WEBVTT - How an Infamous Vietnamese Businesswoman Engineered a $12 Billion Fraud

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Boivung You worked as

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<v Speaker 1>a personal driver for one of Vietnam's wealthiest tycoons. Most days,

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<v Speaker 1>his job was to drive his boss, sixty eight year

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<v Speaker 1>old businesswoman during the Lang around bustling Ho Chiman City,

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<v Speaker 1>and occasionally she would ask him to run other errands,

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<v Speaker 1>like picking things up for her or delivering packages, and

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<v Speaker 1>a lot of times these errands involved moving cash around

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<v Speaker 1>the city.

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<v Speaker 2>She would basically say, I have money this afternoon at

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<v Speaker 2>the bank, Go get it.

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<v Speaker 1>That's John Boudreaux, Bloomberg's Vietnam beer Chief.

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<v Speaker 2>These were bundles of cash. There's big bundles of cash,

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<v Speaker 2>and he would go pick it up and he would

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<v Speaker 2>either take it to her apartment or her real estate

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<v Speaker 2>company or whatever entity she wanted. And sometimes she'd give

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<v Speaker 2>them tips as much as like two hundred dollars per tripping.

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<v Speaker 1>And the driver kept detailed notes about each cash run

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<v Speaker 1>he made for her.

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<v Speaker 2>He meticulously wrote down every trip he made.

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<v Speaker 1>Now, moving big stacks of cash around the city like

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<v Speaker 1>this isn't unusual in Vietnam.

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<v Speaker 2>You have to remember, Vietnam for decades has been a

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<v Speaker 2>cash based society, and it still is not unusual to

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<v Speaker 2>see people hauling big sacks of cash to and from

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<v Speaker 2>the banks. And people do this. They'll even put them

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<v Speaker 2>on motorbikes. They'll recording tens of thousands of the dollars

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<v Speaker 2>on a motorbike going to and from the banks.

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<v Speaker 1>What was unusual was just how much cash the driver

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<v Speaker 1>is transporting for his boss.

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<v Speaker 2>She was using him to shepherd a lot of money,

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<v Speaker 2>more than four billion dollars over the span of three

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<v Speaker 2>and a half years.

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<v Speaker 1>His last drop off was in September twenty twenty two,

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<v Speaker 1>and a month later his employer, Lang was arrested. She

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<v Speaker 1>was accused of masterminding one of the world biggest France

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<v Speaker 1>a massive twelve point three billion dollars scam.

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<v Speaker 2>It was the largest financial fraud case Vietnam has ever seen,

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<v Speaker 2>and it's even more than the Sam Bankman freed casey

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<v Speaker 2>United States.

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<v Speaker 1>A key piece of evidence in the trial the detailed

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<v Speaker 1>notes Lang's driver had kept of every stash of cash

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<v Speaker 1>he delivered. Today, Lang is facing even more charges in

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<v Speaker 1>a second case that includes money laundering and illegally transporting

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<v Speaker 1>about four point five billion dollars across the border. The

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<v Speaker 1>news about her current trial, which involves thirty three other

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<v Speaker 1>co defendants, is widely broadcasted, and it's become a centerpiece

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<v Speaker 1>in the government's anti corruption campaign.

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<v Speaker 2>And I don't think Vietnamese have seen anything like this before,

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<v Speaker 2>and the government has been exceedingly open and talking about

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<v Speaker 2>how they're going after this corruption.

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<v Speaker 1>Welcome to The Big Take Asia from Bloomberg News. I'm

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<v Speaker 1>one High. Every week we take you inside some of

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<v Speaker 1>the world's biggest and most powerful economies and the markets,

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<v Speaker 1>tycoons and businesses that drive this ever shifting region. Today

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<v Speaker 1>on the show, the downfall of Vietnam's most infamous businesswoman,

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<v Speaker 1>How she was able to embazzle so much money for

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<v Speaker 1>so long, and what are multi billion dollar fraud case

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<v Speaker 1>means for Vietnam's fast growing economy doing me Lang's Rise

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<v Speaker 1>is a Vietnamese rags to richest story, known in business

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<v Speaker 1>circles as Madame Lang. She got her start in the

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<v Speaker 1>late nineteen eighties selling makeup and hair accessories from her

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<v Speaker 1>family's stall inside the sprawling Benpunt market right in the

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<v Speaker 1>heart of Hochiman City.

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<v Speaker 2>It's a huge, cavernous indoor market that it is just

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<v Speaker 2>jam packed with people and vendors. That's a hard life.

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<v Speaker 2>They work seven days a week.

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<v Speaker 1>This was a time of rapid change in Vietnam. After

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<v Speaker 1>the end of the war with the United States, the

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<v Speaker 1>country reunified under communism, but was financially ruined and internationally isolated.

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<v Speaker 1>To jumpstart the economy, the Communist Party of Vietnam started

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<v Speaker 1>a series of market reforms in nineteen eighty six, and

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<v Speaker 1>Lang saw opportunity.

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<v Speaker 2>She met her husband, he is a Hong Kong businessman,

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<v Speaker 2>and together the two of them, they could see where

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<v Speaker 2>the country was going, and they started buying up a

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<v Speaker 2>lot of land quite cheaply, and that was the beginning

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<v Speaker 2>of her property empire.

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<v Speaker 1>In nineteen ninety one, Lang founded a real estate company

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<v Speaker 1>that rapidly became one of the country's premium property firms.

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<v Speaker 2>She built up a large property portfolio of hotels, restaurants,

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<v Speaker 2>residential buildings, office buildings, and a lot of them become

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<v Speaker 2>among the most prestigious properties in Hocheman City.

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<v Speaker 1>Anything that we'd recognize today.

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<v Speaker 2>Well, if you were to come here and you were

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<v Speaker 2>to visit the Reverie Saigon Hotel, which is right in

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<v Speaker 2>the center of Virtuman city, you would see a very

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<v Speaker 2>opulent facility. You're talking about her crown jewel. It has

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<v Speaker 2>gold plated elevators, chandeliers. The two top end suites have

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<v Speaker 2>prices that start at twelve thousand a night.

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<v Speaker 1>Oh my gosh, what crazy opulence if you can afford it.

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<v Speaker 2>And the thing is, this opulent structure is really isn't

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<v Speaker 2>far from the marketplace where it all began for her,

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<v Speaker 2>But truly it is a world away for a lot

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<v Speaker 2>of the vendors now in that marketplace, they view her

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<v Speaker 2>as kind of this Vietnamese fairy tale, this woman who

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<v Speaker 2>literally wrote from nothing or just like them, living life

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<v Speaker 2>just like them, to being one of the most prestigious

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<v Speaker 2>and wealthiest women in Vietnam.

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<v Speaker 1>By twenty eleven, Lang had established herself as a prominent

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<v Speaker 1>businesswoman in Houchiman City. That year, she arranged the merger

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<v Speaker 1>of three small and struggling banks into a larger entity,

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<v Speaker 1>the Saigon Commercial Bank or SCB. The bank became the

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<v Speaker 1>fifth largest lender in Vietnam. The bank would also come

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<v Speaker 1>to be at the center of one of the world's

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<v Speaker 1>biggest fraud cases. According to prosecutors, Lang illegally controlled more

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<v Speaker 1>than ninety percent of the bank by paying people to

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<v Speaker 1>acquire stakes in it. Then She built an ecosystem of companies,

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<v Speaker 1>including ghost businesses, that she used to secure loans and

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<v Speaker 1>register for collateral to withdraw money from the bank. Once

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<v Speaker 1>the loans were approved, the money was either transferred to

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<v Speaker 1>the bank accounts of these ghost firms and individuals, or

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<v Speaker 1>directly picked up in cash.

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<v Speaker 2>She essentially controlled ninety percent or more of the bank,

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<v Speaker 2>and she was also able to put in place trusted

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<v Speaker 2>lieutenants to run the bank. According to the police and prosecutors,

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<v Speaker 2>this was essentially her own entity and she could use

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<v Speaker 2>it to bankroll the growth of her empire.

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<v Speaker 1>So literally her own piggybank exactly. On a late night

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<v Speaker 1>in October twenty twenty two, Lang was arrested at her

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<v Speaker 1>luxury apartment.

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<v Speaker 2>Apparently she was getting ready for bed because when they

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<v Speaker 2>took what the equivalent is for Vietnam at the mugshot

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<v Speaker 2>that you can see she completely has no makeup on.

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<v Speaker 2>And this was someone who's always known for being very

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<v Speaker 2>koifed and everything.

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<v Speaker 1>It didn't take long for the word to spread and

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<v Speaker 1>it rattled the bank's customers.

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<v Speaker 2>And the news was announced on a Saturday. The following Monday,

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<v Speaker 2>there was a run on Saigon Commercial Bank and why

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<v Speaker 2>was that people knew she was closely tied to Saigon

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<v Speaker 2>Commercial Bank. Her real estate company was closely tied to

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<v Speaker 2>this bank. There was panic, and so for several days

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<v Speaker 2>people were lying up demanding their money out. The central

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<v Speaker 2>bank governor repeatedly put out statements saying your money is safe,

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<v Speaker 2>your money is safe, and then eventually they took over

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<v Speaker 2>the bank. Essentially, they placed officials other executives from other

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<v Speaker 2>banks on the board to try to calm everything down,

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<v Speaker 2>and eventually it did work.

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<v Speaker 1>Around thirty six thousand bondholders have been identified as victims. Together,

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<v Speaker 1>these people allegedly invested more than one billion dollars through

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<v Speaker 1>four companies linked to Lang.

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<v Speaker 2>It touches a lot of the kind of your average

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<v Speaker 2>people people putting their faith and trust and money in

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<v Speaker 2>this bank, and a lot of them buying these bonds

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<v Speaker 2>and then everything just blowing up them, and so it's

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<v Speaker 2>not just something that a bunch of wealthy people did

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<v Speaker 2>to other wealthy people.

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<v Speaker 1>After spending more than a year in detainment, Lang was

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<v Speaker 1>sentenced to death by lethal injection in April. She was

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<v Speaker 1>also convicted of bribing government officials to look the other way.

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<v Speaker 1>Seventeen bank or financial inspectors were also convicted, including the

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<v Speaker 1>former head of the State Bank's Inspection and Supervision unit.

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<v Speaker 1>That bank official was sentenced to life in prison after

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<v Speaker 1>being found guilty of accepting as much as five point

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<v Speaker 1>two million dollars in bribes. But it didn't end there.

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<v Speaker 1>This week, the Vietnamese court will issue another verdict on

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<v Speaker 1>charges that Lang and others were involved in fraudulent asset appropriation,

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<v Speaker 1>money laundering, and illegally transporting more than four billion dollars

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<v Speaker 1>across the border. What that trial means for Vietnam's growing

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<v Speaker 1>economy and the government's efforts to crack down on corruption.

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<v Speaker 1>That's after the break Vietnamese real estate tycoon Jumi Lang

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<v Speaker 1>was given the death sentence for orchestrating one of the

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<v Speaker 1>biggest fraud cases in the world, and months after her

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<v Speaker 1>first trial, prosecutors filed new charges against her along with

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<v Speaker 1>thirty three other defendants.

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<v Speaker 2>They're being accused of laundering eighteen billion dollars, cross border,

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<v Speaker 2>transportation of four point five billion dollars, and appropriating one

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<v Speaker 2>point two billion dollars some investors via bond issuances.

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<v Speaker 1>Lang's second trial kicked off last month, and Bloomberg's Vietnam

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<v Speaker 1>Beer chief John Boudreau says people regularly showed up to

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<v Speaker 1>watch it on a giant screen out in front of

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<v Speaker 1>the courthouse.

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<v Speaker 2>They've set up a gigantic screen that usually people here

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<v Speaker 2>used to watch football soccer, and then there's about one

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<v Speaker 2>hundred of these blue plastic stools. You'll have bondholders all

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<v Speaker 2>sitting there watching this and inside, of course, all the chairs,

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<v Speaker 2>everything is is full.

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<v Speaker 1>One of the reasons why this case has gotten so

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<v Speaker 1>much attention is because it's rattled so many ordinary Vietnamese,

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<v Speaker 1>and the Communist government is showcasing it as a kind

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<v Speaker 1>of high level corruption they say they want to stop.

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<v Speaker 2>It really is endemic in the culture, from police officers

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<v Speaker 2>taking bribes on the streets for general traffic police, two

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<v Speaker 2>officials who will take money to ensure a project gets

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<v Speaker 2>approved smoothly. It just becomes a way of doing things.

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<v Speaker 2>Vietnam's late party chief Nuenfutrong, who passed away this last summer,

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<v Speaker 2>has for decades pursued anti corruption, and he called it

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<v Speaker 2>his Blazing Furnace campaign. He has long believed that the

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<v Speaker 2>party's credibility is at risk if it doesn't root out

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<v Speaker 2>high level graft.

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<v Speaker 1>And Lang was not the only one who got caught

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<v Speaker 1>in the blazing furnace. The corruption fight has gone all

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<v Speaker 1>the way up to the top, taking down three Deputy

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<v Speaker 1>Prime ministers and two present CIDs. In just last year,

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<v Speaker 1>officials launched corruption investigations into more than two thousand individuals,

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<v Speaker 1>nearly double from the previous year. That's according to government data.

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<v Speaker 1>But at the same time, critics say the probes who

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<v Speaker 1>gets ensnared and the punishment involved are incredibly opaque. There

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<v Speaker 1>are concerns the campaign has also been used as a

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<v Speaker 1>political tool to get rid of rivals, and the anti

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<v Speaker 1>corruption drive has also created bottlenecks for investment. John says

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<v Speaker 1>government sources told Bloomberg that they would rather do nothing

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<v Speaker 1>than take a risk in approving projects and end up

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<v Speaker 1>getting dragged into a future scandal.

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<v Speaker 2>It has caused massive fear among government workers bureaucrats. They're

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<v Speaker 2>terrified if they approve project A two years from now,

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<v Speaker 2>will the Ministry of a Public Security come knocking on

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<v Speaker 2>their doors and saying, we're investigating your approval of this project.

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<v Speaker 1>For now now, foreign investors are undeterred by projects slowing down.

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<v Speaker 1>Investments are still pouring into Vietnam at record levels, capitalizing

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<v Speaker 1>on the country's low labor costs and established supply chains.

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<v Speaker 1>It's Vietnam's economic rise that catapult Lang into one of

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<v Speaker 1>the country's richest tycoons, and now her spectacular fall is

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<v Speaker 1>riveting Vietnam. As this episode airs, Lang is still awaiting

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<v Speaker 1>the court's verdict in her second trial. She's facing a

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<v Speaker 1>life sentence on top of already being on death row.

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<v Speaker 1>Lang has denied some of the charges and is appealing

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<v Speaker 1>her death sentence. Even if she wins her appeal to

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<v Speaker 1>overturn the death sentence, she's likely facing a lifetime behind bars.

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<v Speaker 1>In court, Lang broke down and said she never expected

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<v Speaker 1>her life to end up this way, and she's prepared

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<v Speaker 1>to take responsibility through tears. She said, that's her destiny.

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<v Speaker 1>This is the Big take Asia from Bloomberg News, I'm

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<v Speaker 1>wan Ha. This episode was produced by Naming Young Young

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<v Speaker 1>and Jessica Beck. It was mixed by Alex Suguiera and

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<v Speaker 1>fact checked by Edu Duan. It was edited by Caitlin Kenney,

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<v Speaker 1>Aaron Edwards, and Emily Cadman. There was additional reporting by

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<v Speaker 1>Philip Hymns, with assistants from Wingsunquin and Wing Zuduin. Name me.

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<v Speaker 1>Shaven is our senior producer, Elizabeth Ponso is our senior editor,

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<v Speaker 1>Nicole Beemster Bower is our executive producer, and Sage Bowman

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<v Speaker 1>is Bloomberg's head of podcasts. Please follow and review The

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<v Speaker 1>Big Take Asia wherever you listen to podcasts. It really

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<v Speaker 1>helps me listeners find the show. See you next time.