Three news to start your week: April 15
Nigeria recovers $27 million in corruption probe
(Barrons)
Nigerian investigators recovered $27 million in a corruption probe involving a suspended government minister and other officials.
President Bola Ahmed Tinubu suspended the Minister of Humanitarian Affairs and Poverty Alleviation due to allegations of diverting public funds. The head of the ministry's social investment fund agency was also suspended and arrested for alleged corruption.
The Economic and Financial Crimes Commission stated that they had recovered $26.4 million and $455,000. This progress shows a solid commitment to upholding justice and ensuring the proper use of public funds.
Vietnamese property tycoon sentenced to death over $12 billion fraud
(Financial Times)
Truong My Lan, a well-known property tycoon in Vietnam, has been sentenced to death by a court in Ho Chi Minh City. She was found guilty of embezzling over $12 billion, the largest financial fraud in the country. The court stated that recovering the lost funds was unlikely and that Lan's actions had damaged public trust in the ruling Communist party and the state.
Lan, the chair of the Van Thinh Phat Group, a renowned property developer, was convicted of bribery, embezzlement, and abuse of power. She plans to appeal the verdict, according to her lawyer.
The allegations against Lan involve illegally controlling Saigon Joint Stock Commercial Bank (SCB) and embezzling $12 billion through "ghost" companies. She reportedly obtained loans and bribed government officials to cover up the fraud. In this case, 85 individuals, including central bank officials, are facing charges.
Panama Papers money-laundering trial begins
(BBC)
The trial started in Panama, where 27 people were accused of the Panama Papers money laundering scandal. The Panama Papers were confidential financial documents leaked in 2016 that exposed how the wealthiest people hide their assets in offshore companies.
Among those accused are Jurgen Mossack and Ramon Fonseca Mora, the founders of the law firm Mossack Fonseca, which no longer exists. They deny involvement in illegal activities and say the leaked information was distorted. In 2017, they claimed their firm was a victim of a cyber attack.
If found guilty, Mossack and Fonseca could face a maximum of twelve years in prison. The leak included 11 million financial documents and implicated many politicians, billionaires, and famous athletes.
This scandal also highlighted how wealthy and influential people used tax havens like Panama and the British Virgin Islands to hide wealth and avoid paying taxes.
