Truong My Lan's fraud at SCB damages Vietnam's economy

Summary: Vietnamese tycoon Truong My Lan's fraud at Saigon Commercial Bank (SCB) led to losses of US$27 billion. Lan bribed regulators to hide the fraud, resulting in SCB's bailout amounting to 6% of Vietnam's GDP. SCB's deposits fell by 80%, and non-performing loans now exceed 97% of its portfolio. The government injected US$24 billion to keep SCB solvent, impacting the economy and banking sector.

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