need the free foods and accommodation, those resources are better spent on the needy people of that country.
If she was in UK or US, she would have been free in 3 months, running for office next year, released a book, podcasts, shows, reality show
She'd be part of the Biden administration 😂
Corruption is the single biggest barrier to freedom, doesn't matter the country or the form of government.
Damn... that's deep.
Same thing.
it's important to keep people slaves to money, and they don't even realise it.
And the form of government creating a consolidated power structure leads to corruption. Vicious cycle.
Living in a corrupted society, such as current Vietnam (communist/dictatorship), is like living in hell. Believe me, I am in Ho Chi Minh City, and we are living a miserable life.
she's richer than Batman by stealing, impressive
The craziest part isn't that she stole $44 billion, it's that she kept going after $1 billion...$500 million.....$100 million.....$25 million.....heck, just $5 million.
Again, the thing that baffles me the most is how those people do not have an escape plan. The way she was connected, it was impossible to not see the writing on the wall. It wasn't like something that happened all a sudden, she probably had plenty of time to buy her way into some country where she could live like a queen, untouched by Vietnam. Of course there is always the risk of a "black" operation by the government but that's not so simple (especially if she chose the right country) and there's private security.
When you're this rich and powerful, delusions of invincibility settle nicely into the Reptilian Brain.
And to be fair, that would be true in many other countries.
@@king_big_pp obviously you are neither.
@@king_big_pp how is poverty and delusion treating you?
Complacency,
Blinded by their money power
"Your honor: infinite money glitch"
"Death"
Damn. She played around and found out...
It's always great when they don't take any responsibility for their actions. I love it how they always blame everyone else for their mistakes, just like politicians.
"Your honor, I didn't do anything wrong. I don't know how my bank account got over 700 billion dollars in it. I don't understand legal stuff or the banking industry too good. And I super don't know how 4 billion dollars got into my basement."💀
Was pretty satisfying to hear that the courts weren't buying it lol.
For more insights I could inform you that her family is Vietnamese-Chinese and is considered the wealthiest family in Vietnam, they own some of the most expensive and important real estate in Ho Chi Minh City. Her husband is a Hong Kong billionaire, his and her name are listed on the "Panama documents", and in 2014, she and 9 other members of her family requested Renouncement of Vietnamese citizenship but then withdrawn.
Like most Vietnamese, I understand how corrupted my country is but this still blows my mind how corrupted can someone be and the worst part is there might be even bigger individuals are yet to be found guilty
I go to Vietnam very often for work and completely fell in love with the country. It's such a beautiful country with lovely people.
It's a pity, the Vietnamese 4000 y.o. cultures have been corrupted by the Commies after 1975 if you actually know anything beyond the touristy things.
What does that have to do with anything? Were you dropped on your head when you were in Vietnam or something?
@@shiiiiiiiiiiiiiiit What is your problem, my friend? Take a "chill" pill.
@@shiiiiiiiiiiiiiiit who tramples on your tail?
@@shiiiiiiiiiiiiiiit he just spread his love to vietnam. Who hurt you?
People wonder how this kind of greed happens. It's not about the money as much as the addiction. It's the same thing as people who can't stop shopping and max out credit cards with no hope of repaying them... closets full of things they will never wear or use.
Yeah but the closet doesn't murder you in your sleep if your bonds fall through on their pet projects.
Truong My Lan was given the death penalty over a life sentence because of her defiance in court.
She maintained throughout the entire trial, while looking at the evidence, that she did nothing wrong.
Vietnamese women are stubborn like this, it's a cultural thing.
Problem for her was that she forgot how to turn off this cultural programming to save herself (review other cases to see that they can switch, in a pinch, to save themselves).
Prior to blazing furnace, there are other examples, like Ocean Bank, that had the same outcome.
A lot of Vietnamese people do not watch true crime or looking at court proceedings that much. The law is still wobbly and change so much to fit the increasing social change. She has gripped the entire Ho Chi Minh city for sooo long that she think she is untouchable
Women in vietnam are all stubborn like this??!?! Wth are u saying??!!😂😂😂
alll mom are stubborn
women in vietnam are stubborn? why dont u take a further look
that's one crazy generalization
This video is so well-researched and unbiased. It's really refreshing to watch a video that doesn't bash our country just because we chose to be Communist. Her company started plotting the embezzlement around the 2010s, which was when we had a very incompetent, greedy, and corrupt prime minister who single-handedly plunged our economy, giving her the first step to do all of this. Other than that, I can say that, on some level, our government actually cares about the people.
Also, thank you for mentioning Nguyen Phu Trong. He wasn't just a powerful figure; he was beloved by the people, which is something we can't often say about politicians anywhere. He brought hope back to the people, and it's been a long time since we've wholeheartedly trusted our government. He recently passed away, which is a huge loss to the Blazing Furnace operation, the government, and the whole country. I hope his successor can continue his legacy.
*Socialist, or more exactly "moving towards Socialism". The Vietnamese economic model is remarkable and - perhaps unfortunately - unique. Planned economy under public ownership for the bid players, market economy for the mom'n'pop businesses. And a ban on boardmembers and bankers going into politics, it's either/or.
"We choose to be communist"? Who is this "we", when was it "chosen", and how was it "chosen"? Was there any proof, record, auditable trail of the "choice"? Oh... I see, you are a communist and since you choose, that's the entire country's choice. Tell you what, I am a foreigner who traveled Vietnam extensively and talked with many Vietnamese both domestic and overseas include those who are here in the US (on business/school/temporary visa,...). Many would be so happy if they were given an opportunity to make a choice like you said whether the country should be communist or not. Since you are so logical, rational in your argument, ask yourself honestly sincerely whether the Vietnamese people are entitled to the fundamentally, biologically inalienable right to choose the governance system they live in. If you are so confident that a majority of people would vote for communism, then why not do it for real for the world to see and justify the communist mandate? Even if, say 60% of people choose communist, does that mean 60% have the right to impose their will on the 40% minority? Are you familiar with Alexis de Tocqueville's notion "tyranny of the majority?" Do you know the difference between such an Athenian democracy versus a constitutional republic? I would not have bothered a reply, if it weren't for my heart aching for so many Vietnamese right now who languish under "your chosen communism" and long for freedom and democracy. Think about it. If you love your country, you must love your people, and if you love your people, you must listen to them and let them own the country, not the party.
@@willietorben560yes, on a more technical side, socialism might be more correct for Vietnam. But we use the word “communist/communism” more often, we take pride in it so that’s why I use it. 😊
You may already know that Truong My Lan is a Chinese-Vietnamese person. The Chinese are often very skilled in business and trade. They constitute a significant community in Southeast Asian countries like Cambodia, Laos, Thailand, Malaysia, etc. They have taken over many important sectors in these countries. Vietnam also has many Chinese people living scattered throughout the country from north to south, with the largest concentration likely in Ho Chi Minh City. They gather in district 5 in HCMC, a place called Chợ Lớn and mostly live as a community. Politician Le Duan had a very far-sighted vision about the issue of the Chinese community and implemented strong measures to address it. Vietnam is the only country in Southeast Asia that is not economically influenced by the Chinese
Good and STAY that way !.... Cos some chinese people , they assume you are an SOE? And in doing so, you will ruin those past Asian Development Bank issues.. and mix it up with China's own internal WTO issues... so that is why you guys will forever be seen as corrupt.. as they tried to handle you like another SOE. Which you are not. And in doing so... this is why this woman is now sitting in jail... Cos frankly, she does not know which borrowed amount of money came from which country, and why it needed to go back etc etc etc. So....
Mind-blowing! I'm currently traveling through Vietnam and I was actually wondering why there are so many unfinished huge buildings in the big cities. Now I know, thanks to you. So thanks for covering this story, otherwise I would have completely missed it.
The unfinished buildings in downtown Ho Chi Minh City are the property of this woman and are now waiting to be auctioned off to pay off her investors.
@@ChipCoDon3 Sounds fair, although I'm sure it will never be enough to pay off all her debts.
@@JansenFerdi exactly. currently she owes investors at least 14 billion dollars with thousands of real estate projects that people only hope to collect half of that number because before being arrested she and her family transferred billions of dollars abroad, maybe those billions of dollars are in Swiss banks.
The nominal GDP of VN is 465bn, so it’s nearly a 10% equivalent she stole (not 3% as stated in the video). You cannot use PPP GDP figures in situations like this as the fraud amount is a real 44bn, not 44bn equivalent in purchasing power. So her crime is even more severe and damaging for the country than the video states.
What are you talking abt? learn how real estate works here first
Well spotted!
she stole 10% but lost 3% I believe
@@spr1t3ly correct. 3% lost forever
the "thin phat group" caught me off guard... 🤣🤣
I know right!! 😂😂😂😂
timestamp ?
@@SDRIFTERAbdlmounaim 2:31
My man said it with chest too😂
just fyi, Van means "ten thousand", which is equivalent to "infinite" in China
"thinh phat" generally means wealth and growth
so Van Thinh Phat is "Infinite Growth"
The greed of man is a bottomless pit
60+ years old, having so much money that she cant spent (+passive income) even if she lived till her 300. But still wasnt satisfied. Thats great mirroring of human greed and when your hunger to feed your social status takes over your objectivity - logic.
Corruption and capitalism go hand in hand. Normally baked into most billion dollar companies. Almost all of the major companies and banks are involved in some sort of corruption
Exactly. The real criminals. Worldwide criminals.
Corruption and people go hand in hand, has nothing to do with an economic or political system
Corruption and capitalism? Communist countries are also corrupt.
Investigate those people at Delloite, they should be held accountable and also be sent to jail.
Those companies belong to those who cannot be named nor investigated.
Deloitte
@@bjojosimpson???
Nigeria needs this
There's no way a private person would become so rich and powerful without political support. She became the ultimate scapegoat.
Was in Saigon last year and it’s so interesting to see the buildings I saw back them. I even saw this construction side (9:53) as my hotel was directly located next to the Banthan market
I see new ColdFusion documentary video, I click and watch immediately. Your videos are second to none!
If you believe one business woman did all that then I have a bridge to sell you. This corruption goes right to the heart of the government and country. Too big an operation for one person.
I think so. Trace back to the root cause and money.
The more money stolen, the more serious the punishment should be.
Money is printed out of thin air, killing someone over monopoly is straight up lunatic
She stopped paying the bribes to the govt officials and now its time for her to take the fall. This is standard Vietnamese local business practice at the high level.
Same happened in India with one of Reliance brothers where he approved loans on same day to his sister companies and finally he is banned 5 years from capital markets and asked to pay affordable fine amount and you are free as normal citizen… that is my India for rich and elite still following UK on these laws.
Is it going to be like a USA death sentence where it takes 20 years full of appeals?
No, death sentence are usually carried out within 1-2 years after their petition for reduced sentence is denied by the prime minister.
No. Vietnam is more civilized. The rich get an expedited unalive process.
it looks like the government is about to put her in another court case? as of june they found more illegal shit not involed in the first case. this can be seen as someone trying to extend her life? or the government trying to use her as the big bad lady, we are really trying to be good guys we swear!
USA need to learn from Vietnam.
@@roku_nineno we do not 😂
Never heard about this in the news, thanks for sharing!
44 Billion Dollar! That's more than One Quadrillion Vnd! And here in Vietnam so many people are still struggle to make ends meet. Imagine such wealth being redistributed back into society, or helping economic development. One can't help but ask "Why someone can be so greedy?"
44.000.000.000 (dollars) * 25.000 (vnd) = 1.100.000.000.1000.000 vnd
@@MinhHien091wait a dollar is now 25k vnd in vietnam now? that's cool i remembered it being 32k vnd instead
@@handzze7341 maybe
10% gdp how many ppl did she kill?
Well, im a Vietnamese. My parents got decive and lost 3 bilion vietnam dong. It was a huge money for us😢. Our family are so mad😡 to lost money for nothing, she trick alot of people, too. Now, the SCB bank disappear from Vietnam after that.😭
I sympathy to those Vietnamese who had deceived and lost big sum amount of money because of her selfish, not sympathy and empathy for/towards her country people.
The government allowed her to do that. Blame the system and her too.
She is only loyal to MONEY.
The government officials were involved also. They facilitated this theft and pocketed all that money.
You should do a video on Cecilia Ibru (Oceanic Bank, Nigeria).
It's very similar to this.
She obtained billions in loans through her maid and other entities.
i still remember the day when one of my Vietnamese friends walked into the office smiling/laughing saying that her dad became a billionaire. when asked, she said, he is a Vietnamese billionaire, meaning, he now finally had $25000 USD
I was really hoping that 44 Billion was Vietnamese billionaire money
Unfortunately no my friend. SCB is one of the largest bank of Vietnam. Half the south Vietnam and major companies has people put their money in their. If this bank collapsed, we fucking doom
Nope, it was converted to USD. The value on VND was 1,100,000,000,000,000.00
nope, $25k only converts to 500 mil vnd today, and much less back then
chill! that was a conversation, we are not talking about real exchange rates 👍
$25,000 is currently only enough to buy a Toyota Vios in VN
Your videos are a class apart. I love your work & voice.
It’s impossible to steal that amount of money without the involvement of high ranking people in the government. Without independent investigation nobody will ever know what happened.
Viet here, Truong My Lan has a large, fancy, top tier office building located in central Saigon. And guess what, Deloitte’s office is located in the same buliding and was rent at very very good price. Ha Thu Thanh (Chairman at Deloitte) was know to be quite close with Truong My Lan.
Sorry for my bad english
KPMG and Deloitte should be dissolved outright.
People like her get caught, but what about the people who don't? We never get to hear about them and it's for good reason
There are thousands of insanely wealthy criminals living an extravagantly luxurious lifestyle completely anonymously. We will never meet them, we will never know them.
What do you know about the people who don't get caught? You seem to have inside information. What conspiracy are you hiding?
The people who dont get caught start their own banks, media companies, drug companies, real estate investment firms, etc. the ones we all use everyday.
@@ceb1970 I'm sorry. My responses are limited. You must ask the right questions.
This woman stole 3% of the country's GDP. Rest assured that level of corruption is NOT going unnoticed
Her negotiation skills must have been amazing but her corruption skills also... I have seen other versions of this film in many countries.
the title is so insane because there is no way that she managed to do this by herself …
she was literally just a person selected to be the sacrificial lamb for the entirety of that dilemma
Also make video on Pakistan about those people who have stolen money. These videos serve awareness to the masses. Make more of these
Cold Fusion videos need to be shown in high schools 🏫 and Colleges👍I always feel a little bit smarter after watching 1😊
I agree! Me too.
Capital punishment for white collar crime is the kind of capital punishment I can get behind.
But not for violent or sexual crimes?
But anti-capital punishment people will argue that she's a human being.
Consider this, how many lives and families she ruined because of her own wrongdoings?!
I absolutely love your channel bro..🔥🔥🔥
What’s the name of the song playing during the intro?
I love this videos and your voice makes the video way better keep it up cold fusion thanks again
At this point, I feel like bro is motivating people to do scam with these videos 🤣
Sheeeeit! I mean, if it's really *this* easy.. 🤷🏽♂
I watched this video and then immediately embezzled 2 billion. It's a fact.
Hold up... $763 billion dollars in USD. Doesn't that make her the richest person in the world? People like Elon Musk doesn't even have that, especially not in cash. It's mostly assets. The greed hit her hard.
He was comparing her gains in vietnam to the US. $763 billion 3% of the US's total GDP
but who really are the richest person on earth ?, much likely one of those bad guys hiding in shadow with their dirty money
Nothing is impossible with the power of connections
She could have opened an Asian Fusion restaurant in Los Angeles and would have done very well.
So proud that indonesia's culture also exist in vietnam.
😊😊😊
they say, easiest way to rob a bank is to own/run one.....
This is what the banks are doing around the clock, but it’s legalized theft, so all good.
I came here to learm how to lie my way to 1 billion, i aint greedy
B wise my son and stop at one billion
Netflix will soon make a show on her and portray her as a victim.
Does anyone know the song playing in the first 60 seconds in the background?
Whenever I want to sleep . Your video gots uploaded 😭❤
Cases like this need soooo many ppl co-oping to work. Usually the money doesn't just belong to one person. She was just the front, fall lady.
Vietnam's anti-corruption wave hit and then the front fell off.
Other countries should take note
She is the shield for those corruption officials in Vietnam. Those are far more important at that time until they are announcing retirement that leave her vulnerable. Those that took partial of 44 billion already escape the country and take asylum in Western countries. This is not the first time things like this happen in Vietnam.
Thank you for the story very intense and very an informative great job😊