The mastermind behind the largest financial fraud case in Vietnamese history,Real estate developer Wan Sheng Fa Group Chairman Zhang Meilan is suspected of embezzling Sai Kung Commercial BankLarge amount of funds,toMarch 2024Initially on trial in Ho Chi Minh City,The prosecutor demanded the death penalty for Zhang Meilan.

Zhang Meilan has always been a core figure in the Vietnamese financial industry.sheHe is the fourth generation of Vietnamese Chinese, with ancestral roots in Gezhou Community, Haojiang District, Shantou City, Guangdong Province. Her husband, Zhu Liji, was born in Hong Kong and has ancestral roots in Shengping Community, Daliang, Shunde, Guangdong. He is currently the Chairman of Times Square Group in Vietnam.

Zhang MeilanEstablished in 1992, Wanshengfa Group is engaged in real estate, finance, catering, hotel and other businesses. The couple met during the development of the Vietnamese market and accumulated extensive political and business connections in both Vietnam and Hong Kong. Therefore,two thousand and twenty-twoyearThe meeting with Li Ka shing at Changjiang Industry in May is seen as a natural step for Wanshengfa's development.

In October 2022, Zhang Meilan was arrested by Vietnamese police on charges of embezzlement of property, bribery, and violation of credit institution loan regulations.The indictment states that Zhang Meilan and her accomplices conspired in theBetween 2012 and 2022, more than 2500 loans were arranged through fraudulent means at Saigon Commercial Bank, providing over 1000 trillion Vietnamese dong in loans to Wan Sheng Fa Group and related companies, accounting for 93% of the total loans issued by Saigon Commercial Bank during this period.

As ofCase prosecution dateOn October 17, 2022, outstanding loans exceeded 677 trillion Vietnamese dong. In 2022, Vietnam's GDP was 9513.3 trillion Vietnamese dong, and the illegal issuance of loans over the past decade was close to 1/9 of Vietnam's 2022 GDP.

In addition, in theBetween February 2018 and October 2020, Zhang Meilan and others embezzled approximately 304 trillion Vietnamese dong from Saigon Commercial Bank through ghost companies, bribery of government officials, and her illegal control of Saigon Commercial Bank.

In addition, Zhang Meilan's driverBetween February 2019 and September 2022, cash worth over $4.4 billion was transported from the Saigon Commercial Bank headquarters in Ho Chi Minh City to her residence and the headquarters of the Wan Sheng Fa Group.

The Supreme People's Procuratorate of Vietnam has also charged other individuals with multiple crimes, including embezzlement of property, bribery, abuse of power, and violation of banking regulations85 defendants filed lawsuits, including former Saigon Commercial Bank, former National Bank of Vietnam, former Vietnamese Government Supervision Office, and former Vietnamese Audit Office personnel.

Involving this caseOut of 86 defendants, 70 were arrested, 11 were released on bail pending trial, and 5 were at large. The first trial is expected to continue until April 29th.

Ho Chi Minh City People's ProcuratoratethinkZhang MeilanThe crime of embezzlement of property was recommended to be sentenced to death. He was sentenced to 19 to 20 years in prison for "violating banking regulations" and 19 to 20 years in prison for bribery, with a total penalty of death. The prosecutor's office also demanded that Zhang Meilan compensate Saigon Commercial Bank with approximately 677 trillion Vietnamese dong.