Vietnam's ‘blazing furnace' sees real estate mogul sentenced to death for $12 billion fraud. It's the biggest eruption yet in Asia's volcanic housing bust [Fortune]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Fortune
It's one of the most severe punishments ever for white-collar crime—and caps the biggest financial fraud case in the country's history, with total damages amounting to the equivalent of 3% of the country's GDP. The 67-year-old chairwoman of real estate company Van Thinh Phat Group was arrested in 2022, facing charges that include bribery of government officials and violation of bank lending rules. In The charges echo the epic collapses of other real-estate fortunes in some of Asia's largest economies, particularly China. There's Country Garden Holdings chairwoman Yang Huiyan, for instance, whose company suspended shares last week following its default on overseas debt in October of last year as just the latest developments in its deepening debt crisis. When the company missed its overseas debt payment, it had $187 billion in liabilities, and had been unloading assets and selling shares to stave off its debt obligations for months. In November, Country Garden said it needed to repay
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