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Pakistan Celebrates National Day in UAE with Diplomatic Reception

  The Embassy of Pakistan in the United Arab Emirates (UAE) hosted a grand reception today to commemorate Pakistan's National Day, attended by members of the diplomatic corps, senior UAE government officials, Emirati nationals, and the Pakistani community. His Excellency Sheikh Nahayan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, graced the occasion as the Chief Guest, alongside Minister of State for Foreign Affairs, His Excellency Ahmed bin Ali Al Sayegh. The event featured traditional performances, including the national anthems of Pakistan and the UAE played on traditional instruments. The Pakistani flag was prominently displayed on the hotel building, visible across Abu Dhabi, symbolizing the strong ties between the two nations . In his address, Ambassador Faisal Niaz Tirmizi reflected on the significance of the Pakistan Resolution and the challenges faced by the nascent state in its journey toward socio-economic development. He highlighted various opportuni...
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Why was Vietnam real estate billionaire sentenced to death?

 



A Vietnamese court has sentenced real estate magnate Truong My Lan to death for her role in a massive fraud scheme totaling $12 billion. The case marks the largest financial fraud in Vietnam's history and one of the most severe punishments meted out for white-collar crime. 


My Lan, 67, was the chairwoman of Van Thinh Phat Group, a major developer. She was convicted on charges including embezzlement, bribery of officials, and violating lending rules at Saigon Commercial Bank (SCB). Prosecutors said My Lan embezzled around $12 billion from the bank between 2012 and 2022 through fraudulent loans representing over 90% of SCB's lending during that period.


The fraud had devastating consequences. It prompted a run on SCB after losses became public, ultimately leading the State Bank of Vietnam to seize control of the lender. My Lan was ordered to repay $27 billion, exceeding the market value of most Vietnamese banks.


Over 80 people faced charges as part of the expansive case, including My Lan's husband and niece as well as officials at the central bank. While My Lan disputed controlling SCB, judges found she owned over 90% of the bank through proxies. 


The death sentence, which can be issued for certain economic crimes in Vietnam, is believed to be only the second for a corruption conviction. It comes as Vietnam ramps up anti-corruption efforts dubbed the "blazing furnace." Two presidents have resigned in recent years amid this crackdown.


The real estate industry in several Asian markets has experienced tumultuous declines similar to My Lan's fall from grace. Chinese giants like Evergrande and Country Garden struggle under mountains of debt while their leaders face fraud allegations and arrests. Vietnam's harsh punishment of My Lan shows the government's no-tolerance approach for those whose actions threaten financial stability.

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