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Truong My Lan has been sentenced to death for her role in a $12 billion banking scam, as the ruling communists crack down on corruption, but is she taking the fall for someone else?
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Lam's appointment represents the latest shuffle in Vietnam's top leadership, a nation historically noted for its political stability under the strict control of the Communist Party. However, a years-long anti-corruption crackdown has caused unprecedented political upheaval, coinciding with Vietnam's rise as an alternative international manufacturing hub to China.
The decision was taken following the party's central committee's approval of To Lam's name for the president post on Saturday, Al Jazeera reported, citing Vietnam News Agency.
Sacombank's chairman Duong Cong Minh has distanced himself and the bank from any involvement with Truong My Lan and the issues surrounding Van Thinh Phat.
Saigon Commercial Bank’s losses could cause the national treasury to dry up, as the government injects ‘special loans’ to keep the bank afloat.