Aniruddha Ghosal – The Virginian-Pilot https://www.pilotonline.com The Virginian-Pilot: Your source for Virginia breaking news, sports, business, entertainment, weather and traffic Mon, 09 Sep 2024 14:35:54 +0000 en-US hourly 30 https://wordpress.org/?v=6.6.1 https://www.pilotonline.com/wp-content/uploads/2023/05/POfavicon.png?w=32 Aniruddha Ghosal – The Virginian-Pilot https://www.pilotonline.com 32 32 219665222 Vietnam storm deaths rise to 64 as flooding sweeps away a bus, causes a bridge to collapse https://www.pilotonline.com/2024/09/09/vietnam-storm-deaths-rise-to-64-as-flooding-sweeps-away-a-bus-causes-a-bridge-to-collapse/ Mon, 09 Sep 2024 06:25:07 +0000 https://www.pilotonline.com/?p=7357066&preview=true&preview_id=7357066 By ANIRUDDHA GHOSAL

HANOI, Vietnam (AP) — A bridge collapsed and a bus was swept away by flooding in Vietnam on Monday, raising the death toll in the Southeast Asian country to at least 64 from a typhoon and subsequent heavy rains that also damaged factories in export-focused northern industrial hubs, state media reported.

Nine people died on Saturday after Typhoon Yagi made landfall in Vietnam before weakening into a tropical depression. The rest died in the floods and landslides that followed on Sunday and Monday, state media VN Express reported.

The water levels of several rivers in northern Vietnam were dangerously high.

A bus carrying 20 people was swept into a flooded stream by a landslide in mountainous Cao Bang province on Monday morning. State media said four bodies were recovered from the bus and one person was rescued alive. The others were still missing.

In Phu Tho province, rescue operations were continuing after a steel bridge over the engorged Red River collapsed Monday morning. Reports said 10 cars and trucks along with two motorbikes fell into the river. Some people were pulled out of the river and taken to a hospital, but at least 10 people were still missing.

Nguyen Minh Hai, who fell into the flooded river, told state Vietnam Television, “I was so scared when I fell down. I felt like I’ve just escaped death. I can’t swim and I thought I would die.”

Pham Truong Son, 50, told VN Express that he was driving on the bridge on his motorcycle when he heard a loud noise. Before he knew what was happening, he was falling into the river. “I felt like I was drowning at the bottom of the river,” Son told the news outlet, adding that he managed to swim and hold on to a drifting banana tree to stay afloat before he was rescued.

Dozens of businesses in Haiphong province haven’t resumed production because of extensive damage to their factories, state newspaper Lao Dong reported. It said the roofs of several factories were blown apart and water seeped inside, damaging finished goods and expensive equipment. Some companies said they still didn’t have electricity on Monday and that it would take at least a month to resume production.

Parts of Haiphong and Quang Ninh provinces were still without power on Monday. The two provinces are industrial hubs, housing many factories that export goods, including EV maker VinFast and Apple suppliers Pegatrong and USI. Authorities are still assessing the damage to factories, but initial estimates showed that nearly 100 enterprises were damaged, resulting in millions of dollars in losses, the newspaper reported.

Prime Minister Pham Minh Chinh visited Haiphong city on Sunday and approved a $4.62 million package to help the port city recover.

Typhoon Yagi was the strongest typhoon to hit Vietnam in decades when it made landfall Saturday with winds up to 149 kph (92 mph). It weakened Sunday, but the country’s meteorological agency warned that continuing downpours could cause floods and landslides.

On Sunday, a landslide killed six people including an infant and injured nine others in Sapa town, a popular trekking base known for its terraced rice fields and mountains. Overall, state media reported 21 deaths and at least 299 people injured from the weekend.

Skies were overcast in the capital, Hanoi, with occasional rain Monday morning as workers cleared uprooted trees, fallen billboards and toppled electricity poles. Heavy rain continued in northwestern Vietnam and forecasters said it could exceed 40 centimeters (15 inches) in places.

Yagi also damaged agricultural land.

Before hitting Vietnam, Yagi caused at least 20 deaths in the Philippines last week and four deaths in southern China.

Chinese authorities said infrastructure losses across Hainan island province amounted to $102 million with 57,000 houses collapsed or damaged, power and water outages and roads damaged or impassable due to fallen trees. Yagi made a second landfall in Guangdong, a mainland province neighboring Hainan, on Friday night.

Storms like Typhoon Yagi are “getting stronger due to climate change, primarily because warmer ocean waters provide more energy to fuel the storms, leading to increased wind speeds and heavier rainfall,” said Benjamin Horton, director of the Earth Observatory of Singapore.

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Associated Press writer Kanis Leung in Hong Kong contributed to this report.

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Vietnam sentences real estate tycoon Truong My Lan to death in its largest-ever fraud case https://www.pilotonline.com/2024/04/11/vietnam-sentences-real-estate-tycoon-truong-my-lan-to-death-in-its-largest-ever-fraud-case/ Thu, 11 Apr 2024 09:00:21 +0000 https://www.pilotonline.com/?p=6767571&preview=true&preview_id=6767571 HANOI, Vietnam (AP) — Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh City in southern Vietnam in the country’s largest financial fraud case ever, state media Vietnam Net said.

The 67-year-old chair of the real estate company Van Thinh Phat was formally charged with fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP.

Lan illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 and allowed 2,500 loans that resulted in losses of $27 billion to the bank, reported state media VnExpress. The court asked her to compensate the bank $26.9 million.

Despite mitigating circumstances — this was a first-time offense and Lan participated in charity activities — the court attributed its harsh sentence to the seriousness of the case, saying Lan was at the helm of an orchestrated and sophisticated criminal enterprise that had serious consequences with no possibility of the money being recovered, VnExpress said.

Her actions “not only violate the property management rights of individuals and organizations but also push SCB (Saigon Joint Stock Commercial Bank) into a state of special control; eroding people’s trust in the leadership of the Party and State,” VnExpress quoted the judgement as saying.

Her niece, Truong Hue Van, the chief executive of Van Thinh Phat, was sentenced to 17 years in prison for aiding her aunt.

Lan and her family established the Van Thing Phat company in 1992 after Vietnam shed its state-run economy in favor of a more market-oriented approach that was open to foreigners. She had started out helping her mother, a Chinese businesswoman, to sell cosmetics in Ho Chi Minh City’s oldest market, according to state media Tien Phong.

Van Thinh Phat would grow to become one of Vietnam’s richest real estate firms, with projects including luxury residential buildings, offices, hotels and shopping centers. This made her a key player in the country’s financial industry. She orchestrated the 2011 merger of the beleaguered SCB bank with two other lenders in coordination with Vietnam’s central bank.

The court found that she used this approach to tap SCB for cash. She indirectly owned more than 90% of the bank — a charge she denied — and approved thousands of loans to “ghost companies,” according to government documents. These loans then found their way back to her, state media VNExpress reported, citing the court’s findings.

She then bribed officials to cover her tracks, it added.

Former central bank official Do Thi Nhan was also sentenced Thursday to life in prison for accepting $5.2 million in bribes.

Lan’s arrest in October 2022 was among the most high-profile in an ongoing anti-corruption drive in Vietnam that has intensified since 2022. The so-called Blazing Furnace campaign has touched the highest echelons of Vietnamese politics. Former President Vo Van Thuong resigned in March after being implicated in the campaign.

But Lan’s trial shocked the nation. Analysts said the scale of the scam raised questions about whether other banks or businesses had similarly erred, dampening Vietnam’s economic outlook and making foreign investors jittery at a time when Vietnam has been trying to position itself as the ideal home for businesses trying to pivot their supply chains away from China.

The real estate sector in Vietnam has been hit particularly hard. An estimated 1,300 property firms withdrew from the market in 2023, developers have been offering discounts and gold as gifts to attract buyers, and despite rents for mixed-use properties known in Southeast Asia as shophouses falling by a third in Ho Chi Minh City, many in the city center are still empty, according to state media.

In November, Communist Party General Secretary Nguyen Phu Trong, Vietnam’s top politician, said that the anti-corruption fight would “continue for the long term.”

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