Misappropriation of US$44 billion by bank exec. rattles Vietnam

The chairperson of Van Thinh Phat, Lan My Truong, whose arrest last year resulted in a brief run-on Saigon Commercial Bank (SCB) with which she was heavily involved, embezzled between US$12 billion and US$44 billion, VN Express is reporting. Over roughly ten years, Truong embezzled the funds by writing fake loans to withdraw the funds from SCB. She was also able to evade detection by paying off regulators.