Vietnam Rocked By Southeast Asia's Largest Corruption Scandal: Ga Main-Play 191 Trillion Brushed Off!

Vietnam Rocked By Southeast Asia's Largest Corruption Scandal (Jombp-Freepik Image)

YOGYAKARTA - Vietnam was rocked by Southeast Asia's biggest corruption scandal which was quite heavy after authorities arrested Truong My Lan, when the development of the Van Thrin Phat Holdings Group's real estate, on suspicion of embezzlement of funds of approximately 12.5 billion US Dollars, which when converted into rupiah was (191 trillion rupiah).

Of course, this makes a big question mark regarding the banking and property sector in Vietnam. "This scandal is the largest corruption scandal in Southeast Asia's history," said Vietnam's Ministry of Public Security.

Since 2016, the Vietnamese Communist Party has started an anti-corruption campaign that has ousted the president and some senior government ministers. However, the latest scale of the scandal opens up questions about the power for the campaign as well as the actual conditions in the banking area as well as Vietnam property.

"The Communist Party needs to fight corruption more quickly and more efficiently," said Nguyen Phu Trong, Secretary-General of the Communist Party as reported by the federation website.

The Ministry of Public Security accused Truong My Lan of operating a broad network with more than 1,000 subsidiaries, borrowing more than 40 billion from Saigon Commercial Bank, and taking a third through the shadow industry. This scandal attributes 85 people, including 24 government officials and partners from Van Thinh Phat Holdings Group and Saigon Commercial Bank.

"Investigation of sand mining is being carried out again, and the renewable energy sector is also being observed," said Michael Tatarski, a journalist living in Ho Chi Minh City.

Nguyen Phu Trong, following the disclosure of the latest scandal, reported his commitment to continue to fight corruption. Analysts indicate that the former party boss in Ho Chi Minh City, Le Thanh Hai, and former Prime Minister Nguyen Tan Dung may be the next targets in anti-corruption efforts.

"There is no doubt if there are more scandals and big arrests that will occur," said analyst Michael Tatarski.

This scandal is not the first to occur in Vietnam's private sector. Several company leaders, including FLC Group's Trinh Van Quyet, were previously arrested on corruption charges. There are concerns that the current corruption scale that has been revealed could disrupt the country's economic stability and influence the confidence of the business world.

"Business trust may get worse, or create fear for investigation," said Nguyen Khac Giang, a guest researcher at the ISEAS-Yusof Ishak Institute in Singapore.

The Corruptione Country In Southeast Asia 2023

Before Vietnam held the top position, confirmed in 2022, first place was Myanmar, then Cambodia, Laos, the Philippines and Indonesia. Meanwhile, Singapore is the only country with the lowest level of corruption in Southeast Asia, with a score of IPK 83. The score also places Singapore in the 5th best position globally in 2022.

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