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You have got to hand it to Vietnam, which has somehow managed to produce a scandal that dwarfs the 1Malaysia Development Berhad (1MDB) debacle, widely referred to as the largest financial heist of all time.
Vietnam is home to the world’s second-largest reserves of rare earths, according to the US Geological Survey.
In the scorching furnace of Vietnam’s anti-corruption campaign, the flames have raged fiercely, engulfing Communist Party officials like dry tinder. Some have been swiftly cast aside, while others saw their political careers reduced to smoldering embers.
The financial crisis of 2008 showed just how much the world depends on banks being well run. Since then, regulators have been given new powers to keep some of the biggest institutions on a much shorter leash to stamp out risk, greed and corruption.
The real estate tycoon at the center of a US$12.46 billion fraud case has been sentenced to death, a penalty which appears to have appeased an outraged Vietnamese public but may not be enough to stem rising concerns about the health of the financial system.