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Truong My Lan: Vietnamese billionaire sentenced to death for $44bn fraud

Vietnamese real estate mogul Truong My Lan was sentenced to death for orchestrating a monumental $12.5 billion fraud involving Saigon Joint Stock Commercial Bank, the most extensive fraud case in Vietnam's history. This sentencing is part of an intensified anti-corruption drive by the government.

Lan, 68, is the chairwoman of Van Thinh Phat Holdings Group, a major player in the real estate sector known for its upscale properties. Between 2011 and 2022, she manipulated control of more than 90% of SCB through shell companies and various intermediaries. She then facilitated the approval of loans to nonexistent companies, funneling substantial amounts from SCB, which constituted more than 3% of Vietnam's GDP. Her fraudulent activities represented 93% of SCB’s total loan portfolio. Lan and her associates were also found guilty of paying $5.2 million in bribes to officials who ignored these infractions.

This trial underscores the Vietnamese Communist Party's ongoing campaign, termed the "blazing furnace," aimed at eradicating corruption to enhance the country's appeal to international investors. Vietnam, which imposes capital punishment for both violent and economic crimes, is among the top executors globally, following China and Iran.

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Biden administration closing 'gun show loophole'

Yesterday, the Department of Justice revised the criteria for identifying firearms dealers in the United States, requiring more sellers to conduct background checks. This change is part of the enforcement of the Bipartisan Safer Communities Act, established following the tragic 2022 shooting at Robb Elementary in Uvalde, Texas.

Previously, firearm dealers were mainly recognized as those whose primary income came from gun sales. Under the new regulation, the definition has broadened to include any seller who deals firearms primarily for profit. This adjustment aims to encompass an additional estimated 20,000 sellers, including those operating online, at gun shows, or through private sales, expanding the current roster of 80,000 licensed dealers.

All licensed dealers are obligated to perform background checks to ensure buyers are not legally prohibited from owning guns due to past offenses. Although the change is designed to tighten gun control, it is anticipated to face legal challenges from gun rights groups.

Data suggests that background checks can moderately decrease gun homicide rates. In 2021, approximately 150,000 out of 40 million background checks resulted in denials. Reports indicate that nearly 68,000 firearms were sold illegally by unlicensed dealers from 2017 to 2021.

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Taro Akebono: Hawaiian-born Japanese sumo legend dies

Earlier this month, the Hawaiian-born sumo wrestler known as Akebono passed away in a Tokyo hospital, as confirmed by his family.

Standing at an imposing 2.03 meters (6 feet 8 inches) and weighing 210 kilograms (462 pounds), Akebono was celebrated for his distinctive approach to sumo that typically involved propelling his competitors out of the ring.

Tributes poured in from both sides of the Pacific, recognizing him as a trailblazer who opened doors for international athletes in the realm of sumo wrestling.

Local media reported that Akebono, born Chad Rowan in 1969 in Honolulu, had been struggling with health issues since he collapsed in Kitakyushu seven years ago. He moved to Japan in 1988 with aspirations of a sumo career and remarkably reached the pinnacle of sumo by becoming the 64th yokozuna in 1994, a rank once considered exclusive to Japanese competitors.

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