‘Her loose tongue set entire India on fire’: SC slams Nupur Sharma’s remarks against Prophet

Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh city in southern Vietnam in the country's largest financial fraud case ever, state media Thanh Nien said.

It's a rare verdict - she is one of very few women in Vietnam to be sentenced to death for a white collar crime, i.e. looting one of the country's largest banks over a period of 11 years.

The decision is a reflection of the dizzying scale of the fraud. Truong My Lan was convicted of taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. The verdict requires her to return $27bn, a sum prosecutors said may never be recovered. Some believe the death penalty is the court's way of trying to encourage her to return some of the missing billions.

The habitually secretive communist authorities were uncharacteristically forthright about this case, going into minute detail for the media. They said 2,700 people were summoned to testify, while 10 state prosecutors and around 200 lawyers were involved.

The evidence was in 104 boxes weighing a total of six tonnes. Eighty-five defendants were tried with Truong My Lan, who denied the charges.

"There has never been a show trial like this, I think, in the communist era," says David Brown, a retired US state department official with long experience in Vietnam. "There has certainly been nothing on this scale."

The trial was the most dramatic chapter so far in the "Blazing Furnaces" anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong.

A conservative ideologue steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party's monopoly on power. He began the campaign in earnest in 2016 after out-manoeuvring the then pro-business prime minister to retain the top job in the party.

 The campaign has seen two presidents and two deputy prime ministers forced to resign, and hundreds of officials disciplined or jailed. Now one of the country's richest women has joined their ranks.

Truong My Lan comes from a Sino-Vietnamese family in Ho Chi Minh City, formerly Saigon. It has long been the commercial engine of the Vietnamese economy, dating well back to its days as the anti-communist capital of South Vietnam, with a large, ethnic Chinese community.

She started as a market stall vendor, selling cosmetics with her mother, but began buying land and property after the Communist Party ushered in a period of economic reform, known as Doi Moi, in 1986. By the 1990s, she owned a large portfolio of hotels and restaurants.

Although Vietnam is best known outside the country for its fast-growing manufacturing sector, as an alternative supply chain to China, most wealthy Vietnamese made their money developing and speculating in property.

All land is officially state-owned. Getting access to it often relies on personal relationships with state officials. Corruption escalated as the economy grew, and became endemic.

By 2011, Truong My Lan was a well-known business figure in Ho Chi Minh City, and she was allowed to arrange the merger of three smaller, cash-strapped banks into a larger entity: Saigon Commercial Bank.

Vietnamese law prohibits any individual from holding more than 5% of the shares in any bank. But prosecutors say that through hundreds of shell companies and people acting as her proxies, Truong My Lan actually owned more than 90% of Saigon Commercial.

They accused her of using that power to appoint her own people as managers, and then ordering them to approve hundreds of loans to the network of shell companies she controlled.

The amounts taken out are staggering. Her loans made up 93% of all the bank's lending.

According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.

That much cash, even if all of it was in Vietnam's largest denomination banknotes, would weigh two tonnes.

She was also accused of bribing generously to ensure her loans were never scrutinised. One of those who was tried used to be a chief inspector at the central bank, who was accused of accepting a $5m bribe.

The mass of officially sanctioned publicity about the case channelled public anger over corruption against Truong My Lan, whose fatigued, unmade-up appearance in court was in stark contrast to the glamorous publicity photos people had seen of her in the past.

But questions are also being asked about why she was able to keep on with the alleged fraud for so long.

"I am puzzled," says Le Hong Hiep who runs the Vietnam Studies Programme at the ISEAS - Yusof Ishak Institute in Singapore.

"Because it wasn't a secret. It was well known in the market that Truong My Lan and her Van Thinh Phat group were using SCB as their own piggy bank to fund the mass acquisition of real estate in the most prime locations.

"It was obvious that she had to get the money from somewhere. But then it is such a common practice. SCB is not the only bank that is used like this. So perhaps the government lost sight because there are so many similar cases in the market."

David Brown believes she was protected by powerful figures who have dominated business and politics in Ho Chi Minh City for decades. And he sees a bigger factor in play in the way this trial is being run: a bid to reassert the authority of the Communist Party over the free-wheeling business culture of the south.

"What Nguyen Phu Trong and his allies in the party are trying to do is to regain control of Saigon, or at least stop it from slipping away.

"Up until 2016 the party in Hanoi pretty much let this Sino-Vietnamese mafia run the place. They would make all the right noises that local communist leaders are supposed to make, but at the same time they were milking the city for a substantial cut of the money that was being made down there."

At 79 years old, party chief Nguyen Phu Trong is in shaky health, and will almost certainly have to retire at the next Communist Party Congress in 2026, when new leaders will be chosen.

He has been one of the longest-serving and most consequential secretary-generals, restoring the authority of the party's conservative wing to a level not seen since the reforms of the 1980s. He clearly does not want to risk permitting enough openness to undermine the party's hold on political power.

But he is trapped in a contradiction. Under his leadership the party has set an ambitious goal of reaching rich country status by 2045, with a technology and knowledge-based economy. This is what is driving the ever-closer partnership with the United States.

Yet faster growth in Vietnam almost inevitably means more corruption. Fight corruption too much, and you risk extinguishing a lot of economic activity. Already there are complaints that bureaucracy has slowed down, as officials shy away from decisions which might implicate them in a corruption case.

"That's the paradox," says Le Hong Hiep. "Their growth model has been reliant on corrupt practices for so long. Corruption has been the grease that that kept the machinery working. If they stop the grease, things may not work any more."

Dubai: Dubai was slapped by heavy floods as the United Arab Emirates (UAE) was hit by extremely heavy rains on Tuesday. The desert city received over a year and a half's worth of rain in just a day even as heavy thunderstorms lashed other parts of the UAE.

Roads turned into rivers as they were filled up with water. Shopping centres like Dubai Mall and Mall of the Emirates were also seen flooding.

Schools across the UAE have been shut and are expected to remain closed on today as well.

According to a report by India Today, Dubai airport received about 100 mm of rain in just 12 hours on Tuesday and a total of 160 mm in the last 24 hours.

On average, Dubai receives about 88.9 mm of rain in a year, which concludes that the city received more than a year's rain in a day.

Dubai International Airport said on Wednesday it was experiencing significant disruption due to bad weather and was working to restore normal operations as quickly as possible.

Flights have been delayed or diverted and impacted by displaced crew, the airport said in a statement, adding that recovery would take some time.

Dubai's Emirates airline said that it was suspending check-in for passengers departing the airport from 8 am (0400 GMT) on Wednesday until midnight due to operational challenges caused by the bad weather and road conditions.

Dubai International was temporarily diverting arriving flights on Tuesday evening because of a storm, and operations were suspended for 25 minutes earlier in the day.

According to India Today, the airport stopped flight operations and issued a warning earlier today on X.

The Dubai International Airport requested the passengers to check their flight status.

Employees in Dubai have been told to work from home.

The UAE Government took to X and said, "Based on the directives of the Council of Ministers, it was decided to extend remote work until tomorrow, Wednesday, April 17, for all federal government employees, with the exception of jobs that require presence at the workplace, taking into account the weather condition that the country is going through."

Bengaluru: With six children of Karnataka Ministers in the Lok Sabha poll arena, the campaign scene is getting spiced up in the high-stakes elections for the ruling Congress in the state. Prabha Mallikarjun, wife of Minister S S Mallikarjun, is also in the poll fray.

The grand old party tried its best to make several ministers enter the Lok Sabha election fray but none of them agreed and, instead, they proposed the candidature of their family members.

'Now, deliver' is the stern message of the Congress leadership to the ministers, putting the onus on them to ensure the victory of their kin, according to party sources.

The Congress secured only one seat in Karnataka in the 2019 general elections, and has now set an ambitious target of winning in 15 to 20 constituencies in the coming polls.

Elections in 28 constituencies in the State will be held in two phases on April 26 and May 7.

Sons of Laxmi Hebbalkar, Eshwar Khandre and H C Mahadevappa— Mrinal Ravindra Hebbalkar, Sagar Khandre and Sunil Bose— have been fielded from Belagavi (Belgaum), Bidar and Chamarajanagar, respectively.

Daughters of Satish Jarkiholi, Shivanand Patil and Ramalinga Reddy— Priyanka Jarkiholi, Samyukta Patil and Sowmya Reddy— are in contention in Chikkodi, Bagalkot and Bangalore South respectively.

Prabha Mallikarjun, wife of Minister S S Mallikarjun and daughter-in-law of veteran party leader Shamanur Shivashankarappa, is the party's nominee from Davangere.

"In this 'do or die' situation, the ministers have found the Lok Sabha election a launch pad for their children and relatives. We have to see how these ministers succeed in their mission," a Congress insider said.

Barring Sowmya Reddy, who is a former MLA, none of them have any legislative experience in elections. Stakes are high for some other ministers as well.

The party has fielded Radhakrishna Doddamani, son-in-law of Congress President M Mallikarjun Kharge in the family's home turf of Kalaburagi (Gulbarga), a seat held by the BJP.

Kharge's son and Minister Priyank Kharge has taken charge of spearheading the campaign in this segment, where his father had lost in the 2019 general elections.

"Priyank has taken this election as a prestige issue given the fact that the Congress president hails from here and had represented this constituency in the past in the Lok Sabha," a Congress leader said.

Prime Minister Narendra Modi had last month launched the BJP's formal campaign in Kalaburagi in what was seen as an aggressive message to the Congress.

Karnataka Deputy Chief Minister and State Congress chief D K Shivakumar's brother D K Suresh is seeking reelection in Bangalore Rural, where the BJP and JD(S) have fielded noted cardiologist and son-in-law of former Prime Minister H D Deve Gowda.

The Congress which came to power in the state in May last year is seeking to ride on its five guarantee schemes of the government.

Sowmya Reddy, who is contesting from Bangalore South asked the women voters during a recent roadshow - "Do you travel in the buses? Which places have you visited in the recent past? Do you pay or travel for free?".

She was referring to 'Shakti' guarantee that offers free rides to Karnataka women in non-luxury government buses within the state. Reddy explained to the people about the four other guarantees— 'Gruha Lakshmi', 'Gruha Jyoti', 'Yuva Nidhi' and 'Anna Bhagya'.

"Who brought 'Achchhe Din'? Is it Congress or the BJP? Which 'Achchhe Din' you will vote for?" Reddy asked the women voters.

In Belagavi, Mrinal Ravindra Hebbalkar, is taking on BJP candidate and former Chief Minister Jagadish Shettar.

In campaign meetings, Minister Laxmi Hebbalkar reminded the crowd how Shettar had joined Congress when the BJP denied him a ticket in the 2023 Assembly election, only to return to the saffron party a few months later.

"Shettar is from Hubballi and we are from Belagavi. We know the problems prevailing here better than any 'outsider'. Today, BJP people are saying that they vote for Shettar keeping Prime Minister Narendra Modi in mind, but I want to know why he joined Congress and abused the BJP, Modi and former Chief Minister B S Yediyurappa," the minister asked.

The BJP swept the 2019 general elections in Karnataka winning 25 out of the 28 seats, while an independent backed by the party also won. The Congress and JD(S) which fought the elections together, secured one seat each.