December 20, 2023 (NO COMMENTS)

Bank loan fraud of staggering proportions tops the operational risk losses for November – and likely the year. At Vietnam’s Sai Gon Joint Stock Commercial Bank (SCB), majority shareholder Truong My Lan defrauded the bank of 304.1 trillion dong ($12.53 billion) in a scheme allegedly aided by SCB board members and executives.

Truong covertly controlled up to 91.5% of the bank’s shares, allowing her to install relatives, friends and associates in key leadership roles at the bank. Fraudulent loans