On April 11, 2024, a message exploded on Vietnam's social networks: Vietnam's richest person, known as the 'Queen of Real Estate' Zhang Meilan, was sentenced to death in the first trial.
The charges against her are for embezzlement, and she is also required to pay 6.738 trillion Vietnamese dong in compensation.
Equivalent to approximately 195.1 billion RMB.
I thought this was the end, but unexpectedly, only six months later.
Zhang Meilan has also been charged with fraud, money laundering, and illegal cross-border currency transportation.
Based on the original death sentence, an additional life sentence was added.
Giving a convict who has already been sentenced to death an additional life sentence sounds absurd.
But that's not all; in recent days, Vietnamese media has uncovered more shocking news.
It is said that Zhang Meilan is appealing and is willing to 'spend money' to buy her life.
And Vietnamese prosecutors have stated that if she can provide assets worth $11 billion (approximately 796.7 billion RMB), she may receive leniency and avoid the death penalty.
This news immediately caused a huge sensation after it was exposed. Can money really allow one to do whatever they want?
The construction and collapse of the Wanshengfa empire.
To understand why Zhang Meilan is facing such severe judgment, one must mention her rise to wealth and crimes committed.
As Vietnam's richest person, Zhang Meilan's business empire was not built overnight.
In the early 1990s, Vietnam launched its 'Renovation and Opening Up' policy, injecting vitality into economic development.
The astute Zhang Meilan seized this historical opportunity and co-founded Wanshengfa with her family.
Initially, the company started with trade, accumulating its first pot of gold.
Zhang Meilan also turned her attention to the rapidly developing real estate sector.
With precise market judgment and bold investment strategies, Wanshengfa has rapidly risen to become a leading enterprise in Vietnam's real estate industry.
Zhang Meilan has also gained fame in Vietnam's business community, affectionately known as the 'Queen of Real Estate.'
Her marriage to Hong Kong businessman Zhu Liji also added momentum to Wanshengfa's expansion.
This cross-border marriage not only brought funding and connections to Wanshengfa but also symbolized the integration of Vietnam with international capital.
However, behind this business giant lie many little-known secrets.
As Wanshengfa Group continued to expand, Zhang Meilan's ambitions gradually grew.
She was no longer satisfied with success in the real estate sector and began to extend her reach into the financial industry.
This also laid the groundwork for future crises.
With her years of accumulated assets and influence, Zhang Meilan cleverly built a complex system consisting of numerous shell companies and agents.
This is to circumvent Vietnam's regulations on individual shareholding.
Through these 'ghost companies,' she actually controlled a significant share of Saigon Commercial Bank, becoming the bank's behind-the-scenes controller.
She installed confidants as bank executives and, through a series of violations, funneled huge amounts of money into shell companies she controlled.
These loans were ostensibly for investment projects but actually flowed into Zhang Meilan's private accounts.
According to the indictment from the Supreme People's Procuracy of Vietnam, from 2018 to 2022.
Zhang Meilan forged a total of 916 loan documents, defrauding Saigon Commercial Bank of up to 304 trillion Vietnamese dong (approximately 86.7 billion RMB).
And this does not include the interest on debts amounting to hundreds of trillions of Vietnamese dong.
In order to cover up her wrongdoings, Zhang Meilan naturally engaged in bribery.
However, compared to the amount she defrauded, this can be considered a drop in the bucket.
It is said that the scam alone accounted for 3% of Vietnam's GDP, making it the largest financial fraud case in Asia.
But prosperity built on lies is ultimately fleeting.
The outbreak of the crisis and its social impact.
Since 2020, negative news about Saigon Commercial Bank has been continuously reported, and market confidence in it has gradually shaken.
After the news of Zhang Meilan's arrest broke in October 2022, panic spread rapidly, triggering a massive bank run.
Saigon Commercial Bank's capital chain broke, and it was on the verge of bankruptcy.
This troubled bank was urgently taken over by the State Bank of Vietnam, initiating the largest financial rescue plan in the country's history.
This has naturally put considerable pressure on Vietnam's economy.
They believe that the court's accusations against Zhang Meilan lack sufficient evidence and that the judgment is too severe.
In addition, Zhang Meilan's defense lawyer emphasized her previous charitable activities.
And the contributions made to Vietnam's economic development, hoping to obtain a lighter sentence.
Thus, the related verdict was also put on hold.
The second trial was postponed until November of this year to reopen.
However, unlike the first trial, the focus of the second trial is on whether Zhang Meilan can reduce her sentence by returning part of her assets.
According to Vietnamese law, if a convict sentenced to death for embezzlement can return three-quarters of the embezzled funds, the judge may consider a lighter sentence.
In order to survive a few more days, Zhang Meilan's lawyers have also started to work hard to find ways.
On one hand, they disputed the amount of embezzlement charged by the prosecution, trying to reduce the amount of assets that need to be returned.
On the other hand, they are also actively seeking support from overseas funds, hoping to raise enough capital to meet legal requirements.
According to reports, a group of foreign investors agreed to lend Zhang Meilan $400 million to repay part of her debts.
Whether Zhang Meilan is dead or alive largely depends on whether this massive amount of funds can be paid.
However, it is worth noting that even if she pays the money, it does not mean Zhang Meilan can escape legal punishment.
Even if she really gathers enough money to avoid the death penalty, she still has to face extremely severe punishment.
The final outcome of this case will also have a significant impact on Vietnam's future development.