CrimeVietnam alleges $12bn embezzlement by property firm and bank
Van Thinh Phat and SCB are among biggest targets in corruption clampdown
Vietnamese police have recommended prosecuting 86 people involved in alleged bribery and embezzlement at developer Van Thinh Phat and SCB bank. © Getty Images
LIEN HOANG, Nikkei staff writer
November 20, 2023 13:29 JST
HO CHI MINH CITY -- Vietnam has accused a property developer of bribery and embezzlement totaling 304 trillion dong ($12.5 billion), using "ghost companies" and an affiliate bank, in one of the largest cases in a national corruption crackdown that has rippled across the economy.