Vietnam court upholds death sentence for tycoon in $12 billion fraud case

Update Vietnam court upholds death sentence for tycoon in $12 billion fraud case
Property developer Truong My Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have cooperated sufficiently with authorities. (AFP)
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Updated 03 December 2024
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Vietnam court upholds death sentence for tycoon in $12 billion fraud case

Vietnam court upholds death sentence for tycoon in $12 billion fraud case
  • Property developer Truong My Lan was convicted earlier this year of embezzling money and condemned to die for fraud totaling $27 billion

HANOI: A court in Vietnam on Tuesday upheld a death sentence for real estate tycoon Truong My Lan after rejecting her appeal against a conviction for embezzlement and bribery, state media reported.

Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was sentenced to death in April for her role in a financial fraud worth more than $12 billion, Vietnam’s biggest on record.

She was convicted earlier this year of embezzling money from Saigon Commercial Bank (SCB) — which prosecutors said she controlled — and condemned to die for fraud totaling $27 billion.

In her official handwritten appeal of more than five pages seen by AFP, Lan said the death sentence was “too severe and harsh,” asking the court to consider a more “lenient and humane approach.”

On Tuesday, Lan sat in the front row of the courtroom, waiting to hear if her life would be spared. Next to her was her husband, who is appealing a nine-year sentence for violating banking regulations.

The month-long appeal was attended by more 100 lawyers, according to state media.

Tens of thousands of people who invested their savings in SCB lost money, shocking the communist nation and prompting rare protests from the victims.

According to Vietnamese law, Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have cooperated sufficiently with authorities.

But prosecutors have argued she has not met the conditions, and emphasized her crime’s consequences were “huge and without precedent.”

Lan, who founded real estate development group Van Thinh Phat, told the court in Ho Chi Minh City “the quickest way” to repay the stolen funds would be “to liquidate SCB, and sell our assets to repay SBV (State Bank of Vietnam) and the people.”

“I feel pained due to the waste of national resources,” Lan said last week, adding she felt “very embarrassed to be charged with this crime.”

Lan owned just five percent of shares in SCB on paper, but at her trial, the court concluded that she effectively controlled more than 90 percent through family, friends and staff.

The State Bank said in April that it pumped funds into SCB to stabilize it, without revealing how much.

Among the assets that Lan and Van Thinh Phat own are a shopping mall, a harbor and luxurious housing complexes in business hub Ho Chi Minh City.

During her first trial in April, Lan was found guilty of embezzling $12.5 billion, but prosecutors said the total damages caused by the scam amounted to $27 billion — equivalent to around six percent of the country’s 2023 GDP.

Lan and dozens of defendants, including senior central bank officials were arrested as part of a national corruption crackdown dubbed the “burning furnace” that has swept up numerous officials and members of Vietnam’s business elite.

A total of 47 other defendants have requested reduced sentences at the appeal.

Last month, Lan was convicted of money laundering and jailed for life in a separate case.


Zelensky: Ukraine, US working on economic deal to ensure it works

Zelensky: Ukraine, US working on economic deal to ensure it works
Updated 8 sec ago
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Zelensky: Ukraine, US working on economic deal to ensure it works

Zelensky: Ukraine, US working on economic deal to ensure it works
  • Zelensky became involved in barbed exchanges with Trump this week over approaches to a peace settlement

Ukraine’s President Volodymyr Zelensky said on Friday that officials from his country and the US were working on concluding an economic deal to ensure that the accord worked and was fair to Kyiv.
In Washington, US President Donald Trump said negotiators were close to clinching an accord.
Zelensky rejected an initial proposal focusing on cooperation around metals, saying it was “not a serious conversation” and not in Ukraine’s interests.
“Today, the teams of Ukraine and the United States are working on a draft agreement between our governments,” Zelensky said in his nightly video address.
“This agreement has the potential to strengthen our relations and, most importantly, the details must be arranged in such a way that ensures it works. I am hoping for a result, a fair result.”
Zelensky’s comments followed a conversation between his chief of staff, Andrii Yermak, and US National Security Adviser Mike Waltz. The Ukrainian president’s office said the two men discussed “aligning positions” in bilateral relations.
Yermak “stressed the importance of maintaining bilateral cooperation and a high level of relations between Ukraine and the United States,” according to the president’s office.
Waltz said on Friday he expected Zelensky to sign the minerals agreement with the US as part of efforts to end the Ukraine war.
“Here’s the bottom line, President Zelensky is going to sign that deal, and you will see that in the very short term,” Waltz told the Conservative Political Action Conference on the outskirts of Washington.
Zelensky rejected US demands for $500 billion in mineral wealth from Ukraine to repay Washington for wartime aid, saying the US had supplied nowhere near that sum.
He also said the proposed deal offered none of the security guarantees that Ukraine is seeking as part of a peace settlement.
Zelensky became involved in barbed exchanges with Trump this week over approaches to a peace settlement and the opening of US-Russian talks to which Ukraine was not invited.
Trump branded the Ukrainian leader “a dictator without elections,” a reference to Zelensky remaining in office beyond his mandate without calling a wartime election.
In his address, Zelensky provided details of telephone calls he made to European and African leaders — including Croatia, the Czech Republic, Germany, Slovenia, Ireland, Luxembourg and Sweden.
“The main conclusion is that Europe must and can do considerably more so that peace can realistically be achieved,” he said.


Trump says he will impose retaliatory tariffs for digital taxes, may come Friday

Trump says he will impose retaliatory tariffs for digital taxes, may come Friday
Updated 4 min 10 sec ago
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Trump says he will impose retaliatory tariffs for digital taxes, may come Friday

Trump says he will impose retaliatory tariffs for digital taxes, may come Friday
  • Digital service taxes a longstanding trade irritant for US
  • Countries including France, Canada, UK have DSTs

WASHINGTON: President Donald Trump said on Friday that he would sign a memorandum to impose tariffs on countries that levy digital service taxes on US technology companies.
A White House official, providing details of the order, said Trump was directing his administration to consider responsive actions like tariffs “to combat the digital service taxes (DSTs), fines, practices, and policies that foreign governments levy on American companies.”
“President Trump will not allow foreign governments to appropriate America’s tax base for their own benefit,” the official said.
The memo directs the US Trade Representative’s office to renew digital service taxes investigations that were initiated during Trump’s first term, and investigate any additional countries that use a digital tax “to discriminate against US companies,” the official said.
Trump, asked at the White House if he would sign a tariff order on digital taxes, told reporters: “We are going to be doing that, digital. What they’re doing to us in other countries is terrible with digital, so we’re going to be announcing that, maybe today.”
Trump said last week that he would impose tariffs on Canada and France over their digital services taxes, and a White House fact sheet released at the time said that “only America should be allowed to tax American firms.”
It complained that Canada and France used the taxes to each collect over $500 million per year from US companies.
“Overall, these non-reciprocal taxes cost America’s firms over $2 billion per year. Reciprocal tariffs will bring back fairness and prosperity to the distorted international trade system and stop Americans from being taken advantage of,” said the fact sheet. It gave no further details.
The digital service taxes aimed at US tech giants including Alphabet’s Google, Meta’s Facebook, Apple and Amazon have been a source of trade disputes for years.
Britain, France, Italy, Spain, Turkiye, India, Austria and Canada have imposed the taxes, levied on revenues earned from digital services sold within their borders.
The US Trade Representative’s office during Trump’s first term found them to discriminate against US companies in its investigations and readied retaliatory tariffs.
President Joe Biden’s trade chief, Katherine Tai, in 2021 followed up on these probes and announced 25 percent tariffs on over $2 billion worth of imports from six countries, but immediately suspended them to allow negotiations on a global tax deal to continue.
Those negotiations led to a 15 percent global corporate minimum tax that the US Congress never ratified. Talks on a second component, meant to create an alternative to the digital taxes, have largely ground to a halt with no agreement.
Trump on his first day in office effectively pulled the US out of the global tax arrangement with nearly 140 countries, declaring that the 15 percent global minimum tax has “no force or effect in the United States” and ordering the US Treasury to prepare options for “protective measures.”
A new Trump order could allow USTR’S retaliatory duties to be reactivated. They were designed to offset the amount of digital service taxes collected.
In 2021 USTR said it would impose 25 percent tariffs on about $887 million worth of goods from Britain, including clothing, footwear and cosmetics, and on about $386 million worth of goods from Italy, including clothing, handbags and optical lenses.
USTR said at the time it would impose tariffs on goods worth $323 million from Spain, $310 million from Turkiye, $118 million from India and $65 million from Austria. USTR separately suspended tariffs on $1.3 billion worth of French cosmetics, handbags and other goods.


Trump administration reverses its previous decision and reinstates legal aid for migrant children

Trump administration reverses its previous decision and reinstates legal aid for migrant children
Updated 14 min 8 sec ago
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Trump administration reverses its previous decision and reinstates legal aid for migrant children

Trump administration reverses its previous decision and reinstates legal aid for migrant children
  • The Acacia Center for Justice said that they received notice from the government of the reversal

MIAMI: Days after telling legal groups who help migrant children who arrive in America alone — some so young they are in diapers or their feet dangle from their chairs in court — that they must stop their work, the federal government Friday reversed itself.
The Trump administration told the groups that they can resume providing legal services to tens of thousands of unaccompanied children. The Acacia Center for Justice said that they received notice from the government of the reversal.
The notice came after the government on Tuesday suspended the program that provides legal representation to children who have arrived in the United States across the border with Mexico without parents or legal guardians. Several organizations that offer assistance to migrant children had criticized the measure and said at the time that the minors were at risk.
The $200 million contract allows Acacia and its subcontractors to provide legal representation to about 26,000 children and legal education to another 100,000 more.
The Friday notice from the United States Department of Interior obtained by The Associated Press does not explain the Trump administration decision to reinstate the program. I states that it “cancels” the order to halt legal services to migrant children.
“Acacia Center for Justice may resume all activities,” the short notice says.
Shaina Aber, executive director of Acacia said that they will continue to work with the government “to ensure that these critical services upholding the basic due process rights of vulnerable children are fully restored” and their partners can resume their work.
She warned, however, that this is a “critical moment to ensure that no child is forced to navigate” the immigration system alone.
Acacia said that in less than 48 hours, members of the public sent more than 15,000 letters to the Congress demanding the resumption of the program.
The program is funded by a five-year contract, but the government can decide at the end of each year if it renews it or not. The deadline for this year’s decision is in March.
Michael Lukens, the executive director of Amica Center for Immigrant Rights, one of the subcontractors, said that despite the reversal he is still concerned.
“I’m very concerned because the attack on children is unprecedented and to even begin that is troubling,” Lukens said. He said if the stop-work order had remained in place, it would have left kids across the country without due process or protection.
The Trafficking Victims Protection Act of 2008 created special protections for children who arrive alone in the US The law said the government should facilitate legal representation for the children put into deportation proceedings, though it did not mandate every child have a lawyer.
Unaccompanied children under the age of 18 can request asylum, juvenile immigration status, or visas for victims of sexual exploitation.
Some of the organizations that provide legal representation said the decision to restore funds ensures the continuation of vital protections for vulnerable children.
“We urge the administration to stay this course by exercising the remaining year services under this existing contract,” said Wendy Young, president of the Kids in Need of Defense, one of the organizations that assists migrant children.


FBI to transfer 1,500 staffers out of Washington headquarters, two sources say

FBI to transfer 1,500 staffers out of Washington headquarters, two sources say
Updated 19 min 17 sec ago
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FBI to transfer 1,500 staffers out of Washington headquarters, two sources say

FBI to transfer 1,500 staffers out of Washington headquarters, two sources say
  • FBI Director Kash Patel was sworn into his new role on Friday

WASHINGTON: The Federal Bureau of Investigation on Friday ordered the transfer of 1,500 staffers out of its Washington headquarters, two sources familiar with the orders told Reuters.
Some 1,000 of the staffers would be dispersed to field offices around the country, with another 500 ordered to transfer to Huntsville, Alabama, the sources said, adding that the news was conveyed to employees at a Friday meeting.
An FBI spokesperson did not have immediate comment.
The bureau had 9,414 employees in Washington as of June 2024, with 37,478 nationwide, according to figures kept by the federal government. FBI Director Kash Patel was sworn into his new role on Friday, the day after the Senate confirmed him as US President Donald Trump’s choice in a 51-49 vote with two Republicans voting no, expressing concern about Patel’s past political advocacy and its potential effect on the FBI’s law enforcement mission.
“I promise you the following: there will be accountability within the FBI and outside of the FBI, and we will do it through rigorous constitutional oversight starting this weekend,” Patel said after being sworn in. Patel takes charge as the Trump administration seeks to put their stamp on the FBI and its parent agency, the Justice Department, challenging decades-old traditions of independence and reorienting its mission toward Trump’s core priorities.
At least 75 career Justice Department lawyers and FBI officials, who normally keep their roles from administration to administration, have either resigned, been fired or stripped of their posts in the first month of the Trump administration.
Patel telegraphed his plans for the shakeup in his book “Government Gangsters,” where he proposed moving the FBI’s headquarters out of Washington D.C. to prevent “institutional capture and curb FBI leadership from engaging in political gamesmanship.”
Patel has said he will increase the FBI’s role in countering illegal immigration and violent crime, top Trump priorities, by “letting good cops be cops.” He has said he will scale back investigative work at the FBI’s Washington headquarters where many counterintelligence, national security and public corruption probes are housed.
The FBI has an office in Huntsville, Alabama at Redstone Arsenal, a US Army post that also houses Department of Defense and NASA offices.
Patel has been among the biggest boosters of claims that a “deep state” within the government has pursued Trump in an attempt to sink his political prospects.


Top immigration enforcement official reassigned amid frustrations over mass deportation effort

Top immigration enforcement official reassigned amid frustrations over mass deportation effort
Updated 22 February 2025
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Top immigration enforcement official reassigned amid frustrations over mass deportation effort

Top immigration enforcement official reassigned amid frustrations over mass deportation effort
  • The statement made no mention of why Vitello, a career ICE official with more than two decades on the job, was reassigned or who his replacement will be
  • White House officials have expressed frustration with the pace of deportations of people in the country illegally

WASHINGTON: The top official in charge of carrying out President Donald Trump’s mass deportations agenda has been reassigned amid concerns that the deportation effort isn’t moving fast enough.
Homeland Security spokeswoman Tricia McLaughlin said in a statement Friday that Caleb Vitello, the acting director of Immigration and Customs Enforcement, was “no longer in an administrative role, but is instead overseeing all field and enforcement operations: finding, arresting, and deporting illegal aliens, which is a major priority of the President and Secretary (Kristi) Noem.”
The statement made no mention of why Vitello, a career ICE official with more than two decades on the job, was reassigned or who his replacement will be. But White House officials have expressed frustration with the pace of deportations of people in the country illegally.
The decision comes a little over one month into the new administration, showing how important immigration and carrying out mass deportations are to the Trump administration.
ICE — specifically, its Enforcement and Removal Operations arm — is the key agency tasked with carrying out the Republican president’s pledge of mass deportations of people in the country illegally during his second term.
Last week Tom Homan, the White House border czar tasked with carrying out Trump’s immigration agenda across the federal government, said arrests inside the US — as opposed to people arrested as they’re crossing the border — are about three times higher than they were this time last year, under President Joe Biden. But he said it still wasn’t enough.
“I’m not satisfied,” Homan said. “We got to get more.”
At the time, Homan also said he had talked to ICE leadership about the number of people who had been released from immigration custody. From now on, he said, no one would be released without ICE leadership signing off.
“The number of releases was unacceptable,” Homan said, “and that’s been fixed.”
Homan spoke the same day that two top immigration enforcement officials were reassigned.
Vitello is a career ICE official, who most recently was the assistant director for firearms and tactical programs before being tapped as the acting director.
He’s also served on the National Security Council and held positions at ICE directly related to the agency’s enforcement operations.
ICE has not had a Senate-confirmed leader in years.